nuclear-news

France struggles to save its financially strapped nuclear company AREVA

France Renews Push for Nuclear Shake Up Economy Minister Emmanuel Macron urges stronger cooperation between the state-controlled businesses. By  INTI LANDAURO April 2, 2015  PARIS—The French government has turned up the heat on the country’s biggest nuclear-power companies to restructure the industry to help stem multibillion-euro losses at state-controlled equipment maker Areva SA.

Economy Minister Emmanuel Macron has asked Eléctricité de France SA–the operator of France’s fleet of nuclear power stations which provide most of the country’s electricity—to come to the rescue of Areva by deepening their industrial and possibly financial ties.

EDF and Areva, which are both majority-owned by the French state, have to cooperate better over the construction of nuclear reactors and tendering for international business, Mr. Macron said on Thursday. He said that he has asked both companies to make proposals in the coming weeks………

Changing international attitudes to nuclear power, notably after the Fukushima disaster in Japan in 2011, have complicated the task for the French government by crimping demand for new business at Areva………

For now, Areva is working on a plan to sell assets, cut costs, reduce capital expenditure and start talks with unions over possible job cuts after posting a €4.8 billion ($5.4 billion) net loss in 2014, the fourth loss in as many years.

The company faces major hurdles with its contract to build a reactor in Finland, which has suffered a series of delays and cost overruns, and has also made a poor investment in uranium mining,……..http://www.wsj.com/articles/french-government-pushes-areva-edf-to-make-tie-up-proposal-1427961063

April 3, 2015 - Posted by Christina Macpherson | business and costs, France, politics