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« Conjuring Profits from Uranium's Resurgence: David Sadowski | Main | Warily Leading Japan’s Nuclear Reawakening »
Sunday
Mar302014

EDF to miss its own deadline for Hinkley Point nuclear decision as EC state aid investigation drags on

French energy giant does not expect to take final investment decision on Britain's first new nuclear plant in a generation until the autumn, missing its own target of July

EDF expects to miss its own deadline for deciding whether to build Britain’s first new nuclear plant in a generation, the Telegraph can disclose.

The French energy giant announced in October that it planned to take a final investment decision on the £16bn Hinkley Point C plant by July,after striking a landmark subsidy deal with government.

But it now believes that an ongoing European Commission investigation into whether the subsidies are illegal state aid will not be fully resolved until autumn, forcing its decision on the Somerset plant back until then.

The delay could threaten EDF’s plans to deliver first power from the plant in 2023 – a timescale it had said was “subject to a final investment decision by July 2014”.

EDF has been at pains to insist it can deliver Hinkley “on time and on budget”, despite its Flamanville reactor in France being dogged by cost blowouts and years of delays.

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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower? Is tapering the death of this rally?

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Chart courtesy of u308.biz.com

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