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| Hollande renews support for Hinkley Point nuclear reactors | Hollande renews support for Hinkley Point nuclear reactors |
| (35 minutes later) | |
| François Hollande has renewed his support for the controversial nuclear project planned by the French energy company EDF at Hinkley Point in Britain. | |
| “I am in favour that this project goes ahead,” the French president told Europe 1 radio on Tuesday. | |
| “It’s very important to understand that we need a high-performance, highly secure nuclear industry in France, and that we cannot let others take over terrain, including on exports, that has been French up to now,” he said. | “It’s very important to understand that we need a high-performance, highly secure nuclear industry in France, and that we cannot let others take over terrain, including on exports, that has been French up to now,” he said. |
| Related: China nuclear company will not build Hinkley alone if EDF drops out | Related: China nuclear company will not build Hinkley alone if EDF drops out |
| A final decision on the plan to build two new-generation nuclear reactors at Hinkley Point in south-west England was due this month, but was delayed after unions at EDF demanded a review of the costs. | A final decision on the plan to build two new-generation nuclear reactors at Hinkley Point in south-west England was due this month, but was delayed after unions at EDF demanded a review of the costs. |
| A joint project between EDF and China General Nuclear Power Corporation, it carries a projected price tag of £18bn ($26bn, €23bn) that will make it one of the world’s most expensive nuclear power plants. | A joint project between EDF and China General Nuclear Power Corporation, it carries a projected price tag of £18bn ($26bn, €23bn) that will make it one of the world’s most expensive nuclear power plants. |
| Unions at EDF, which is 85% state-owned, fear it could bankrupt the company, which is already saddled with more than €37bn of debt. | Unions at EDF, which is 85% state-owned, fear it could bankrupt the company, which is already saddled with more than €37bn of debt. |
| Last month, the management agreed to consult the internal committee which has brought in outside experts to review the financial implications of the project. | Last month, the management agreed to consult the internal committee which has brought in outside experts to review the financial implications of the project. |
| Hollande said the review would be completed “in the coming weeks”. | Hollande said the review would be completed “in the coming weeks”. |
| There have been dissenting voices over Hinkley Point within the French government. | There have been dissenting voices over Hinkley Point within the French government. |
| On Friday, France’s environment minister Ségolène Royal, who is also mother to Hollande’s children, told the Financial Times that she was worried about the “colossal sums” involved in the project and questioned whether it should go ahead. | On Friday, France’s environment minister Ségolène Royal, who is also mother to Hollande’s children, told the Financial Times that she was worried about the “colossal sums” involved in the project and questioned whether it should go ahead. |
| Related: French energy minister: delaying Hinkley Point C still ‘under discussion’ | Related: French energy minister: delaying Hinkley Point C still ‘under discussion’ |
| Ratings agencies Standard and Poor’s and Moody’s both lowered their forecasts for EDF last week, saying efforts to streamline the company were insufficient. | Ratings agencies Standard and Poor’s and Moody’s both lowered their forecasts for EDF last week, saying efforts to streamline the company were insufficient. |
| Hollande restated his vow to restructure and boost financing at EDF and rival energy giant Areva, “because they are the future”. | Hollande restated his vow to restructure and boost financing at EDF and rival energy giant Areva, “because they are the future”. |
| “The French nuclear industry has 200,000 employees. It represents our energy independence,” Hollande told Europe 1. | “The French nuclear industry has 200,000 employees. It represents our energy independence,” Hollande told Europe 1. |
| “EDF and Areva are public companies on which we should rely. But at the same time, we must give them new support.” | “EDF and Areva are public companies on which we should rely. But at the same time, we must give them new support.” |
| CGN, which is due to cover a third of the costs, said on Monday that it would not go ahead with the project if EDF pulls out. |