The French state-owned company EDF and the state-owned China General Nuclear Power Group (CGN) are responsible for the construction and future operation of Hinkley Point C. .
On the one hand, EDF had to postpone the opening originally planned for 2025 several times, most recently to 2027. The energy company justified the delay with the Covid pandemic. EDF also had to adjust the costs of the project several times: While initially talk of 18 billion pounds, the construction of the power plant is currently expected to cost more than 32 billion pounds - a cost increase of 80 percent.
This could cost EDF dearly. When the contract was signed in 2016, the Chinese partner CGN only agreed to cover 33.5 percent of the then estimated 18 billion pounds in costs. In return he received a 33.5 percent share in the project. Given the recent squabbles between the governments in London and Beijing, it would be no surprise if CGN sat out the next round of financing.
Basically if the Chinese don’t pay the UK won’t pay either. This is terrible because EDF had already to pay a huge fine for a Finnish nuclear plant that finished (haha) 12 years too late and the French government is also running out of money building their own nuclear plants with EDF, while having to keep their old plants from breaking down. They had to raise the price of nuclear power for 60 % this year and decided to build additionally offshore wind plants, because they finally had to realize new nuclear power plants will arrive way too late. It’s a huge mess.
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Apparently (judging by Google) Electricite de France SA, the French electricity company building a new nuclear power plant in the UK.
I think it is about this currently happening:
https://www-wiwo-de.translate.goog/technologie/wirtschaft-von-oben/wirtschaft-von-oben-212-britische-atomkraft-hier-manifestieren-sich-die-spannungen-zwischen-china-und-dem-westen-in-der-britischen-kernenergie/29183042.html?_x_tr_sl=de&_x_tr_tl=en&_x_tr_hl=de&_x_tr_pto=wapp German website translated with google.
Basically if the Chinese don’t pay the UK won’t pay either. This is terrible because EDF had already to pay a huge fine for a Finnish nuclear plant that finished (haha) 12 years too late and the French government is also running out of money building their own nuclear plants with EDF, while having to keep their old plants from breaking down. They had to raise the price of nuclear power for 60 % this year and decided to build additionally offshore wind plants, because they finally had to realize new nuclear power plants will arrive way too late. It’s a huge mess.
Big french electric company that also sells electricity in the UK.