EdF’s bosses must be thanking their lucky stars that President Macron decided to take complete control of EdF back in 2022. Otherwise, its latest announcements about further delays and cost increases for its new reactors at Hinkley Point would have sent any remaining investors running for the hills.
The scale of those announcements is staggering:
- The price tag for Hinkley Point C has now been reset at £31-34 billion (in 2015 prices), twice the original £18 billion.
- In today’s money, that’s around £46 billion – with further delays and cost hikes (rising to at least £50 billion) all but inevitable.
- EdF’s shortfall in completing Hinkley Point has risen substantially, and could now be as high as £25 billion on its balance sheet.
- EdF has admitted that 2029 is now the earliest Hinkley Point will come online. Fat chance of that!
Which makes Hinkley Point C even more of a bust than EdF’s current worst reactor construction nightmare at Flamanville in France. And significantly worse than its plant at Olkiluoto in Finland, which it just managed to get over the line last year.