Enel drops out of nuclear plans with EDF after costs soar

Posted at December 9, 2012 » By : » Categories : News » Comments Off on Enel drops out of nuclear plans with EDF after costs soar

Italian energy company Enel has dropped out of its plans to work with EDF on six nuclear power plants as costs at the Flamanville project in Normandy soar.

Earlier this week, EDF confirmed that construction costs on its new European Pressurized Reactor (EPR) nuclear power station at Flamanville have increased €2 billion since the company’s latest cost revision in July 2011, when it made an estimation of €6 billion.

The project, which started in 2007, is also well behind schedule although EDF maintains that it has now achieved “significant milestones”.

But those assurances have not been enough for Italian partner Enel who has announce that it is exiting from the Flamanville project and plans to build five other EPR reactors in France.

Enel will be reimbursed €613 million for its 12.5% stake in the project, which the companies have been working on since 2007.

The Italian company cited the delays and rising costs for its decision, along with the referendum in Italy in 2011 rejecting new nuclear power in the country.

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