Decision on Hinkley Point to be made next week

EDF will meet next week and the long-awaited decision will be made by EDF on the final investment of Hinkley Point.

EDF is expected to make the final investment decision on Hinkley Point on Thursday 28 July, when the board of Directors will meet and decide the fate of the new nuclear power station in Somerset.

The French government-controlled energy giant will make the decision on whether to build two reactors at Hinkley Point, after announcing in April that they would be delaying the final decision until September while it consulted with trade unions.

The Chinese company, CGN, had said in terms of partnership, it would not go ahead with the project by itself if EDF were to drop out.

The Business and Energy Secretary, Greg Clark, said: “New nuclear is an essential part of our plan for a secure, clean and affordable energy system that will power the economy throughout this century. This is a welcome decision from EDF, and we look forward to the outcome.”

Concerns were raised about the cost of the project which was originally estimated at £12Bn, rising to £18Bn.

However, last week the new Chancellor of the Exchequer Philip Hammond said that the government remained committed to building the new nuclear power station, despite the rising potential cost to the taxpayer of the electricity it will produce.

EDF said: “The two reactors at Hinkley Point would strengthen EDF’s presence in Britain, a country where its subsidiary EDF Energy already operates 15 nuclear reactors and is the largest electricity supplier by volume.

“Hinkley Point C is a unique asset for French industry as it would benefit the whole of the nuclear industry and support employment in major companies and smaller enterprises in the sector”.

EDF Managers spoke with MPs last week, regarding a series of problems with the reactor design and multibillion-euro lawsuits over delays on similar schemes, suggesting the company should postpone the project.

Hinkley Point C is expected to provide 7% of the country’s electricity demand once it is up and running in 2025, although many have said this is unrealistic as reactors of the same design build that are being built in Finland and France are running years behind schedule.

 

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