French energy giant EDF faces financial setbacks due to delays and overruns at the Hinkley Point C nuclear project in the UK.
The project incurred a €12.9 billion (£11bn) charge, impacting the company’s profitability.
EDF Energy, the owner of the Hinkley Point C power plant, attributed the charge to delays, inflation, and Brexit-related factors.
Originally scheduled for completion in 2017 at a cost of £18 billion, the project is now expected to be finished by 2031, with costs potentially reaching £46 billion when inflation is considered.
The company said: “The cost of civil engineering and the longer duration of the electromechanical phase (and its impact on other work) are the two main reasons for this cost revision.”
Despite these challenges, EDF reported a profit of €10 billion (£8.5bn), rebounding from previous losses in 2022 caused by reactor maintenance outages in France.
