In Great Britain, the Hinkley-Point EPR project is paying a further cost of two to three billion euros and a further delay. The EDF share falls by 7%. The nuclear "new generation" has become too expensive and too heavy to be considered as a solution to global warming.
The contract of the century won by EDF to build two EPR in the United Kingdom will it turn into a nightmare? The bill flies dangerously.
This is very bad news for the national electrician. After the postponement of three years of the EPR Flamanville (we are 10 years late) and after the discovery of poor workmanship recently in six nuclear reactors, it is this yard at Hinckley Point in England is behind. And especially whose cost flies. The contract had been signed for 16 billion pounds. The bill climbed to 18, then 20 and now 22 billion pounds, or 25 billion euros. And since EDF has negotiated the sale of the electricity that will be produced by these EPRs at a fixed price, each time the bill increases, the profitability of the project takes a hit.
To the point of not being profitable for EDF?
No, we are still far from it. But we are also far from the end of the yard. Commissioning is scheduled for 2025 and many things can happen. And then, another parameter, the nuclear loses little by little in competitiveness compared to the renewable. Nuclear power is 10% of the world's electricity, compared with 6% for photovoltaic or wind power, but these have become cheaper. It is therefore the longer-term future of the sector that is potentially threatened. However, the two EPR reactors under construction in England were to showcase the French know-how and allow EDF to win another big contract across the Channel. Unfortunately, the showcase is a little less envious.