EDF finance chief quits over Hinkley Point
7 Mar 2016
French utility EDF has confirmed the resignation of its chief financial officer Thomas Piquemal amid concerns over the final investment decision on Hinkley Point nuclear power station.
Xavier Girre, chief financial officer (CFO) of the company’s French business, has been appointed as Piquemal’s successor.
EDF can confirm that it is looking to invest in two reactors at Hinkley Point under the best possible financial conditions
EDF chief executive Jean-Bernard Lévy
“I regret the haste of [Piquemal’s] departure, and I immediately appointed Xavier Girre to the position of CFO on a provisional basis,” said EDF chief executive Jean-Bernard Lévy.
According to Lévy, Piquemal officially resigned last week, with the news being made public yesterday evening.
Prior to his resignation, Piquemal called for the final investment decision on Hinkley Point to be postponed until 2019, according to sources quoted by the Financial Times (FT).
French energy union CFE-CGC has also called for investment in Hinkley Point to be delayed while concerns over a reactor design in France are solved, reports suggest.
Lévy, however, wants a decision on Hinkley Point to be made “as early as next month”, the FT said.
In October last year EDF confirmed a strategic investment agreement with China General Nuclear Corporation (CGN) over the construction of Hinkley Point C.
As part of the agreement, EDF took a 66.5% stake in the £18 billion nuclear project, while China’s CGN took the remaining 33.5% at a cost of £6 billion.
However, Hinkley Point C has been plagued with financial concerns and operational delays.
Having initially been scheduled for operation next year, the first of its two reactors is now expected to come online in 2025.
"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," Lévy said.
Meanwhile, UK energy workers union GMB has called on the government to "get plan B ready" and ensure the "much needed" Hinkley Point C is constructed.
GMB national officer for engineering construction Phil Whitehurst said: "The Nuclear Decommissioning Authority should be redesignated as the Nuclear Development Authority and take over responsibility for the project which has to go ahead."
