Shares in French utility company EDF fell by more than eight per cent today amid worries that Britain’s Hinkley Point nuclear power plant will not secure enough investment to go ahead.
In a statement earlier today, EDF confirmed its finance director Thomas Piquemal had stepped down. Multiple reports indicated the former exec resigned with concerns over the costs of what would be the world’s most expensive nuclear power project.
UK officials insisted that the government remained committed to Hinkley Point, but Piquemal’s resignation raised red flags for analysts at Deutsche Bank, who said the state-backed utility company is “facing a squeeze between a political desire to commit to the project and the financial realities that EDF is struggling with declining power prices and rising liabilities”.
EDF shares finished the trading day down nearly 7 per cent.