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EDF’s profits fall due to nuclear woes: renewable energy investment could save it

EDF profits dented by nuclear woes,Telegraph,   28 JULY 2017 
Earnings at energy giant EDF have plummeted by a fifth in the first half of this year due to ongoing woes in its French fleet of nuclear reactors and lower profits from those in the UK.

The French state-backed group behind the UK’s first new nuclear plant in a generation, Hinkley Point C, has suffered a major setback to its domestic reactors, some of which have been closed for safety checks since October.

French nuclear power output fell by 3.9pc from the first half of last year to 197.2TWh in the six months to June 30, the group said. Despite a 4.2pc rise in UK EDF’s nuclear generation to 32.2TWh, the fleet of reactors were still a drain on earnings due to the weaker market price for electricity.

The slump in its two core markets wiped more than 20pc from its underlying earnings before interest, tax, debt and amortisation to €7bn (£6.3bn) but the group has assured investors that it remains on track to meet its guidance of between €13.7bn to €14.3bn for the year.

Jean-Bernard Lévy, EDF’s chairman and chief executive, underlined the “unfavourable market context” but said the group’s move towards renewable energy was accelerating……http://www.telegraph.co.uk/business/2017/07/28/edf-profits-dented-nuclear-woes/

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July 29, 2017 - Posted by | business and costs, France

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