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April 24, 2016

EDF to finalise decision on Britain’s Hinkley Point C nuclear power project

France's Economy Minister Emmanuel Macron has revealed that state-owned company EDF will make a final investment decision on England's £18bn 3,200MW Hinkley Point C nuclear power project in September.

By Lopamudra Roy

France’s Economy Minister Emmanuel Macron has revealed that state-owned company EDF will make a final investment decision on England’s £18bn 3,200MW Hinkley Point C nuclear power project in September.

EDF previously aimed to make the decision at its annual general meeting, on 12 May. The company is promoting the reactor scheme and believes that the Hinkley Point nuclear reactor could produce 7% of electricity across the UK, as well as generating 25,000 job opportunities.

The project has already failed to meet its originally planned completion date, and may have to further postpone its completion date of 2025.

"This may now be the sign that the entire project is coming to a grinding halt and the UK Government urgently needs to back renewable energy as a more reliable alternative."

The project has attracted several criticisms as it is thought to be very expensive. It has also faced opposition from the French trade union, which was reported by The Guardian as saying the project challenges EDF’s financial stability.

EDF has detailed plans to receive €4bn in funding, of which up to €3bn in the expected rights issue will be provided by the French Government.

Earlier in October 2015, EDF signed an agreement, under which the company will receive a third of the cost of the project from the China General Nuclear Power Corporation (CGN), in exchange for a 33.5% stake.

Meanwhile, environmental group Greenpeace’s director John Sauven was quoted by The Guardian as saying: "This may now be the sign that the entire project is coming to a grinding halt and the UK Government urgently needs to back renewable energy as a more reliable alternative."

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