EDF Finance Director Quits Amid Hinkley Point C Row

 EDF Finance Director Quits Amid Hinkley Point C Row

EDF’s chief financial officer (CFO) resigned reportedly over plans to build two nuclear reactors at Hinkley Point C in the U.K.
 
Thomas Piquemal resigned from his position as finance director of EDF. Xavier Girre was appointed to the position of CFO on a provisional basis. News reports say Piquemal left because he felt the 23.3 billion euro ($25.6 billion) Hinkley Point C project would put too much stress on EDF’s already stretched finances. The plant would use two Areva-designed European Pressurized Reactors (EPRs). However, two EPRs under construction in France and Finland are years behind schedule and over budget.
 
China’s state nuclear company CGN bought a 33.5 percent stake in the project in October 2015, and EDF is trying to find more investors to take some of the remaining stake off their plate. Reuters UK said EDF’s net debt has increased to 37.4 billion euros ($41.3 billion) at the end of 2015, and the company’s market value is now at 22.8 billion euros ($25.2 billion), less than what the Hinkley Point C project will cost.
 
“With the support of its shareholder, the state, EDF can confirm that it is looking to invest in two reactors at Hinkley Point under the best possible financial conditions for the Group, with the objective of making a final investment decision in the near future,” said EDF CEO Jean-Bernard Levy.
 
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