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Woes of France’s nuclear company AREVA, as it splits into three

AREVA EDF crumblingflag-franceFrench firm involved in Hinkley Point C unveils restructure plan Areva, a 10% equity participant in the Somerset scheme, reveals plans to split into three to stem losses and isolate Finnish project, Guardian, , 16 June 16, Areva, one of the French companies at the heart of the controversial Hinkley Point C nuclear project, has unveiled plans to break itself up into three parts in a bid to stem huge losses.

The 87% state-owned atomic engineering and uranium mining company is hoping to raise €9bn (£7bn) from the government and from selling off assets after running up losses of €2bn last year.

Areva, a 10% equity participant in the £18bn planned new Hinkley scheme, is also using the split to isolate financial commitments to a hugely delayed project at Olkiluoto in Finland……

EDF, which is also part-owed by the French state, has its own massive debt problems and had refused to buy part of Areva, as ministers wanted, unless it could take the business without any financial commitments for the Olkiluoto 3 scheme.

Areva, which is providing the same European pressurised water reactor for Olkiluoto as is planned for Hinkley, is currently in a standoff over competing legal claims with the Finnish utility TVO relating to the project in Finland…….

A formal decision to go ahead with the investment at Hinkley has been put off until September amid internal opposition at EDF from unions and others about the wisdom of taking on such a major financial commitment……..https://www.theguardian.com/business/2016/jun/15/french-firm-involved-in-hinkley-point-c-unveils-restructure-plan

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June 17, 2016 - Posted by | business and costs, France, politics

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