EDF Faces $11 Million Fine Over Hinkley Point C Nuclear Project
- Current CEO Levy and former CEO Proglio also accused in France
- AMF enforcement committee can issue fines after Friday hearing
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Electricite de France SA faces a possible $11 million fine after being accused by French regulators of providing false information on the Hinkley Point C nuclear project and lacking transparency concerning new circumstances that ramped up its cost.
In October 2014, EDF announced it would build the U.K.’s first nuclear reactors since 1995 after reaching a deal with the government on guaranteed prices for the power they’d generate. The energy firm also said the project would benefit from a British credit guarantee on conditions that were yet-to-be agreed.