Daily News Roundup

4 May 2016

Hinkley

Plans to build an £18 billion nuclear power station in Somerset were thrown into chaos after the admission that engineers may have falsified vital safety tests. The revelation plunged the French nuclear industry into a new crisis, prompting fears that dozens of reactors in France and possibly the UK could be dangerous. Britain’s nuclear safety regulator, the Office for Nuclear Regulation (ONR), said last night that it was seeking answers from EDF, the troubled state-owned electricity company planning to build …

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3 May 2016

EDF

The French government is prepared to sell shares in some of the country’s leading companies to help finance a €3 billion fundraising drive by the company behind the Hinkley Point nuclear power project in Britain. It owns 85 per cent of EDF, the indebted electricity company, and has agreed to support three quarters of a €4 billion capital injection plan that was announced last month. There are plans to sell airports in Nice and Lyons to help raise the money …

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2 May 2016

Moorside

A South Korean energy giant that was embroiled in a forgery scandal has been tapped up to invest in a new nuclear power station planned for the Cumbrian coast, writes John Collingridge. Tom Samson, chief executive of the plant’s developer, NuGen, is understood to have approached potential investors including Korea Electric Power Corporation (Kepco) in recent weeks as its Franco-Japanese backers struggle for funds. NuGen’s owners, Engie (formerly GDF Suez) and Toshiba, aim to build a 3.8 gigawatt plant, capable …

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1 May 2016

Sizewell

Fears have been voiced that the next stage of consultation on the proposed nuclear power plant may not now take place until the autumn. The setback is due to concerns expressed by unions in France over EDF Energy’s bid to build an £18billion reactor at Hinkley Point – with the unions now to be formally consulted over the project and its financing. EDF has consistently said Sizewell C cannot move forward until a final investment decision is made on the …

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30 April 2016

Hinkley

Plans for Hinkley Point are creating turmoil within EDF, which also needs to spend €50 billion ($56.5 billion) to renovate its network of French nuclear reactors by 2025. In March, EDF’s chief financial officer quit rather than continue with the U.K. project. Ratings agencies have warned of a possible credit downgrade, and employee unions are threatening to strike. Private investors, who own 15 percent of EDF shares, are spooked: The stock is down 50 percent over the past year. On …

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29 April 2016

Hinkley

True or false? A new nuclear power station in the south-west of the UK will be the most expensive object on Earth. That’s the claim about the proposed plant at Hinkley Point in Somerset – but has anything else ever cost so much to build? “Hinkley is set to be the most expensive object on Earth… best guesses say Hinkley could pass £24bn ($35bn),” said the environmental charity Greenpeace last month as it launched a petition against the project. This …

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28 April 2016

Hinkley

A renewable energy developer and operator – which is, inter alia, developing a wind farm site in Wormit, Fife – has published a new report showing that a mix of renewables, energy storage and backup gas generation can provide the same low carbon baseload power as Hinkley Point at a 25% cheaper price. In the report – ‘Hinkley Point Through The Looking Glass’ – Niels Kroninger, Joint Managing Director, Green Hedge Energy, shows how this would save UK consumers £720 …

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27 April 2016

Hinkley

EDF executives have been called back to parliament to explain why they have further delayed making an investment decision on a planned £18bn nuclear power station at Hinkley Point in Somerset. MPs on the energy and climate change committee want to hear from EDF chiefs after the French economy minister, Emmanuel Macron, said the final decision could be delayed until September – four months later than expected. Angus MacNeil, the chair of the committee, said: “When EDF appeared before us …

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26 April 2016

EDF

EDF shares dropped more than 11pc on Monday as investors reacted to its plan to sell 4bn euros (£3bn) of new shares to help it finance the building of the Hinkley Point nuclear plant. The French energy giant, which is 85pc-owned by the French state, announced the plans for a rights issue as well as further cost-cutting measures after the market closed on Friday night. The French Government has indicated it will subscribe to 3bn euros of new shares through …

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25 April 2016

Hinkley

The decision on whether to go ahead with the £18bn Hinkley Point C nuclear power project has been delayed again, after France’s economy minister said the country’s energy giant EDF may not give it the green light until September. Emmanuel Macron’s comments come a week after he said EDF would deliver its verdict on Hinkley Point, which is set to meet 7% of the UK’s energy needs, in “the coming week or month”. EDF said just days ago that it …

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