EDF admits Hinkley funding is months away

Image rights: EDF
Image rights: EDF

 

The March deadline to give the £16bn Hinkley Point power station the final go-ahead for construction is unlikely to be met according to EDF. The construction timetable is now facing increasing uncertainty as a final investment decision could still be months away.

 

EDF has confirmed it is in “the final phase of negotiations, but that phase can take a considerable amount of time.”

 

Finance for the plans was intended to be in place in 2014, but this date was pushed back to March 2015 whilst talks with proposed stakeholders – including two Chinese nuclear firms financing the project – were finalised.

 

“This will allow a final investment decision to be possible in the next few months,” EDF said in a statement.

 

Legal challenges from Austria over EU state aid rules is also contributing to the uncertainty of the project. The Austrian government has said it intends to appeal against the European Commission’s decision to award subsidies totalling to £17.6bn to Hinkley Point.

 

UK diplomats have warned of a retaliation if Austria pursues its appeal.

 

It is anticipated that a final investment decision will be dekayed to the symmer at the earliest, or even as late as autumn. This would mean the original planned start on the project will have been delayed by over a year.

 

Sources: 

www.constructionnews.co.uk

http://www.constructionenquirer.com/2015/02/13/hinkley-point-nuclear-funding-decision-delayed-again/

 

Please rate

Comments 

Name
Email
  Ctrl + Enter

Most Read

The government has cut £1bn from the rail infrastructure budget

The government has cut £1bn from the rail infrastructure budget

Rishi Sunak had previously promised record infrastructure investment as part of the government's "levelling up" agenda. Until now, Network Rail's "enhancement" budget for the five year period from 2019-24 had been set at £10.4bn. But, this week rail minister Chris Heaton-Harris said

Farringdon-first Central London station to complete construction

Farringdon-first Central London station to complete construction

Construction work at Crossrail’s Farringdon station has come to an end.The station becomes the first central London station along the new line to reach the T-12 landmark; this means the station is substantially complete and it is now considered to be 12 weeks away from handover to

TfL allocates extra cash to fix ageing bridges and tunnels

TfL allocates extra cash to fix ageing bridges and tunnels

Of that, TfL’s major asset renewals programme will receive a £135M additional investment to repair key bridges and tunnels. TfL figures show that about 200 out of 500 bridges and other structures that it maintains in the capital have sections in "poor" or "very poor" condition. The

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.