EDF’s former CFO wanted to delay Hinkley nuclear project over financial risk

Thomas Piquemal
Thomas Piquemal

Thomas Piquemal has told a French Parliament committee hearing that he proposed a three year delay in investment for the £18bn Hinkley Point nuclear power station project, as he believed the funding would pose a considerable threat to EDF’s financial stability.

 

Mr Piquemal subsequently resigned from his position as EDF’s chief financial officer in March 2016 following a boardroom row over the project, where it became apparent his request would not be implemented.

 

At the committee hearing, Piquemal said: “In January 2015, I proposed to negotiate a three-year delay with our client because we reasoned that it would weigh too heavily on EDF's balance sheet.

 

“I could not sign off on a decision that could one day put EDF in the same situation as Areva, having to recapitalise the company a few months before defaulting on payments,” he said, referring to nuclear group Areva which agreed to sell its reactor business to EDF after being virtually bankrupt following years of losses.

 

Since Piquemal’s departure, EDF has delayed funding on Hinkley Point C until September 2016, having previously been expected to make an announcement in early May.

 

The company has also announced a four billion Euro capital increase through selling new shares, whilst the government has agreed to receive its dividends in shares instead of cash for two years, in a capital boost generating around 7 billion Euro.

Please rate

Comments 

Name
Email
  Ctrl + Enter

Most Read

Suttons Tankers wins Yorkshire Water £60m AMP7/8 contract

Suttons Tankers wins Yorkshire Water £60m AMP7/8 contract

The bioresources sludge removal and transport services deal will cover the transportation for all internal liquid sludge and raw sludge cake from sewage works to sludge treatment centres. Over the course of the contract a 15% carbon savings has been forecast, which forms part of Yorkshire

Thames Water invests £55.7m to upgrade Guildford network

Thames Water invests £55.7m to upgrade Guildford network

The announcement comes during the ongoing £1.8m upgrade of Netley Mill water treatment works, which supplies 8,500 properties in Cranleigh and the surrounding villages via Hurtwood, Alderbrook and Lambswood reservoirs. The work will increase the resilience of the site and reduced the risk of

Govt & Ofwat call on water companies to accelerate AMP7/8 plans

Govt & Ofwat call on water companies to accelerate AMP7/8 plans

In an joint letter to UK water companies, the Government, the Environment Agency, the Drinking Water Inspectorate, Ofwat and CCW have called on them to accelerate their existing AMP7 plans – and consider bringing future investment from 2025 and beyond forward.The letter says they can play

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.