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Cameron and Hollande to discuss Hinkley

Hinkley Point C, EDF

Prime minister David Cameron and his French counterpart president François Hollande are expected to discuss Hinkley Point C today as they meet in Amiens.

French media is reporting that a statement on the construction of the project is expected.

The discussion between the two leaders is amid a heated debate in France regarding if and when EDF should go ahead with the controversial nuclear build.

Recently union CFE-CGC Énergies wrote to EDF with a list of 15 questions about Hinkley, ranging from finance to the workforce, to legal issues and company strategy. The union sponsors a member of the 18-strong EDF board in France. Of the composition of the board, six places are sponsored by unions and elected by employees.

The questions cover how far France will benefit from the project, the precise finance plan for the project, and the impact of cancellation.

However, EDF continues to say that the final investment decision is imminent.

Chairman Jean Bernard Levy told analysts in mid-February: “We announced a little while ago that we would share the investment for the two units in Hinkley Point, 66.5% EDF, 33.5% our Chinese partners CGN. We have not yet fully finalised these discussions going from this agreement in principle to a set of finalised documents that are thousands of thousands of pages to agree on and this still needs a little work.

“At the same time we are looking at the way to implement the decision, in terms of what I would call the financial equation for EDF as we have a number of constraints. This investment will represent roughly 15% of our total Capex for the next 10 years, so every year 15%, so it is well embedded into our plans. We will implement the decision, we will decide on what is called the Final Investment Decision when all this is fully organised. This is now well advanced and the Final Investment Decision is just ahead of us.”

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