Hinkley Point C final investment decision not on agenda at EDF board meeting today

 
Jessica Morris
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Reactor's cooling towers are seen at the
EDF is seeking extra support from the French government (Source: Getty)

The widely anticipated final investment decision for Hinkley Point C won't be on the agenda of EDF's board meeting today, as some commentators had expected.

The French energy giant's board will focus on the firm's 2015 earnings which are due to be released tomorrow, a source told Reuters.

The final investment decision was delayed last month amid reports that EDF is seeking extra support from the French government. At the time, it was said the earliest the final investment decision would be made was at the next board meeting.

EDF's employee shareholders have warned Hinkley Point C puts the very survival of the company at risk, while rating agency Standard & Poor's has said it might downgrade EDF's debt if it goes ahead with the project.

Read more: Hinkley Point is pain to renewables’ gain

EDF has sought help from Chinese investors to fund what is Britain's first new nuclear power plant in two decades.

China General Nuclear's involvement was agreed during Chinese president XI Jinping's visit to the UK in October and was touted as a crucial outcome of the trip. China signed a string of deals to help the UK upgrade its ageing energy infrastructure.

Britain needs to replace about 20 per cent of its nuclear and coal power plants during the next 10 years, and Hinkley Point will help it achieve this.

EDF has a majority stake of 66.5 per cent in Hinkley Point, while China’s state nuclear firm CGN has a 33.5 per cent stake.

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