French state-controlled power utility Electricité de France (EDF) has postponed its final investment decision on the proposed £18bn ($25.8bn) Hinkley Point C nuclear project in the UK to September.
France’s Journal du Dimanche newspaper cited France Economy Minister Emmanuel Macron as saying that EDF has postponed its investment decision on the 3,200MW project from early May to September.
The Hinkley Point nuclear plant is expected to meet 7% of electricity needs in the UK, besides generating 25,000 jobs. It is expected to generate electricity required to power nearly six million homes.
The project, which has already failed to meet its originally planned completion date, may have to further postpone its completion date of 2025.
Meanwhile, environmental group Greenpeace’s director John Sauven was quoted by The Guardian as saying: "This may now be the sign that the entire project is coming to a grinding halt and the UK government urgently needs to back renewable energy as a more reliable alternative."
EDF also announced its plan to divest around €10bn worth of assets between 2015 and the 2020 period in order to reduce its debt.
In September 2015, the UK Government approved a proposal to provide £2bn ($3.1bn) financial guarantee for the construction of the Hinkley Point C nuclear station.
The Hinkley Point C project will be the country’s first new nuclear plant in more than 20 years.