These are certainly interesting times for the French energy giant EDF, but are you really going to trawl the internet looking for the biggest EDF news stories?
Instead, join is as we take a look through this week’s biggest EDF Energy stories.
The £18bn deal for EDF to build one of the UK’s biggest nuclear reactors was detailed in 2,500 pages worth of contracts. Now, it appears that the head of EDF gave his fellow board members just two days to read those papers before he asked them to sign off on the deal.
According to officials within the company, Jean-Bernard Levy was so desperate to see the £18bn deal go through that the documents were written in English and only given for 48 hours. Ultimately, the board voted 10-7 for giving the green light to the scheme after a hostile board member resigned over the issue. However, they were shocked to find out mere hours later that the UK government had halted the long-delayed plan, saying they wanted a fresh review.
Now, this uncertainty is causing fractious infighting within EDF, with many officials saying they were leaned on to support the scheme based on the UK’s full support.
Meanwhile, EDF’s UK boss is “confident” that a new nuclear power station will be built at Hinkley Point, despite the Government’s misgivings.
In an open letter to his staff, Vincent de Rivaz said that he regrets the uncertainty that it has caused for his employees, the local community who have been ringing the EDF contact number and the suppliers who will provide materials for the £18bn site. He did, however, say that he understands why the new look UK cabinet would need to take a “little time”. This comes at a time when the Government have said that they will take until the autumn to weigh up the deal in full.
Whilst the Hinkley Point deal isn’t going as all parties had planned, EDF have to maintain their existing UK nuclear power stations, and a new deal with Avingtrans PLC will do just that.
The £3.5m deal will mean that each of the seven nuclear power stations in the UK managed by EDF will receive gas-cooling valves for the remainder of the life of the stations. #
EDF’s commodities trading business has generated billions of euros in profit since it was formed almost two decades ago, but the business which involves trading coal, gas and electricity, is about to change.
In a move designed to promote their green credentials as well as boost their bottom line, EDF are looking to sell off the coal trading arm of their commodities business. The sale may well be to a joint venture of Tokyo Electric Power and Chubu Electric Power, although all parties are remaining mum on the matter.