Utility EdF Writes Down $14B Loss on Delayed UK Nuclear Megaproject

Following recent news of additional delays and cost hikes on the U.K.’s 3,260-MW Hinkley Point C nuclear power plant, the project company has reported an impairment of $14 billion on its assets.

French state controlled utiilty firm Electricité de France (EdF), which controls project financing and construction, last month updated Hinkley Point C's forecast completion to between 2029 and 2031, with costs rising to a range of $39-43 billion. The previous completion target set in May 2022 was June 2027. EdF is currently financing all project construction costs.

Announcing its 2023 annual report, the utility also set this March as the expected target date for fuel loading at its 1,650-MW Flamanville 3 nuclear power plant on the north French coast. When work started in 2007, fuel loading was forecast for 2011.