French energy giant Electricite de France (EDF) chief financial officer Thomas Piquemal has resigned over a disagreement about an ambitious project to build the UK’s first new nuclear power plant in decades, a source close to the matter told AFP on Sunday.
“The chief financial officer presented his resignation last week to Jean-Bernard Levy [chief executive officer] because of a disagreement over Hinkley Point,” the source said, confirming a Bloomberg report.
The dispute centered around “the short-term feasibility” of a plan to build two new reactors at Hinkley Point, Somerset, the source said.
According to the same source, Piquemal had not wanted to rush the project at a time when the company’s union representatives are voicing increasing concern over the proposed plant’s £18 billion (US$25.5 billion) price tag.
EDF declined to comment when contacted by AFP.
The firm agreed in October last year to construct two European Pressurized Reactors at Hinkley Point, a third-generation nuclear reactor design, with the state-run China General Nuclear Power Corp (CGN, 中國廣核集團) taking a one-third stake.
However, since then EDF has been putting off announcing a final investment decision on whether to go ahead with the plan, prompting speculation that the project could be delayed.
EDF said in a statement on Thursday last week that it was making “every effort” to reach a final investment decisions “in the near future.”
Opponents have criticized the gigantic Hinkley Point scheme on strategic, environmental and technical grounds.
The British government said the plant is essential for meeting the UK’s energy security, as most of the nation’s existing nuclear plants are due to close by 2023.
It said last month that “good progress” was being made.
French Minister of the Economy Emmanuel Macron earlier this week defended the Hinkley Point plan, calling it a “very good investment” for EDF.
EDF is 84.5 percent owned by the French government. It is a major player in the UK energy market through a subsidiary.
The company announced in January that it planned to cut five percent of its staff over the next three years — meaning that about 3,500 jobs are likely to go — as it grapples to respond to increased competition and lower electricity prices.
The group said last month it was also slashing its dividend after unveiling sharply lower annual net profits of 1.19 billion euros (US$1.3 billion), compared with 3.70 billion euros in 2014.
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