French energy giant EDF reports sales fall

• 7 years ago (2016-05-11)

Europe 1061 Nuclear 640

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The company, which is 85 per cent controlled by the French state, has struggled to find the necessary funds to underpin its 66.5 per cent stake in the project. In April the company made the much publicised move to push back a final decision on the £18 billion ($26 billion) plant to September, a decision which led Thomas Piquemal, EDF’s chief financial officer, to resign.

Credit agencies are set to review the group in the coming days to assess the viability of EDF raising the capital needed to press on with Hinkley Point.

However, EDF has outlined plans to raise €4 billion ($4.56 billion) and is looking to sell €10 billion ($11.4 billion) in assets by 2020.

EDF’s latest earnings report has shown that it has reduced its target for 2016 nuclear output, following the continuing problems at its Paleul nuclear facility in France where a steam generator collapsed during maintenance.