The French economy minister has heaped pressure on state-backed utility giant EDF to make a timely decision on its Hinkley Point project following the Brexit vote. Emmanuel Macron’s comments were made during a nuclear conference in Paris. He also warned that further delays to the final investment decision (FID) could add more uncertainty to the £18bn nuclear power plant. Experts had told City A.M. that Britain’s vote to leave the European Union last week had plunged the nuclear power plant into a fresh wave of uncertainty, despite it being critical to the government’s energy plans. Asked whether Brexit could lead to it being scrapped, Angus Brendan MacNeil, chair of the energy and climate select committee, said: “Anything could happen … Hinkley is in a very different position this week than it was last week.”
City AM 28th June 2016 read more »
After its decision to leave the European Union, the UK also needs to exit the European Atomic Energy Community (Euratom) – which would have negative consequences for its plan to build the Hinkley Point C nuclear power station, former German Green Party MP Hans-Josef Fell claims.
Recharge News 27th June 2016 read more »
The Hinkley Point nuclear power station project could become a casualty of Brexit, according to reports this morning. The £18 billion plans to build the new plant in Somerset could be cancelled after Britain voted to leave the EU, a Government advisor told the The Times newspaper. Paul Dorfman said it is “extremely unlikely” that French energy giant EDF will continue with its plans, in the latest of a series of delays for the development.
ITV 28th June 2016 read more »
Sharecast 28th June 2016 read more »
Bristol Post 28th June 2016 read more »
Somerset County Gazette 28th June 2016 read more »
Independent 28th June 2016 read more »
Daily Mail 28th June 2016 read more »
The U.K. vote to exit the European Union has fueled concerns over the future of an £18 billion ($24 billion) nuclear-power project in the U.K. that still awaits a final decision on whether to proceed by its contractor, French power utility Electricite de France SA, better known as EDF. French Economy Minister Emmanuel Macron on Tuesday dismissed the questioning of Hinkley Point that arose following the Brexit vote. Hinkley Point would be beneficial for EDF, for the U.K. and for the French nuclear industry as a whole, Mr. Macron said on Tuesday. “Nothing indicates there is any British change on the project,” he said. Mr. Macron reiterated that the French government backs the project as it will create jobs in France and boost the different units of Areva, the beleaguered state-owned nuclear engineering firm being dismantled by the government after years of massive losses. He insisted EDF would likely make the final investment decision on Hinkley Point during the summer.
Wall St Journal 28th June 2016 read more »
The French government has attempted to calm fears that the UK’s vote to leave the EU will scupper plans to build Britain’s controversial Hinkley Point nuclear power station. Emmanuel Macron, the French economy minister, said on Tuesday that the vote will have “no consequences” for the £18bn project, urging state-owned utility EDF to press with its final investment decision. He said at the World Nuclear Exhibition in Paris on Tuesday that France has “bilateral treaties and bilateral commitments with Britain” for Hinkley Point that are not affected by the UK’s membership in the EU. The comments follows fears that the instability caused by the UK referendum will heap more tension on a deal that has already been repeatedly delayed. Loud voices in both countries want to disrupt the deal. One of the EDF unions, CFE Energies, said this week that due t o the “political and economic” uncertainty, it was “only common sense” to delay the project. It said EDF should not “rush into the unknown”. It highlighted the sharp fall in sterling since Friday and said that nobody knew how, following prime minister David Cameron’s resignation on Friday, a new British government will feel about the nuclear project. Hinkley Point represents a crucial part of the future UK energy mix: it is set to provide low-carbon electricity to meet 7 per cent of the country’s total needs when up and running in 2025. But many have criticised the project as too expensive, because the UK government has guaranteed an electricity price to EDF for Hinkley Point of £92.50 per megawatt-hour – more than double the wholesale price. George Osborne, the UK chancellor, has been a powerful supporter of new nuclear power and an advocate for the project. But a new prime minister is expected as early as September and could look for cheaper options.
FT 28th June 2016 read more »