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Energy policy/United Kingdom/Hinkley Point EPR project

Published on March 31, 2016
Reply by M. Emmanuel Macron, Minister of the Economy, Industry and the Digital Sector, to a question in the National Assembly
Paris, March 29, 2016

The subject of Hinkley Point is indeed of the greatest importance, because it’s about whether we have the capability to produce and sell an EPR in developed markets – nothing more and nothing less.

Is the project entirely free of risks? No. What’s our collective responsibility? To reduce them.

To that end, there’s a framework: namely, the board of the company – which, as you know, is quoted on the stock exchange and in which we’re the majority shareholders –, and we have representatives on that board, sitting alongside representatives of the employees and of independent administrators.

There’s no secret report. There’s been the activity of a financial director who, in a position of responsibility and under two successive CEOs, has championed and led the project from the outset.

Moreover, since 2013 the Hinkley Point project has been the focus of several independent reports at the request of the board of directors, including a report by Accuracy [Consulting] in 2015, for evaluations, and M. d’Escatha’s report.

All these documents have been discussed by the administrators in the framework of the board of directors. I know no secret document – which is supposed to have been issued in what framework? –; I know only documents that have been issued and discussed in the framework of the board, which is the right policy and the right way of doing things.

In this context, the legal risks have been weighed up. At this stage it seems to us that they’re being dispelled and that our rights – those of EDF – are indeed protected in the framework of the contractual agreement signed with the British government. They won’t be finalized until May, when we’ll sign the definitive documents.

Finally, financial and operational issues are currently being discussed and will be the focus of forthcoming board meetings, during which we’ll defend the interests of taxpayers and of EDF./.

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