ΕιδήσειςΕυρωπαϊκές Ειδήσεις EDF Lowers FY Nuclear Output Target As Revenue Grows 6.9% dj Πεμ, 7 Νοεμβρίου 2013 - 18:06
Electricité de France SA (EDF.FR) Thursday lowered its nuclear output target for the year but kept its financial objectives as it reported a 6.9% increase in revenue for the first nine months of the year, thanks to price hikes in the summer, the integration of Edison 's sales and the colder weather than usual in the first half. EDF said it now expects its nuclear power generation to amount to 405 to 410 terawatts an hour, or TWh, due to longer-than-planned reactor outages, notably in the third quarter. The group initially targeted nuclear output for the year of 415 TWh. EDF, one of the world's largest power producers, has set ambitious electricity production targets as it seeks to become one of the biggest European power providers. The group has based its strategy on the low-cost energy provided by its stable of nuclear reactors, the world's largest with 58 in France and 15 in the U.K. , and its hydroelectric plants. Higher production lowers costs, allowing the group financial elbow room for its expansion and its investments. EDF, which is 85%-owned by the French state, recently announced a deal with the British government to build and operate for 35 years up to two new nuclear reactors in the U.K. The terms of the deal are considered as extremely favorable for EDF, which obtained a guaranteed price for the power it will produce there set at GBP92.5 per gigawatt. The price also will be indexed to inflation. But the cost of building the new reactors are estimated at around GBP14 billion or $22.5 billion, an amount EDF will share with Chinese partners China General Nuclear Corp. and China National Nuclear Corp., as well as French engineering firm Areva SA (AREVA.FR). Yet, this will happen at a time the French group needs to invest substantial amounts to expand the lifespan of its French reactors and to increase their safety, due to stricter regulations following the Fukushima nuclear disaster in March 2011. Over the first nine months of the year, EDF's revenue grew 6.9% to 55.16 billion euros, from EUR51.61 billion a year earlier, matching expectations as 10 analysts polled by the company had expected EUR55.14 billion. EDF noted that at end September, it had saved around EUR800 million, as it initially planned to save EUR1 billion in costs this year. It revised upwards its savings target for this year to EUR1.2 billion. It also reiterated its financial targets for the year. It still seeks a 3% organic growth at least in earnings before interest, tax, depreciation and amortization, or Ebitda, excluding Edison, while it still targets Edison's Ebitda at around EUR1 billion. EDF recently clinched a deal over the ownership of energy maker and supplier Dalkia with venture-partner Veolia Environnement SA (VE, VIE.FR), granting it all of Dalkia's activities in France while Veolia will retain the international businesses and pay EUR550 million in cash to EDF. Dalkia generates and distributes power for municipalities and local services such as hospitals from small plants located close to their customers. EDF and Veolia have been fighting over the control of the much-profitable unit since 2011. The group said the transaction is expected to improve its net debt and net debt/Ebitda ratio: the impact in 2014 on net debt should be positive by approximately EUR1 billion, including roughly EUR400 million from the transaction and around EUR600 million from the change in consolidation rules that go into effect on Jan. 1, 2014 . As for the Ebitda, the full-year impact is likely to be negative by less than EUR100 million, "the unfavorable effect from end of proportional consolidation of Dalkia International and Dalkia Investissement being largely offset by the positive effect of the transaction," it said. The transaction is expected to be finalized mid-2014 at the earliest. Διαβάστε ακόμα Great Sea Interconnector: Θα Λύσουν τον 'Γόρδιο Δεσμό' Μητσοτάκης και Χριστοδουλίδης; Τρι, 27 Αυγούστου 2024 - 16:00 Κύπρος: Επικαιροποιημένο Σχέδιο για το Κοίτασμα Αφροδίτη από τη NewMed Energy Τρι, 27 Αυγούστου 2024 - 13:05 Ο Eπικεφαλής του IAEA έφτασε στον Ρωσικό Πυρηνικό Σταθμό του Κουρσκ Τρι, 27 Αυγούστου 2024 - 11:56 Πουγιάν: Η Μεταφορά Φυσικού Αερίου μέσω Ουκρανίας Συνεχίζει να Επηρεάζει τις Ευρωπαϊκές Τιμές Δευ, 26 Αυγούστου 2024 - 17:40 Κεραυνός: Δεν Απείλησα Ότι θα Παραιτηθώ για τον Great Sea Interconnector Δευ, 26 Αυγούστου 2024 - 16:40
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