EDF finance chief quits over Hinkley final decision: reports

EDF’s chief financial officer Thomas Piquemal has quit the company over whether or not to press ahead with a final investment decision on Hinkley Point C, according to reports.

Sources quoted in the Financial Times said Piquemal had met with EDF’s chief executive Jean-Bernard Lévy several times last week to argue for a three-year delay to the decision. Lévy reportedly said it should instead take place as early as next month.

EDF has provisionally appointed Xavier Girre as group senior executive vice president of group finance, to take over from Piquemal. It hasn’t commented on the reasons for the departure.

EDF said in October that the project would go ahead “within weeks” following a six billion pound deal with China to build the first new reactors in a generation. However, concerns have been raised about EDF’s ability to deliver Hinkley Point C on both financial and technological fronts.

The construction consortium – in which the French energy giant hold a two-thirds stake – is planning to invest £18 billion in the project. However the European Commission has estimated that the actual cost of construction will be £24.5 billion – more than the entire market value of EDF.

The EPR technology which is planned for the plant also remains unproven. Two EPR reactors being built in France and Finland are both behind schedule and over budget. Last April the French nuclear regulator, the Autorité de Sureté Nucléaire, said it had found “manufacturing anomalies” in the reactor vessel at Flamanville 3.

Last week the Unite union called for a final investment to take place soon, following a summit between prime minister David Cameron and the French president Francois Hollande.

An inter-governmental communique from the summit said: “Following an in-depth internal review, the project’s organisation has been fine-tuned to guarantee control of the main operational risks inherent to such a large project.

“EDF is currently devoted to prepare all necessary elements for the announcement of a final investment decision for Hinkley Point C in the near future, with the full support of the French government.”

Unite national officer for energy Kevin Coyne said: “We welcome this announcement and the renewed commitment from both the UK and French governments. It is important that the uncertainty is removed and that the project is on course to go-ahead.  

“Unite calls on EDF to move rapidly to the final investment decision and let’s crack on and get the job done. There is no excuse for any further delays.”