‘Great uncertainty’ over nuclear plants’ delivery following opposition to Chinese investor
The delivery of Essex-based nuclear plant Bradwell faces “great uncertainty” after political opposition has mounted against the involvement of a Chinese investor.
EDF told shareholders that, without Chinese backing, it is no longer obliged to continue funding the project.
The French energy giant also said, if China were exit the deal, EDF would also need to cough up billions more of funding for Somerset-based Hinkley Point C, the UK’s first nuclear plant in 30 years.
Despite striking a collaboration with China on nuclear energy in 2015, the UK Government is looking to oust Chinese power giant China General Nuclear (CGN) over political concerns and replace it with other investors, the Telegraph reported.
CGN is currently developing several UK nuclear plants, including Hinkley C and Bradwell B.
“CGN is only in Britain because of the opportunity to build its technology at Bradwell. There’s no other reason for it to be here,” a source told the Telegraph.
“They could walk out of Hinkley and require someone else to buy their stake. The only other possible investor is the UK government. There are no other utility companies in Europe that would be interested and there are no other possible sources of investment.”