Subscribe to our free daily newsletters
  Energy News  




Subscribe to our free daily newsletters



CIVIL NUCLEAR
EDF shares dive 11 percent on news of capital injection
by Staff Writers
Paris (AFP) April 25, 2016


Shares in French energy giant EDF plunged 11 percent Monday after the state said it would lead a four-billion-euro capital increase as the company tries to tackle a huge debt pile.

France, which owns 85 percent of EDF, announced the move late Friday, while the power company pledged to cut millions more in costs and sell off assets.

EDF chairman Jean-Bernard Levy said Monday that there would be no additional job cuts at the power company beyond the 3,350 posts which EDF has already announced are set to go by 2018.

EDF shares fell 11.07 percent to 10.885 euros at the close on Monday.

The power company's debt woes have weighed on its project to build a controversial 23-billion-euro ($26 billion) nuclear power plant at Hinkley Point in southwest England.

Hinkley Point, which EDF is to build in partnership with China General Nuclear Power Corporation (CGN), will be Britain's first nuclear power plant in decades and is to provide seven percent of its energy needs by 2025.

Questions have been raised about the financial viability of the project as EDF is struggling with a debt pile of more than 37 billion euros.

Economy Minister Emmanuel Macron on Sunday said EDF would give the final green light to the controversial investment decision in September.

The decision had been expected in May, but EDF announced the delay on Friday, saying it first had to consult with an internal committee as demanded by France's unions.

On Friday, the French government announced that it would plough three billion euros into the energy provider, as part of the four-billion-euro capital increase.

Falling electricity prices, low gas and coal prices and a rise in the use of renewable energies have all added to EDF's debt woes.

On top of that, the state last May decided that EDF would take over the reactor arm of struggling nuclear giant Areva, at a cost of 2.5 billion euros.

EDF is also racking up costs in the construction of a next generation nuclear powerplant in Flamanville in northern France, which started in 2007 and has been beset by technical delays.

The cost is now estimated at 10.5 billion euros, three times the initial cost, with completion expected in 2018.

The Flamanville design, considered the most advanced and safest in the world, uses the same design planned for Hinkley Point.

John Sauven, director of Greenpeace UK, said the latest delay to EDF's investment decision "may now be the sign that the entire project is coming to a grinding halt" and showed the British government "urgently needs to back renewable energy as a more reliable alternative."

Even if EDF could agree on the financing of the project, the European Commission could scupper it on the grounds that it was being built with "illegal state aid," Sauven added.

fb/cw

EDF - ELECTRICITE DE FRANCE

CGN Power


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

.


Related Links
Nuclear Power News - Nuclear Science, Nuclear Technology
Powering The World in the 21st Century at Energy-Daily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
CIVIL NUCLEAR
Belgium rejects German call to shut down 2 nuclear reactors
Brussels (Sputnik) Apr 25, 2016
Belgium's Federal Agency for Nuclear Control (FANC) said in a statement on Wednesday that it would not shut two nuclear reactors despite German calls to do so. Earlier in the day, German Environment and Nuclear Safety Minister Barbara Hendricks called on Brussels to take the Tihange 2 and Doel 3 nuclear reactors offline due to safety concerns. "The FANC is surprised to learn that Bar ... read more


CIVIL NUCLEAR
Major advance in synthetic biochemistry holds promise for biofuels

Recyclable, sugar-derived foam as renewable alternative to polyurethanes

Enzyme leads scientists further down path to pumping oil from plants

Penn chemists lay groundwork for countless new, cleaner uses of methane

CIVIL NUCLEAR
Solar plane on course, flying from Hawaii to California

Solar-powered plane lands in California after Pacific crossing

Phanes wins tender for first phase of region's largest distributed solar project

Nanomaterial to drive new generation of solar cells

CIVIL NUCLEAR
El Hierro, the Spanish island vying for 100% clean energy

USGS finds cranes isolated from wind farms

Iowa puts faith in wind energy

Maryland praised for renewable energy efforts

CIVIL NUCLEAR
Global leaders agree to set price on carbon pollution

German power supplier RWE warns of 'horror scenario' for sector

Economic development does mean a greater carbon footprint

Study shows best way to reduce energy consumption

CIVIL NUCLEAR
Tesla and other tech giants scramble for lithium as prices double

Stanford scientists use DNA to investigate cleaner energy sources

Princeton grad student writes program to help stabilize fusion plasma

Physicists build engine consisting of one atom

CIVIL NUCLEAR
Lone planetary-mass object found in family of stars

University of Massachusetts Lowell PICTURE-B Mission Completed

Stars strip away atmospheres of nearby super-Earths

1917 astronomical plate has first-ever evidence of exoplanetary system

CIVIL NUCLEAR
Milestone trials taking place for new U.S. Navy Zumwalt-class destroyer

UK Dangles Big Money to Attract New Nuke Chief

New U.S. Navy ship gets thumbs up after successful sea trials

Indian navy goes nuclear as first nuke sub undergoes sea tests

CIVIL NUCLEAR
Rover mini-walkabout to find clay mineral continues

Russia, Italy plan first bid to explore beneath mars surface in 2018

First light for ExoMars

First joint EU-Russian ExoMars mission to reach Mars orbit Oct 16




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement