2022/23 Renacjonalizacja? Électricité de France PARYŻ: EDF energetyka w tym elektrownie atomowe

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EDF (PA:EDF) stock fell almost 9% after the French power company announced it had shut down a second nuclear plant due to safety issues. These closures represent around 10% of its reactor capacity, just as Europe is crying out for more energy, and may take over 200 million euros off its expected EBITDA this year.

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As reported in mid-December, shortly before power prices in Europe shattered all-time-highs, Electricite de France (OTCPK:ECIFF) ("EDF") put two nuclear reactors into unplanned maintenance with an expectation they would be back online by mid-January - today, EDF announced that one of the two reactors will be offline until late April.
Power prices in Europe are stable, albeit at high levels, as an armada of LNG and warmer weather has relieved the acute energy crisis from late last year.
Over the past month, EDF shares are down ~20%, and the Government is now cutting taxes and asking EDF to sell power to competitors below market rates, in hopes of reducing the impact of higher energy costs on consumers.

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EDF’s Scottish nuclear power plant Hunterston B to close after 46 years

LONDON (Reuters) – EDF’s Hunterston B nuclear power plant in Scotland will close on Friday after some 46 years of operation, the company said.

Britain’s nuclear power plants can supply around 20% of the country’s electricity demand, but around half are set to close in the next four years as they reach the end of their currently scheduled lifespan.

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EDF first announced the closure of Hunterston, which was capable of generating enough electricity to power around 1.7 million homes, in August 2020.

Around 500 people worked at the plant and some 370 will stay on to help with the decommissioning process, a spokesperson for EDF said.

Britain aims to reach net zero emissions by 2050, which will require a huge increase in low-carbon power generation such as wind, solar and nuclear.

However, new nuclear projects to replace those closing have struggled to secure funding due to the large up-front costs.

France’s EDF is building Britain’s first new nuclear plant in more than two decades, Hinkley Point C, with backing from China’s CGN.

The facility is expected to cost 22 billion pounds-23 billion pounds ($30 billion-$31 billion) and start operation in 2026.

EDF has plans to build a second new plant, Sizewell C, but has yet to take a final investment decision on this.

https://www.fxempire.com/news/article/e ... ars-858762

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Electricite de France (PA:EDF) stock slumped over 20% after the energy giant issued a massive profit warning late Thursday, saying new measures by the French government to cap retail electricity prices will hit it hard in 2022.

Problems at its reactors also led it to cut its output forecast by nearly 10%. Elsewhere in energy markets, benchmark gas futures in north-west Europe jumped 10% as talks between the U.S. and Russia over Ukraine broke down, followed by a widespread cyberattack on Ukrainian government websites.

Piątkowa sesja na paryskiej giełdzie przynosi rekordową przecenę akcji koncernu EDF. To wynik reakcji inwestorów na informację, że rząd zmusza czołowego producenta energii do sprzedaży jej w większej ilości z dużym dyskontem, informuje Bloomberg.

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PARIS (Reuters) – State-owned French energy giant EDF will buy a GE’s France-based turbine unit, Barbara Pompili, the country’s minister for the environment and industry transition, told Franceinfo radio on Tuesday.

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PARIS (Reuters) – State-controlled French power company EDF cut its estimate for its French nuclear output in 2023 from 340–370 TWh to 300-330 TWh, coming on top of an earlier cut to its 2022 nuclear output issued at the start of this week.

A general view of the two cooling towers of the Electricite de France (EDF) nuclear power plant, in Chooz
PARIS (Reuters) – State-controlled French power company EDF cut its estimate for its French nuclear output in 2023 from 340–370 TWh to 300-330 TWh, coming on top of an earlier cut to its 2022 nuclear output issued at the start of this week.

EDF said its latest estimate took into account a heavy industrial programme with 43 reactor outages for maintenance and inspection, including six 10-yearly inspections, plus four scheduled outages in 2022 that would continue into 2023.

EDF added its cut to its 2023 French nuclear output also factored in the continuation of the control and repair programme on the pipes potentially affected by the stress corrosion phenomenon seen at various power plants.

EDF shares were down 2.8% in early session trading.

EDF has faced pressure from steps by the French government to tackle higher energy bills. It has also been plagued by delays over new reactors and been forced to shut reactors to deal with corrosion and other safety issues.

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Corporate news from France was not so good, however. Electricite de France (PA:EDF) stock fell 4% after the French government announced it would pump in over 2 billion euros ($2.4 billion) to prop up the troubled state-controlled power group, with the company undertaking a 2.5 billion euro rights issue as a consequence.

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France’s EDF launches 3 billion euro capital increase, shares up

PARIS (Reuters) – EDF said on Friday it would increase its capital by more than 3.1 billion euros ($3.44 billion) as the state-owned French power utility grapples with offline nuclear reactors and government price curbs on power sales.

“The rights issue is part of a broader action plan aimed at strengthening the balance sheet structure,” it said in a statement.

Earlier this week, EDF warned on its 2022 profit outlook, saying it could miss its financial targets because it was required to sell power at below-market prices and due to lower nuclear output.

After opening lower, EDF shares were up 0.2%, at 9.33 euros at 0915 GMT, but they still have lost almost 11% since the start of the year, versus a 6% decline for the Stoxx Europe 600 Utilities.

The capital increase, which was flagged last month by the government, will result in the issuance of 498,257,960 shares at a price of 6.35 euros.

Analysts at Jefferies estimate the net proceeds of the operation at just under three billion euros, adding the discount of the issuance price versus Thursday’s close was over 28%.

The government, which owns more than 80% of EDF, earlier this year increased the amount of electricity that EDF is required to sell to rivals at below-market prices, with energy costs a major issue for voters before presidential elections in April.

In a separate statement, the Finance Ministry said it has committed to subscribing to the rights issue pro rata with its 83.88% stake, for a total of 2.654 billion euros ($2.94 billion).

“The French state, as a long-term shareholder, will help secure EDF’s financial position as well as its ability to finance itself in the short and medium term,” it said.

“The French state renews its trust in the management and all the company’s employees to make EDF a success,” it added.

EDF, whose share price has plunged in recent months, is tasked by President Emmanuel Macron’s government with building six next-generation EPR reactors, requiring several billion euros in investment.

At the end of 2021, EDF’s net debt stood at 43 billion euros, giving a net debt/EBITDA ratio of 2.39, versus 2.6 in 2020.

Macron said on Thursday that France should reinforce its capital position in the utility, speaking in front of journalists as he presented his programme for re-election.

EDF’s capital increase will run from March 23 to April 1.

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EDF says it launches plan to become European hydrogen leader by 2030

PARIS (Reuters) – French power group EDF in a presentation on Wednesday said that it would put in place a plan to expand in the hydrogen sector aimed at becoming a European sector leader by 2030.

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PARIS (Reuters) – France is considering restructuring plans for debt-laden power firm EDF that include full nationalisation followed by the sale of its renewables business to focus on nuclear energy, BFM Business reported, citing unidentified sources.

https://www.fxempire.com/news/article/f ... bfm-967371

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French state-owned utility EDF said in written answers to shareholders’ questions that it had asked the French state to retract earlier decisions forcing it to sell nuclear power at low prices to its rivals.

PARIS (Reuters) – French state-owned utility EDF said in written answers to shareholders’ questions that it had asked the French state to retract earlier decisions forcing it to sell nuclear power at low prices to its rivals.

It added that it has the right to seek legal redress over this matter.

EDF also said that the “grand carenage” major overhaul of its nuclear reactors will cost about 33 billion euros ($34.50 billion) in the 2022-28 period, not including any costs related to solving corrosion problems at its reactors.

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PARIS (Reuters) – Shares in EDF fell 1.8% on Thursday after the French utility warned outages at its nuclear power plants would result in a steeper-than-expected cut in power output and thus have a greater than previously estimated impact on 2022 core earnings.

https://www.fxempire.com/news/article/e ... es-1006445

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EDF hopeful end in sight for long-delayed, budget-busting nuclear plant

FLAMANVILLE, France (Reuters) - At a sprawling nuclear site in north western France, a banner next to a crane and a still-under-construction water reservoir confidently states: "Final stretch to get Flamanville 3 started safely and securely."

A decade behind schedule and billions over budget, France's nuclear-friendly government, its taxpayers, and power giant EDF (EPA:EDF) - which is building the Flamanville next generation reactor - will be hoping nothing else goes wrong: the plant is expected to start producing electricity at the end of 2023.

"I feel today a buzz which is starting to show on the ground, with people seeing the home stretch. It's the final sprint and each week we feel this positive tension growing," said Alain Morvan, head of the Flamanville European Pressurised Reactor "EPR" project.

"I think it's good for the French industry and good for EDF that we finish a site that has faced problems," he told Reuters this week during a rare press trip to the plant.

Nestled at the bottom of a granite cliff in Normandy overlooking the English channel, the Flamanville 3 EPR project was designed to be EDF's flagship plant - a safer, more powerful and long-lasting nuclear reactor that would replace its ageing fleet and boost French nuclear exports.

But it has become a byword for its failings and an embarrassment for the government, which owns 84% of EDF and is banking on nuclear to blunt the impact of a European energy crisis worsened by the prospect of an abrupt exit from Russian gas.

Two weeks before Russia invaded Ukraine, President Emmanuel Macron announced a 52-billion euro ($54 billion) plan for EDF to build at least six new EPR reactors, placing nuclear power at the heart of France's drive for carbon neutrality while also boosting its energy security. France derived 69% of its electricity output from atomic power last year.

The Flamanville plant - which once fully operational will be producing enough power to keep a city like Paris going for a year - was originally expected to cost 3.3 billion euros and start operations in 2012.

It is now due to start loading fuel - one of the final stages before the start up of a plant - in the second quarter of 2023, and at the latest count the estimated cost had risen to 12.7 billion euros.

The delay is partly due to faulty welds in the reactor circuits and company officials said this week they were reasonably confident they could meet the latest deadline.

Of the 3,000 people currently working on the project, 800 are focused on fixing the welds - around 50 out of 122 still need repairing.

"I want to believe that we have analysed the situation well enough to avoid any further surprises," Morvan said.

European neighbours are also watching. EDF is building a new EPR plant in Britain, which has also been hit by delays and cost overruns. And France was the region's biggest net exporter of power last year, supplying countries such as Italy and Germany.

NATIONALISATION

That EDF officials are able to stick with the 2023 schedule set out in January for Flamanville, is one of the few pieces of positive news from the struggling power giant in several months.

EDF has faced a litany of problems this year, prompting the government to consider a full-blown nationalisation and de-listing of the company to have total control over a looming restructuring, possibly through a buyout of minority shareholders, sources have told Reuters.

Half of its nuclear reactors in France are offline partly due to corrosion problems, just as energy prices are soaring due to inflation, supply chain snags and the fallout from sanctions against Russia.

On top of that, the debt-laden group has been forced to buy power at record high prices and sell it on to its rivals for cheap, in line with a cap on energy tariffs set by the government to shield French consumers from climbing cost-of-living expenses.

EDF has already said it expects an 18.5-billion euro hit to its core profits this year due to production losses, on top of another 10.2 billion-euro loss from the energy price cap measures - a move the government is likely to repeat for next year.

A 3-billion euro capital increase - mostly funded by the state - was completed earlier this year. This week, Finance Minister Bruno Le Maire said all options were on the table for EDF when asked about a full-blown nationalisation, which gave its shares a rare boost.

"The general opinion on EDF is improving due to a series of positive signals and comments from French authorities on the growing potential of a nationalisation," said Nicolas Bouthors of AlphaValue.

"A buyback of minorities at a significant premium versus current value is once again attracting speculative interest from investors after they have abandoned the stock due to operational and regulatory issues."

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EDF seeks new CEO as France plans full nationalisation

PARIS (Reuters) -EDF and the French government on Thursday said the process of finding a new boss for the utility starts immediately, a day after the government announced its plan to fully renationalise the debt-laden power giant.

"The state and Jean-Bernard Levy have agreed to launch the succession process from now," the French economy ministry, which manages the state's 84% stake in EDF (EPA:EDF), said in a statement.

EDF confirmed the decision, adding in a separate statement that Levy, whose term officially ends in 2023, was prepared to step down as soon as a successor is found.

Asked on the ideal profile for the top job at EDF, French Finance Minister Bruno Le Maire said he was looking for somebody with a "sense for compromise", referring to EDF's need to navigate in a highly regulated environment while working with the utility's strong unions.

French Prime Minister Elisabeth Borne on Wednesday announced plans to fully nationalise EDF in a move that would give the government more control over restructuring the debt-laden group while contending with a European energy crisis.

Le Maire on Thursday rejected criticism that the government was nationalising the company at a time when it is likely to incur massive losses, hit by energy price caps and years of delays on new nuclear plants in France and Britain with budget overruns in the billions of euros.

"I deeply believe in EDF's future," Le Maire said

French budget minister Gabriel Attal earlier said it was too early to say how much full nationalisation of EDF would cost.

"This will depend on the company's shares," Attal told France 2 television, referring to the roughly 15% of the company traded on the stock market.

Buying the shares the government does not already own at the current prices would cost about 5 billion euros ($5.1 billion).

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EDF (EPA:EDF) stock rose 1.4% after the French government, which already has an 84% stake, announced over the weekend that it would fully nationalize the debt-laden power utility.

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EDF (EPA:EDF) stock rose 6.5% following a Reuters report that the French government is going to have to pay at least 8 billion euros ($8 billion) to bring the power giant back under full state control.

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Upały zmniejszą produkcję francuskich elektrowni atomowych

Fala upałów w Europie zmniejszy produkcję energii elektrycznej przez francuskie elektrownie atomowe, co skutkować może jeszcze wyższymi cenami prądu, pisze agencja Bloomberg.

Koncern EDF poinformował, że z powodu zbyt wysokiej temperatury wody w rzece Garonnie możliwe jest ograniczenie produkcji w elektrowni Golfech.

https://www.pb.pl/upaly-zmniejsza-produ ... ch-1155705