The French state group building Britain’s new nuclear plant does not have enough cash to dismantle its domestic reactors, according to an official study. A French parliamentary committee said that EDF would need a public bailout to meet the cost of closing ageing power stations. The warning was issued after unions expressed fury about an announcement that EDF plans to cut 3,900 jobs in France over the next three years. Jean-Marc Sylvestre, an economics commentator, said that the group was on the “edge of a precipice” and faced a choice between privatisation and bankruptcy. He described EDF’s situation as a “catastrophe foretold”. EDF’ s critics say that the company, which has debts of more than 37 billion euros lacks the financial resources to meet its commitments in France, let alone embark upon the Hinkley Point scheme. Their concerns were fuelled with the publication of a report by the committee for sustainable development, which accused EDF of failing to plan for the dismantling of its plants. EDF has set aside has 36 billion euros to pay to clean up reactors at the end of their working lives.
Times 6th Feb 2017 read more »