Decision of EDF Board meeting on 27th September 2016 regarding Hinkley Point C
The EDF Board of Directors took, on 28th July 2016, the Final Investment Decision regarding the Hinkley Point C project in the United Kingdom. The British Government then announced that it wished to re-examine the project before giving it its approval.
Following this comprehensive re-examination, on 15th September 2016, the British Government confirmed - through an announcement from the Department for Business, Energy and Industrial Strategy - its decision to proceed with the Hinkley Point C project in line with the terms and conditions already approved by the EDF Board on 28th July 2016.
To support its decision, the British Government has asked for:
- a commitment from EDF not to sell down its control of NNB GenC during the construction period without the previous approval of the British Government and
- acknowledgement by EDF that it has no present intention to make use of the first instalment (£2bn) of the UK Infrastructure and Projects Authority guarantee.
The EDF Board has today confirmed that the conditions set out at its meeting on 28th July 2016 are met in order to sign the Project contracts. The Board also noted that EDF will inform the British Government that EDF has no present intention to make use of the first tranche of the IPA guarantee and it authorised its Chairman to formalize its commitment to the British Government not to sell down the control of NNB GenCo Ltd without the Government’s previous agreement during the construction phase.
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