NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Britain's Hinkley nuclear project not affected by Brexit - minister

Published 29/06/2016, 12:11
© Reuters. Energy Minister Andrea Leadsom speaks during the "The ITV Referendum Debate" at the London Television Centre in Britain
EDF
-

By Nina Chestney

LONDON (Reuters) - A project to build two new nuclear reactors at EDF (PA:EDF) Energy's Hinkley Point site in Britain will not be influenced by the outcome of the country's vote last week to leave the European Union, energy minister Andrea Leadsom told lawmakers on Wednesday.

"I don't believe the Austrian challenge to Hinkley has any merit ... and I do not believe (the project) will be influenced by the results of the referendum," Leadsom told an energy and climate change committee hearing.

Austria launched legal action against the European Commission last year over its backing of British plans to build the Hinkley Point C nuclear power plant, saying it went against the EU's aim to support renewable energy.

A final investment decision on Hinkley Point has been delayed as France's EDF tries to secure partners and financing. Concerns have been raised that Britain's decision to leave the EU could put the project even further behind.

Leadsom, who was in favour of leaving the EU, also said she did not believe anything would change for British energy policy following last week's vote and that nothing should change for interconnectors with the EU, which are run by companies that have commercial agreements.

The minister said she could not give details about the timings of the second and third rounds of auctions for government-supported renewable energy projects, known as contracts-for-difference (CfD).

© Reuters. Energy Minister Andrea Leadsom speaks during the "The ITV Referendum Debate" at the London Television Centre in Britain

"On the timings of the second and third auctions, it depends on progress, the pipeline (of projects) and so on, and so it is not possible to say right now," Leadsom said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.