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Nuclear corporation EDF’s Annual General Meeting faces more financial gloom

Poster EDF menteurNuclear giant EDF Energy reports sales fall as AGM looms, BBC News, 11 May 16  French energy giant EDF says sales fell 7% in the first three months of the year in the face of stiff competition, a mild winter and lower energy prices.

The figures come ahead of Wednesday’s AGM where investors will quiz management over their plans for the Hinkley Point nuclear plant in the UK.

EDF, 85% controlled by the French state, has struggled to find the cash for its 66.5% stake in the project.

In April it pushed a final decision on the £18bn plant back to September.

Chief financial officer Thomas Piquemal resigned in April following an internal disagreement over whether to press on with the controversial project.

However, EDF has outlined plans to raise €4bn, with up to €3bn provided by the French government.

Tough markets

Credit rating agencies are due to assess the group in the coming days and their verdict on its finances will determine how easy it will be for the group to raise cash.

Meanwhile, tough market conditions mean EDF is cutting costs and planning to sell €10bn in assets by 2020, including a stake in French power-grid operator RTE……

May 11, 2016 - Posted by | business and costs, France, politics

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