EDF is seeking to consolidate financing for the Hinkley Point C and Sizewell C NPPs under construction in the UK. French Energy Minister Marc Ferracci told the Financial Times that they should be treated as one financial venture in negotiations. He said he had discussed the issue with UK Energy Minister Ed Miliband on the sidelines of a conference in London.
“France and EDF are very committed to deliver the projects but we have to find a way to accelerate them, and we have to find a way to consolidate the financial schemes of both projects,” he said.
Both projects started out with equity stakes from Chinese state-owned nuclear development corporations but the UK government cancelled the arrangements because of “security issues”. The UK government partly replaced the funding and is seeking support from institutional investors.
Ferracci denied that the French government intended to use Sizewell as “leverage” against the financial troubles at Hinkley. “It is not a discussion about leverage, it is a discussion between friends and allies. . . So there is a way through, and I hope we will be able to find it in the next few months.”
He also called for a global solution that would result in a deal that benefitted EDF’s returns across both schemes. “It is a good approach to have a global approach to our relationship,” Ferracci said, adding more “grid connections between France and the UK” could come into the negotiations.
Meanwhile, workers at the Hinkley Point C NPP construction site are complaining about a significant rat infestation, raising health and safety concerns. In early April, the Unite and GMB trade unions at Hinkley Point C told EDF that the facility was overrun with rats. The unions said immediate action was needed as the rodents were “everywhere”. In recent months, workers have also complained about poor working conditions and low pay. In addition, hundreds of project staff went on strike in November over the inadequate security access to the site.
