nuclear-news

The company, which is about 87 percent state-owned, said late Tuesday that it was “suspending” its financial outlook for 2015 and 2016.

Areva cited cash flow problems related to its long-delayed nuclear plant project in Finland, on Olkiluoto Island, as well as Japan’s reluctance to restart reactors after the 2011 Fukushima disaster. The company noted “the still lackluster market” for providing services to existing nuclear plants, including in its crucial home market, which draws about three-quarters of its electricity from atomic power, the highest in the world………..

The company will burn through more than 400 million euros, or about $500 million, of cash this year, he said, and might need to raise as much as €2 billion in new capital to shore up its finances. Its share price fell about 16 percent on Wednesday. Compounding the shock was the fact that the company had reaffirmed its full-year profit and sales outlook on Oct. 31, even as it said revenue for the first nine months of 2014 fell more than 14 percent from a year earlier, to €5.6 billion………http://www.nytimes.com/2014/11/20/business/international/french-nuclear-giant-areva-says-future-is-uncertain-prompting-a-sell-off.html?_r=0