EDF has confirmed that it would take on any potential cost overruns related to the Hinkley Point C nuclear power project in the United Kingdom. EDF, which is to absorb Areva's nuclear activities, is involved in the construction of three EPR reactors in Finland, China and France, which have all experienced significant delays and cost overruns. Nuclear New Build Genco (NNB), the project developing consortium including EDF Energy (45%-50%), China General Nuclear Corporation (CNNC), China General Nuclear Power Corporation (CGNPC) with 15%-20% each and Areva (10%) have introduced a spending cap due to uncertainties surrounding the Final Investment Decision.
The Hinkley Point C project will consist of two 1,630 MW Areva EPR reactors, expected to be commissioned in 2023 and 2024. Total investment is estimated at £16bn (€22bn). In April 2015, EDF decided to suspend pre-construction works until a final investment decision is taken.
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