EDF Energy delays Hinkley Point nuclear decision

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Source: Guardian

The timetable for building Britain’s first new atomic reactors in almost 30 years may slip backwards, EDF Energy has warned.

The admission came as the French-owned generator and supply company reported a 25% slump in operating profits for 2014 to £863m, which it blamed on challenging market conditions.

Earlier, EDF Energy had promised to tie up a new deal with financial backers and then take a final investment decision on the proposed new plant at Hinkley Point in Somerset by the end of March. But in a statement the company admitted a final investment decision might only be possible in the next few months, though it was making progress in discussions with future financial backers, notably the Chinese.

Critics of the £24bn nuclear programme in Somerset have pointed to the industry’s poor track record for constructing facilities on time and on budget. They have questioned whether Hinkley Point C reactors would able to meet their timetable of opening in 2023.

EDF has already run into problems with a new project at Flamanville in Normandy, while another project in Finland, using the same design as that planned for Hinkley, the European pressurised reactor is also massively behind its original timetable.

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Read more: http://www.theguardian.com/business/2015/feb/12/edf-energy-delays-hinkley-point-nuclear-decision

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Looks like they haven't bribed and blackmailed enough people yet.
They still haven't made "a final investment decision", let's hope they come to their senses and back out, like almost every other investor did.

[bananas]

1. Earlier: Hinkley Point C 'delay' reports denied by energy giant EDF

http://www.thisisthewestcountry.co.uk/news/somerset_news/11788909.Hinkley_Point_C____delay____reports_denied_by_energy_giant_EDF/

Hinkley Point C ‘delay’ reports denied by energy giant EDF
First published 02:00 Thursday 12 February 2015 in Somerset

EDF Energy has denied reports that its project to build a new nuclear reactor at Hinkley C has been delayed by Chinese backers demanding protection if the project fails.

The Times reported on Saturday that Chinese companies investing in the £116billion Hinkley Point C scheme want the French Government to reimburse them if the project fails to go ahead.

They are also reported to be demanding a proportion of the supply-chain contracts.

The Times report said the negotiations had delayed the final investment decision (FID) by six months to autumn and could push the power station start date of 2023 by a possible five years.

However, EDF Energy has denied the claims of a delay and says they are committed to forming a decision by March 2015.

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[bananas]

2. The London Times article is paywalled

http://www.thetimes.co.uk/tto/business/industries/utilities/article4346816.ece

Hinkley Point is stalled by costs fallout
Tim Webb
Last updated at 12:01AM, February 7 2015

The project to build Britain’s first nuclear reactor in a generation has been delayed until months after the general election because its Chinese backers have demanded that the French government protect them if it goes bust.

The fallout threatens to delay the £16 billion Hinkley Point scheme’s start date of 2023 and further undermines confidence in Britain’s faltering nuclear rennaissance. EDF Energy, the French state-backed company leading the project in Somerset, originally promised to give the go-ahead by July last year, but now it is expected to wait until this September or October.

Tim Yeo, chairman of the Commons energy...