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More problems for delayed project

EDF director quits over funding of nuclear station

The finance director of French power giant EDF has resigned over plans to raise billions for the delayed Hinkley Point nuclear station.

Thomas Piquemal claimed the Somerset project could undermine EDF’s financial position, according to reports from France. EDF declined to comment.

His decision puts another question mark over the £18 billion scheme which was hit last month by the departure of the director to “pursue other opportunities”.

In a highly-publicised announcement last October during the visit of the Chinese premier, the company signed a deal with the China General Nuclear Power Corporation (CGN) which agreed to pay a third of the cost.

This left EDF looking to raise the remaining £12bn and it has been plagued with reports that it has struggled to find the money and that it will turn to the French government which owns 84.5% of the company.

Hinkley was was due to start generating electricity in 2017 but is now scheduled to come on stream in 2025, when it will provide 7% of the UK’s output.

 

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