Shareholders at EDF Energy have confirmed plans to release new shares with the goal of receiving investment of €4 billion euros (£3.4 billion) for Hinkley Point, a 3,200 MWe nuclear power station that is to be situated in Somerset, England. The cost of the plant is estimated at £18 billion (£24.5 billion if including financing costs) and is expected to provide 7% of the UK’s total electricity requirements.
There have been a number of hiccups this year that have prevented the project from moving forward, due to the energy giant wanting to ensure the quality of its debt and credit ratings are maintained. This is a difficult task with the current state of the UK energy market and the recent outcome of the EU Referendum, which although doesn’t have knock-on effect on the nuclear industry, will affect every energy company that operates in the UK.
Despite the minor set-backs, EDF Energy is still determined to get the go-ahead for the project, which was originally meant to be operational in 2017.
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