EDF Postpones Flamanville Nuclear Reactor Startup to 2018
Source: Wall Street Journal
State-controlled power utility raises estimated cost of construction to nearly $12 billion
State-controlled power utility Électricité de France SA Thursday again delayed the startup of its new nuclear reactor in northwestern France to the end of 2018.
The company also raised the estimated cost of construction of the reactor, being built in the town of Flamanville, to €10.5 billion ($11.8 billion), three times the original estimated price tag, and €2.5 billion higher than the previous estimate, EDF’s Chief Executive Jean-Bernard Levy said Thursday.
The announcement is the latest in a string of setbacks for the project and Areva SA, the government-controlled company that is building the reactor. The reactor was originally meant to start operating in 2012 and cost €3.3 billion.
EDF shares fell 4.2% in midday European trading, while Areva shares were down 0.1%.
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Read more: http://www.wsj.com/articles/edf-postpones-flamanville-nuclear-reactor-startup-to-2018-1441293024
