EDF energy suffers further setbacks to Hinkley Point development

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French energy provider EDF energy suffered further setbacks this week to their planned nuclear energy development at Hinkley Point. 

The ‘Big Six’ supplier has set out plans to build Britain’s first atomic reactor in almost 30 years. But, following a 25% dip in profits the energy giant has admitted that it has once again had to extend development. 

When Hinkley Point was originally announced, EDF energy had slated a finish date for summer 2014, but due to complications, this date was revised to March this year. However, in a recent statement the company admitted that it was once again behind target and had not even finalised plans with financial backers. 

In a statement, EDF head Jean-Bernard Levy said: “Hinkley Point C is a major project, one of the biggest construction projects in Europe. The final investment decision is an objective which we will have to analyse rapidly. We need to be in a place where we can make this investment, but negotiations are still ongoing and I can therefore not say more on this subject.”

Further delays spell trouble for the UK government as they struggle to gear the country to hit future carbon emission reduction targets. However, experts suggest that the forthcoming elections are only slowing down the approval process. 

In addition, rumours have surfaced that Chinese backers are expanding their terms to include a Chinese owned power station to be situated in Essex. 

However, despite EDF’s mounting troubles, EDF energy’s chief Vincent de Rivaz remains positive.

“Despite challenging market conditions, EDF Energy increased its investment in the UK. Customers will benefit from this long-term approach with more low-carbon electricity for the future.”

“Our spending on research and development has underpinned our ability to safely extend the lives of our nuclear power stations. At the same time, customers are seeing very competitive prices, with an increasing number benefiting from our fixed tariffs.”

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