Energy
EDF Books Charge on UK Nuclear Power Project, Citing Delay
The Hinkley Point C project has proven controversial for EDF as successive delays and cost overruns caused its debt to balloon.
Photographer: Hollie Adams/BloombergElectricite de France SA booked a charge on a troubled nuclear project in the UK as it reported a slump in full-year earnings.
The startup of Hinkley Point C’s first unit has been delayed by another year to 2030, EDF said Friday, reporting a €2.5 billion ($2.9 billion) impairment. That writedown, combined with lower electricity prices last year, resulted in a 26% decline in profit.