July 7, 2017 / 12:20 AM / a year ago

China's CGN: too early to say Hinkley Point faces cost overruns-China Daily

SHANGHAI, July 7 (Reuters) - China General Nuclear Power Corp (CGN) said it was too early to say if Britain’s Hinkley Point C nuclear power station project will face delays or cost overruns, state newspaper China Daily reported on Friday.

CGN’s partner, French state-owned utility EDF, said this week the cost of completion had risen by 1.5 billion pounds to 19.6 billion pounds ($25.4 billion), which would reduce its predicted rate of return on investment.

China’s largest nuclear operator said the project was in the early stages of construction and it was too early to say whether it would cost more money or take more time.

It also said that reasonable returns from the project could still be expected despite the high costs.

CGN has a 33.5 percent stake in the plant, Britain’s first new nuclear plant to be built in decades. The project has been plagued by delays and criticised for its guaranteed price for electricity, which is higher than current market prices.

$1 = 0.7711 pounds Reporting by Brenda Goh; Editing by Richard Pullin

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