IYou have to imagine Sisyphus happy, said Albert Camus. See in the absurdity of the incessant work of this man, condemned to climb the stone to the top of the mountain, a metaphor for life itself, its futility and its greatness through the acceptance of its fate. EDF, like Sisyphus, also seems doomed to start its task again forever. The Flamanville power plant (Manche) is nearing completion, the relaunch of the French nuclear program is in place, Europe itself accepts the idea, but now everything has to start again.
The nightmare this time comes from England, on the coast of Somerset (southwest). The Hinkley Point EPR power plant construction site continues to deliver bad news. As with Flamanville, the technical, economic, financial and political setbacks are piling up. The contract signed in 2016 for a cost of 18 billion pounds (nearly 21 billion euros), a record amount at the time, which caused the resignation of EDF’s financial director, should be completed around 40 billion of pounds for the two reactors. An unprecedented amount, even in this sector. For comparison, EDF promises to build six EPRs in France for the same sum (45 billion euros). Of course, the health crisis, inflation and legal battles have been there, but how can we still believe in such fanciful estimates?
As misfortune never happens alone, EDF’s financial partner in this affair, its Chinese counterpart CGN, at odds with London, has decided to no longer pay the additional costs of the project. Instead of covering 66.5% of the costs, EDF must now pay 100% of the bill. Untenable for one of the most indebted companies in France. So the company calls for help from the British government, responsible for the quarrel with Beijing. But he doesn’t want to hear anything. This is a private contract, up to EDF to find new investors. Obviously, they are not jostling at the gate. In addition, the current additional cost hampers the future profitability of the site, which is based on an already negotiated price for the sale of electricity.
Skids
After this gigantic obstacle, another is already looming, with the other major British nuclear project: the Sizewell power station (Suffolk, south-east), still at the study stage. The same Chinese CGN was released by London, in the name of national security. This time, the State is the main shareholder and therefore lessor of the project alongside EDF, which is trying to minimize its participation.
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