News April 2016

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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24 April 2016

Hinkley

French state-controlled utility EDF will delay the final investment decision on its project to build two nuclear plants in Britain until September, French Economy Minister Emmanuel Macron said in a newspaper interview. Macron, who had told parliament last month the decision on the 18 billion pound (22.60 billion euro) Hinkley Point project in Britain would be taken in early May, told the Journal du Dimanche three conditions were necessary for it to be given the go-ahead. The strengthening of EDF’s …

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23 April 2016

Hinkley

The French electricity giant EDF has thrown the British government’s energy strategy into disarray by reportedly delaying – possibly until next year – a decision on whether it will build a new £18bn nuclear power station at Hinkley Point in Somerset. Jean-Bernard Lévy, the head of EDF, has bowed to pressure from unions and senior company engineers and agreed to seek a fresh opinion from the company’s union-management consultative council, the respected French newspaper Le Figaro reported. EDF said it …

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22 April 2016

Hinkley

Plans to build an £18 billion nuclear power plant at Hinkley Point in Somerset were denounced by a second French minister yesterday. Jean-Vincent Placé, minister for reforming the state, called the proposal a strategic dead end. Although a junior minister who belongs to the anti-nuclear Ecology party, Mr Placé’s comments reflect a deepening rift in President Hollande’s cabinet over the scheme, which critics fear could bankrupt EDF, the energy company that is 86 per cent owned by the French state. …

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21 April 2016

Hinkley

EDF’S directors have been warned they face legal action if the beleaguered power company pushes ahead with building an £18billion nuclear plant in Somerset. A letter from managers in the French firm said board members could be held personally responsible if their support for the Hinkley Point C project led to a ‘destruction of value’. It came as French president Francois Hollande met ministers to discuss financing for the plant, which would produce enough power for 6million homes. France’s government …

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