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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Electricité de France    EDF   FR0010242511

ELECTRICITÉ DE FRANCE

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EDF : Fessenheim Nuclear Plant Dismantlement Not Until 2018 - Report

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09/25/2013 | 07:50am EDT

By Geraldine Amiel

PARIS--France's oldest nuclear plant Fessenheim, in the east of the country bordering Germany, won't be dismantled until 2018 at the earliest due to the plant's lengthy closing procedures, the French government mediator for the shut down of Fessenheim Francis Rol-Tanguy said in an interview with French daily Les Dernieres Nouvelles d'Alsace.

The closing of Fessenheim is seen as a litmus test for French President Francois Hollande's ability to reform the country's strategy on energy which heavily relies on its nuclear capacities. By law only the operator of a power plant or France's nuclear regulator can decide to shut down a reactor.

Mr. Hollande has repeatedly pledged to get Fessenheim closed by 2016 as the government seeks to lower the share of the atom in France's energy mix to 50% by 2025 from currently around 75% to boost the use of renewable energy sources.

French state-controlled power giant Electricite de France SA (EDF.FR) has shown reluctance to shut down Fessenheim as the regulator allowed the lifespan of both its two 900 megawatts reactors to be extended by another 10 years.

Mr. Rol-Tanguy, who has been appointed by the government to talk with local employees' representatives and prepare the shutting down of the plant, noted that a government-led bill to initiate France's so-called "energy transition" would include a limit on volumes of nuclear-produced power in France. As EDF is currently building a new-generation nuclear reactor in Normandy--which should start producing in 2016--this would indirectly mean EDF needs to shut other nuclear capacities, like Fessenheim.

Write to Geraldine Amiel at geraldine.amiel@wsj.com

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Financials (EUR)
Sales 2019 70 647 M
EBIT 2019 6 511 M
Net income 2019 2 688 M
Debt 2019 40 721 M
Yield 2019 3,09%
P/E ratio 2019 15,4x
P/E ratio 2020 11,5x
EV / Sales2019 1,05x
EV / Sales2020 1,04x
Capitalization 33 108 M
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Number of Analysts 18
Average target price 14,51  €
Last Close Price 10,87  €
Spread / Highest target 84,1%
Spread / Average Target 33,6%
Spread / Lowest Target 10,4%
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NameTitle
Jean-Bernard Lévy Chairman & Chief Executive Officer
Xavier Rene Louise Girre Senior Executive Vice President-Group Finance
Christophe Salomon Head-Information Systems
Bruno Lafont Director
Jacky Chorin Director
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