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

ELECTRICITÉ DE FRANCE

(EDF)
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EDF ordered to accept suspension of supply contract with Total

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05/20/2020 | 01:51pm EDT
FILE PHOTO: A logo of French electric company EDF is seen at an office building in La Defense business district in Courbevoie near Paris

The Paris commercial court on Wednesday ordered French state-controlled utility EDF to accept the suspension of supply contracts with energy major Total.

Total, with other power suppliers, had sought to invoke the force majeure clause in the contracts due to the coronavirus outbreak, which had pushed prices in the French electricity market far below that specified in the companies' existing agreements.

In its verdict, seen by Reuters, the president of the court said the conditions for force majeure in the so-called ARENH contracts between the two companies have "evidently been met".

He ordered EDF, which operates France's 58 nuclear reactors that account for around 75% of the country's electricity needs, to pay Total a 50,000 euro (44,851.3 pounds) fine.

An EDF spokesman said the company would appeal the decision, while nobody was immediately available at Total to comment.

The force majeure clause allows certain terms of an otherwise legally binding agreement to be ignored because of unavoidable circumstances.

EDF, France's energy market regulator and the State Council, the country's highest administrative court, had all rejected the companies' request.

Under the ARENH mechanism, EDF's rivals can buy up to 100 terawatt hours (TWh), or about a quarter of its annual nuclear output, at a fixed price of 42 euros ($46.29) per megawatt hour (MWh).

However, the coronavirus outbreak and a general lockdown imposed by the government led to a 15% to 20% drop in electricity demand, according to French electricity grid operator RTE, and wholesale prices are far from the 42 euros/MWh suppliers paid for the ARENH contract.

The court said the procedure from AFIEG -- a lobby group representing energy companies including, Enel, Vattenfall [VATN.UL], Alpiq, Endesa, and GazelEnergie who joined forces with Total -- was admissible.

(Reporting by Benjamin Mallet; Writing by Benoit Van Overstraeten; Editing by Jan Harvey, Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE 3.69% 8.384 Real-time Quote.-18.55%
ENDESA 1.64% 21.7 End-of-day quote.-8.79%
ENEL S.P.A. 2.73% 7.189 Delayed Quote.-1.05%
ENGIE 2.39% 10.905 Real-time Quote.-26.04%
TOTAL S.A. 2.89% 35.545 Real-time Quote.-29.79%
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Financials
Sales 2020 70 699 M 79 007 M 79 007 M
Net income 2020 1 298 M 1 451 M 1 451 M
Net Debt 2020 53 667 M 59 973 M 59 973 M
P/E ratio 2020 29,4x
Yield 2020 3,00%
Capitalization 25 056 M 28 027 M 28 001 M
EV / Sales 2019
EV / Sales 2020 1,11x
Nbr of Employees 161 522
Free-Float 14,9%
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 10,60 €
Last Close Price 8,09 €
Spread / Highest target 97,9%
Spread / Average Target 31,1%
Spread / Lowest Target -18,6%
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NameTitle
Jean-Bernard Lévy Chairman & Chief Executive Officer
Xavier Rene Louise Girre Executive Director-Finance
Christophe Salomon Head-Information Systems
Jacky Chorin Director
Jean-Paul Rignac Director
Sector and Competitors
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ELECTRICITÉ DE FRANCE-18.55%27 881
ORSTED A/S14.19%49 284
NATIONAL GRID PLC-1.60%40 653
SEMPRA ENERGY-14.79%37 757
ENGIE-26.04%28 597
E.ON SE-0.19%27 579