China General Nuclear Power Corporation dismisses it will build alone Hinkley Point C project

16/05/2016 10:39 Electricity Market

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China General Nuclear Power Corporation (CGNPC), which is helping French Energy Company EDF with Hinkley Point C project, has categorically dismissed the idea it would go it alone if the largely state-owned French company dropped out.

EDF has postponed its investment decision on the construction of two "third-generation" European Pressurised Reactors (EPRs) at Hinkley Point until September, blaming spiraling and financial issues partly due to delays to similar projects in France and Finland. However, the Chinese giant has denied it plans to step in with a "Plan B" to build two small reactors at Hinkley Point. The French energy company recently unveiled the price of building the reactors could rally to £21 billion, £3 billion more compared to the amount announced last year. EDF said it will provide up to £13.8 billion for the project, while CGN would grant a financing of £6.9 billion for the French to build two reactors at the site. CGNPC, which inked a deal with EDF last October to acquire a 33.5% stake in the Hinkley Point C project, rejected the claims, saying "there is no foundation to the story". China is currently building two EPRs, designed by France's Areva, at the Taishan site in the southeast province of Guangdong.

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