Moody's has downgraded EDF's credit rating from A1 to A2, potentially hampering the French energy giant's efforts to pull together financing for the £18 billion Hinkley Point C nuclear project. Vice president and senior credit officer at the ratings agency Paul Marty said: "The rating downgrade reflects Moody's view that the group's action plan announced on 22 April 2016 will not be sufficient to fully offset the pressures resulting from a low power price environment combined with a significant investment programme." The plan included commitments to reduce annual operating costs by €1 billion (£790 million) by 2019 and sell off assets worth €10 billion (£7.9 billion) by 2020. Marty said: "Notwithstanding a recent rebound, one-year forward baseload power prices in France fell by 21 per cent in the last twelve months to around €30/MWh currently.