EDF's Hinkley Point C nuclear power station faces £18bn decision day
Thursday, July 28, 2016 at 01:12AM
Uranium Stocks

Energy giant to hold board meeting on Thursday at which it is expected to approve the much-delayed decision on the £18bn project

Energy giant EDF will make its long-awaited final investment decision on the planned nuclear power station at Hinkley Point, ending doubts over the £18bn project.

The French firm’s board meets in Paris on Thursday and is expected to give the go-ahead for the first nuclear power station to be built in the UK for a generation.

UK unions have said they would warmly welcome such a decision, much-delayed, saying workers were “raring to go” – with 25,000 jobs set to be created.

Environmental groups including Greenpeace have criticised any go-ahead, calling for investment in homegrown renewable energy like offshore wind.

Fresh criticism is also expected over the government’s promise to pay EDF £92.50 for each megawatt hour of energy it generates.

Hinkley Point C (HPC) would provide 7% of the UK’s electricity over its estimated lifetime of 60 years and is scheduled to begin generating power in 2025, several years later than planned.

The main reason for the delay has been worries over the financing of the project by EDF, which is 85% owned by the French government, with French trade unions warning it could ruin the company’s finances.

China General Nuclear Power Corporation (CGN) is set to be confirmed as taking a 33.5% stake in the project.

Before the decision, EDF said: “HPC 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.

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As I understand it this new technology is still unproven - so a case of watch this space....

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