June 26, 2017 / 6:51 AM / 3 months ago

France's EDF says still reviewing Hinkley Point costs

PARIS, June 26 (Reuters) - French state-owned power company EDF said on Monday that it was still reviewing the costs and schedule of its planned Hinkley Point C power station in Britain, responding to a media report that said the project faced cost overruns.

“As indicated in the 2016 annual financial report, a full review of the costs and schedule of the Hinkley Point C project is in progress following the financial investment decision and in accordance with the project company’s rules of governance,” EDF said in a statement.

“EDF will disclose the results of this review as soon as it is completed,” it said.

Le Monde newspaper reported over the weekend that Hinkley Point C would have a budget overrun of between 1-3 billion euros ($1.1-$3.4 billion) as its construction could be delayed by two years.

Hinkley Point C would be Britain’s first new nuclear plant in decades, but it has been plagued by delays and criticised for its guaranteed price for electricity, which is higher than current market prices.

$1 = 0.8941 euros Reporting by Sudip Kar-Gupta; editing by Jason Neely

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