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

ELECTRICITÉ DE FRANCE

(EDF)
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Electricite de France : France flags welding fault at 5 or more EDF nuclear reactors

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09/12/2019 | 06:38am EDT
Safety helmets with the logo of the Electricite de France (EDF) are seen at the coal-fired power plant in Cordemais

PARIS (Reuters) - At least five nuclear reactors operated by French utility EDF might have problems with weldings on their steam generators, a fault which has raised fears of closures, France's nuclear regulator was quoted as saying.

State-controlled EDF, whose shares were down 0.9% on Thursday, had said on Tuesday it had identified issues with weldings of some existing reactors, sparking a stock price fall of nearly 7%.

France has the world's second-largest fleet of nuclear reactors behind the United States, but a spate of technical problems, coupled with hitches at reactors under construction, has tarnished EDF's image as a leader in nuclear technology.

EDF has exported to China, Finland, South Africa and South Korea, with Britain also set to use its equipment.

"At least five nuclear reactors are affected by this problem," Le Figaro newspaper quoted Bernard Doroszczuk, head of the ASN regulator, as saying.

"EDF has advised that in around a week it will give an exact number of facilities affected," Doroszczuk added.

A spokesman for EDF said that there was no plan to shut down the reactors involved for the time being, but the situation could change and it would be for ASN to decide.

The spokesman added that EDF could also decide to halt the affected reactors.

"We are carrying out an in-depth investigation of every part in the reactors that could be impacted by the issue. Based on the investigation, we will determine the remedial options."

Reactor closures, if they were to happen ahead of winter when power consumption rises, would impact power generation in France, which depends heavily on nuclear power, and, potentially in European countries that import electricity from France.

French and the wider European forward power prices firmed in wholesale trade on concerns over French nuclear availability, while gains in carbon emissions permit and gas prices provided support, a London-based trader said.

France's baseload electricity contract for year-ahead delivery rose 0.4% to 53.75 euros a megawatt hour (MWh). The contract hit an eight-week high of 55.25 euros/MWh on Wednesday.

French December delivery power contract surged 11 percent or 7 euros to 70 euros/MWh. Germany's year-ahead delivery price, the European benchmark power contract added 0.4% to 50.40 euros/MWh.

On Wednesday, the ASN said it had put EDF's Flamanville 1 and 2 reactors under increased surveillance following a series of shortcomings in maintenance and contractor oversight.

(Reporting by Dominique Vidalon; writing by Christian Lowe; editing by Richard Lough, Jason Neely and Alexander Smith)

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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 3,14%
P/E ratio 2019 15,2x
P/E ratio 2020 11,3x
EV / Sales2019 1,04x
EV / Sales2020 1,04x
Capitalization 32 590 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 14,51  €
Last Close Price 10,70  €
Spread / Highest target 87,0%
Spread / Average Target 35,7%
Spread / Lowest Target 12,2%
EPS Revisions
Managers
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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