In light of the huge investments set out by EDF in its Cap 2030 strategic plan - at a time when
the market prices of electricity are plummeting - the group is looking to secure its long-te1m
financial future by cutting costs, optimising its investments, developing a bold asset disposal
programme and by bolstering its shareholders' equity through a market transaction in which
the French government has akeady announced its involvement.
Owing to the impmiance of the HPC project in the Cap 2030 plan, and to promote exemplary
labour/management dialogue, the Chairman and CEO of EDF decided to consult the
company's Central Works Committee on both the project and the paiinership with CGN. The
French government suppmis this initiative which will enable all the legitimate questions to be
answered. Obviously, the final decision for the HPC investment lies with EDF's Board of
Directors once the consultation has been completed in compliance with effective regulations.
The French authorities remain fully behind the HPC project and this was reiternted by
President Hollande on May 1ih. I can appreciate that a ce1iain amount of impatience may be
creeping in as the project is key for the UK's energy and climate policy. It is also necessary,
in the interest of all, that EDF follows e due process before committing itself to an investment
of this magnitude. The consultation of the Central Works Committee brings legal robustness
on the decision.
I have every confidence that a final investment decision can be made rapidly after the end of
the consultation of the Central W arks Committee and that it will signal the development of a
very fruitful collaboration in the industrial and energy sectors between our countries.
Yoms sincerely,