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Piquemal starts new job at Deutsche Bank after EDF exit

Hinkley_Point_A_Power_Station_-_geograph.org.uk_-_1951616

THOMAS Piquemal, the former EDF finance director, has become Deutsche Bank’s new global head of mergers and acquisitions.

Piquemal resigned as EDF CFO in March this year over the French company’s investment decisions over the proposed £18bn Hinkley Point C power plant in Somerset.

He made the decision to step down amid fears the project could jeopardise the company’s financial position.

Piquemal is set to start in the bank’s Paris office today.

The plant – which, if completed, could produce 7% of the UK’s energy – had originally been slated to open in 2017, but repeated delays have led to calls for the timetable to be pushed back.

The China General Nuclear Power Corporation (CGN) struck a deal in October last year to fund a third of the £18bn cost of the project in exchange for a 33.5% stake. However, reports suggest EDF is struggling to source cash for the remaining 66.5%.

Paul Dorfman, honorary research fellow at UCL’s energy institute, told the BBC at the time that EDF also faces strain: “Its shares have crashed to half their value a year ago, profits are down 68% in the last financial year and the budget for Hinkley is bigger than EDF’s entire market value,” he said.

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