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EDF insist they are investing under the 'best possible financial conditions'

EDF have insisted they are investing in Hinkley Point "under the best possible financial conditions".

The statement follows the resignation of the company's finance director Thomas Piquemal, who reportedly quit because of concerns that a final decision about investment for the new reactor will be made too soon - potentially threatening the energy company's financial position.

Thomas Piquemal told me of his resignation last week, which was made public last night. I regret the haste of his departure, and I immediately appointed Xavier Girre to the position of CFO on a provisional basis.

With the support of its shareholder, the state, EDF can confirm that it is looking to invest in two reactors at Hinkley Point under the best possible financial conditions for the Group, with the objective of making a final investment decision in the near future.

– Jean-Bernard Levy, EDF Group CEO and Chairman

UK government 'fully supports' Hinkley Point project

The Hinkley Point C power plant project is projected to cost £18bn Credit: Justin Tallis/PA

The British government "continues to fully support the Hinkley Point C nuclear project", according to the Prime Minister's spokeswoman.

There are doubts about the future of the project after the chief financial officer at EDF, which is a partner with Chinese Group CGN in financing the plan, resigned ahead of a final decision on its investment.

The company said Thomas Piquemal will be replaced by Xavier Girre, who joined EDF last year as chief finance officer for France.

Thomas Piquemal Credit: EDF

Alarm bells should be ringing deafeningly loudly in the offices of the French and UK governments this morning.

The Chief Finance Officer's decision to quit over EDF's apparent commitment to push ahead with the controversial Hinkley nuclear power deal should be of huge concern.

If the finance chief thinks the project will be a disaster, the optimism from both governments that the deal will be imminent is irrational.

The UK Government urgently needs a 21st century plan to boost our home-grown renewable energy which is being sidelined because the Government is focusing on this nuclear white elephant.

– John Sauven, director of Greenpeace

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EDF finance chief quits over Hinkley Point nuclear plant

The chief financial officer of EDF has resigned over the French energy giant's plans to build a new nuclear power station at Hinkley Point.

An artist's impression of the how the new Hinkley Point C station will look Credit: PA

Thomas Piquemal quit because of concerns that a final decision on investment for a new reactor will be made too soon, potentially threatening EDF's financial position.

The company, which is 85% owned by the French government, recently made assurances that it was close to making a decision on the proposed Hinkley Point C project in Somerset - which will be the first new nuclear power plant in the UK in decades.

EDF said Mr Piquemal will be replaced by Xavier Girre, who joined EDF last year as chief finance officer for France.

Chancellor: EDF are committed to Hinkley Point

An artist's impression of the how the new Hinkley Point C station will look Credit: PA

Chancellor George Osborne says he believes the French government, which owns the energy firm EDF, is committed to building a new nuclear power station at Hinkley Point.

He was responding to MPs' questions after reports that the project, on the Somerset coast, could be further delayed due to financial and technical concerns.

"We're working with the French government and all the signs are they are commited to the project. I think this is a very good example of how the United Kingdom working with France and attracting investment from Asia, is getting a new generation of nuclear power underway- something that was promised for 20 years or more but hasn't happened. It's now going to take place in Somerset."

– Chancellor George Osborne

On Monday the Financial Times reported that the final approval for the long-awaited Hinkley Point nuclear reactor in Somerset could be delayed by up to a year.

The French energy firm EDF has yet to make a final announcement on whether it will go ahead with the £18billion project, despite securing investment from China last year.

The decision could now be made in 2017, with reports that EDF are looking for more investors to help take on the debt.

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Hinkley Point decision delayed again

A decision on a planned nuclear power station at Hinkley Point in Somerset has been delayed again.

An artist's impression of the how the new Hinkley Point C station will look Credit: PA

The French energy firm EDF has yet to make a final announcement on whether it will go ahead with the £18billion project, despite securing investment from China last year.

A meeting due to take place today has been cancelled. The board was due to meet in Paris to decide this afternoon but the meeting's been cancelled.

Hinkley bypass to help nearby town stay traffic free

It's hoped the road will alleviate traffic during construction of the new Hinkley Point C power station Credit: ITV News

A new bypass to route traffic around the village of Cannington near Hinkley Point is opening today. It's hoped the road will alleviate traffic during construction of the new Hinkley Point C nuclear power station.

The improvement is part of a £16 million package of road improvements paid for by EDF Energy. However its estimated that 80% of the aggregate material needed for the Hinkley Point C project will come by sea.

An artist's impression of the how the new Hinkley Point C station will look Credit: PA

Nigel Cann, Hinkley Point C site construction director, thanked local residents for their understanding during the road's construction:

"We have worked closely with local councils, organisations and residents to draw up a series of road improvements across the area. We listened carefully to the particular concerns of Cannington residents and came up with a scheme to take traffic away from the centre of the village.

Our construction workers will use dedicated local bus services and park and rides to get to work, while deliveries of materials and equipment will also be managed carefully. However, it is important to consult with local people and invest in projects like the Cannington bypass before we start the main construction."

– Nigel Cann, Construction Director

Hinkley's construction to begin 'in weeks'

Hinkley, which is already years behind schedule, has been given a revised start date of 2025 Credit: ITV News

Construction work on Somerset's Hinkley Point is to begin "within weeks" after a multi-billion pound deal between French energy giant EDF and China's CGN was unveiled this afternoon.

The agreement, reached after months of talks, priced the power plant at £18 billion - which was £6 billion less than expected.

Hinkley, which is already years behind schedule, has been given a revised start date of 2025. Initially it was planned to open in 2017.

Chairman of EDF, Jean Bernard Levy, called the signing "a big step forward" for the group's partnership with the Chinese.

"We are planning for a final investment decision within weeks so that we can move forward with construction."

– Jean Bernard Levy, Chairman of EDF
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