And still we put our millions into preparing the site and infrastructure. Meanwhile, the NHS dies.
Will we be the “public” that bails out EDF and not the NHS?
The French state group building Britain’s new nuclear plant does not have enough cash to dismantle its domestic reactors, according to an official study. A French parliamentary committee said that EDF would need a public bailout to meet the cost of closing ageing power stations.
The warning was issued after unions expressed fury about an announcement that EDF plans to cut 3,900 jobs in France over the next three years.
Jean-Marc Sylvestre, an economics commentator, said that the group was on the “edge of a precipice” and faced a choice between privatisation and bankruptcy. He described EDF’s situation as a “catastrophe foretold”.
Theresa May has picked the French company to take a two-thirds share of the £18 billion plan to build two reactors at Hinkley Point, Somerset. China Nuclear General is shouldering the rest of the investment.
EDF’s critics say that the company, which has debts of more than €37 billion, lacks the financial resources to meet its commitments in France, let alone embark upon the Hinkley Point scheme. Their concerns were fuelled with the publication of a report by the Committee for Sustainable Development, which accused EDF of failing to plan for the dismantling of its plants. EDF has set aside has €36 billion to pay to clean up reactors at the end of their working lives.”
Source: Times Newspapers (paywall)