French nuclear power operator Electricity de France (EDF) said it would keep Unit 1 at the Flamanville nuclear plant off line until the end of March due to the damage caused by the explosion and fire that disrupted service on Feb. 9.
France's nuclear regulator Nuclear Safety Authority (ASN) said it had been informed of the incident and that the “operator decided to stop production at the reactor,” where the fire occurred at 9:45 in the morning in the non-nuclear area – in the turbine hall – for Unit 1.
Unit 2 continues to operate, but media reports in England are pointing to industry analysts – not EDF's analysists – who estimate EDF could lose from $1.25 million to $2.25 million per day with the unit shut down. The Guardian noted that EDF reported a 6.7 percent decline in core earnings in 2016, which fell to $17.5 billion.
Concerns over the company's finances are not exactly idle speculation. Should EDF run into huge loses due to some unexpected problems, it is feared that the company will not be able to follow through on huge nuclear build projects slated for Britain.
EDF's financial straits created frequent news stories in 2015 and 2016 as the company prolonged its decision on whether or not to construct Hinkley Point C in England. China General Nuclear Power Group (CGN) came to the rescue with an agreement to take a 33.5 percent stake in Hinkley Point C – a project expected to cost upwards of $24 billion.
Such a price tag is daunting enough. But the deal to work with CGN financing was tied to a second project at Sizewell C, which in turn allowed for a third project at Bradwell (in Essex). Suddenly, EDF's financial health has huge implications for Britain's nuclear future. In turn, a stalled construction schedule in Britain could have implications far beyond the United Kingdom, as nuclear power's popularity remains tied to finances, progress, reputations and industry health.
EDF, which is 85 percent owned by the government, said simply that “Work on recommissioning the affected equipment has started this week and should last several weeks, with reconnection to the grid planned for the end of March.”