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| EDF finance chief quits over Hinkley Point nuclear plant | |
| (about 9 hours later) | |
| EDF has confirmed that its finance director has quit ahead of an expected final investment decision on the £18bn Hinkley Point nuclear power plant. | |
| Thomas Piquemal stepped down because he feared the project could jeopardise EDF's financial position, according to reports. | |
| EDF shares opened 8.2% lower on Monday. | |
| Last month, Chris Bakken, the director of the project that could produce 7% of UK electricity by 2025, said he was leaving to pursue other opportunities. | |
| EDF has provisionally appointed Xavier Girre, who joined the company last year as finance director of its French business, as the group finance chief. | |
| The project has been plagued by delays, but publicly the firm has insisted a decision to move forward is imminent. | The project has been plagued by delays, but publicly the firm has insisted a decision to move forward is imminent. |
| In October last year, EDF agreed a deal under which China General Nuclear Power Corporation (CGN) would pay a third of the cost of the £18bn project in exchange for a 33.5% stake. | In October last year, EDF agreed a deal under which China General Nuclear Power Corporation (CGN) would pay a third of the cost of the £18bn project in exchange for a 33.5% stake. |
| But according to reports, EDF is struggling to find the cash for its remaining 66.5% stake and is seeking help from the French government, which owns 84.5% of EDF. | |
| The company is also facing opposition from French union officials, who have suggested that investment in Hinkley Point C should be delayed until 2019. | The company is also facing opposition from French union officials, who have suggested that investment in Hinkley Point C should be delayed until 2019. |
| The CFE-CGC Energy union said there were problems with a similar reactor design in France that needed to be solved. | The CFE-CGC Energy union said there were problems with a similar reactor design in France that needed to be solved. |
| The new Hinkley plant was originally due to open in 2017, and it has come under fire for both its cost and delays to the timetable for building. | |
| The government has also been criticised for guaranteeing a price of £92.50 per megawatt hour of electricity - more than twice the current cost - for the electricity Hinkley produces. | The government has also been criticised for guaranteeing a price of £92.50 per megawatt hour of electricity - more than twice the current cost - for the electricity Hinkley produces. |
| Tony Roulstone, who is in charge of the masters programme in nuclear engineering at Cambridge University, said the departure of Piquemal was "a big blow". | |
| He said EDF is already facing a number of other financing issues including a decision to buy a majority stake in Areva's nuclear reactor unit, adding: "They are committed to upgrading their existing power stations in France at a cost of €55bn over 15 years." | |
| Mr Roulstone said: "At a commercial level there is a way for the Government to step aside but at a political level, this is part of the energy strategy." |