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

ELECTRICITÉ DE FRANCE

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France may yet pursue 100% renewable power strategy - minister

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10/21/2019 | 06:50am EST
FILE PHOTO - French Transport Minister Elisabeth Borne leaves after the weekly cabinet meeting at the Elysee Palace in Paris

PARIS (Reuters) - France has yet to decide whether to build new nuclear reactors and could yet pursue a long-term strategy of 100% renewable energy, Environment Minister Elisabeth Borne said on Monday.

The minister was responding to questions on Europe 1 radio after the CEO of state-controlled power utility EDF last week said it is clear France is preparing to build new reactors.

EDF operates all of France's 58 nuclear reactors, which account for more than 75% of the country's electricity needs.

"EDF does not determine French energy policy," Borne said, pointing to France's previously announced policy on reducing the nuclear power to 50% of the electricity mix by 2035 while increasing the contribution of renewables.

"The decision on new reactors has not been made. There are different scenarios with new nuclear reactors in the mix. We are also looking at a scenario where we have 100% renewables," Borne said.

Borne also said that President Emmanuel Macron has reiterated that there will be no decision on new reactors until the commissioning of EDF's Flamanville 3 EPR reactor under construction in the north of France.

Her comments follow a report on the Le Monde website last week, in which Borne and Finance Minister Bruno Le Maire were said to have sent a letter to EDF asking the company to prepare plans for the construction of six EPR nuclear reactors over the next 15 years.

The Flamanville 3 reactor - the latest generation of reactor with enhanced safety features put in place after the Fukushima nuclear meltdown in Japan - has been plagued by delays, technical problems and cost overruns. It is now expected to start operating in 2023, more than a decade behind schedule.

"What we expect from EDF is an explanation on the cost overruns and delays at Flamanville 3," Borne added.

(Reporting by Bate Felix; Editing by David Goodman)

Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE -0.96% 9.26 Real-time Quote.-32.90%
ENGIE -0.98% 14.2 Real-time Quote.13.37%
TOKYO ELECTRIC POWER COMPANY HOLDINGS, INCORPORATED -0.81% 489 End-of-day quote.-25.00%
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Financials (EUR)
Sales 2019 71 308 M
EBIT 2019 6 520 M
Net income 2019 2 596 M
Debt 2019 40 073 M
Yield 2019 3,60%
P/E ratio 2019 11,4x
P/E ratio 2020 11,1x
EV / Sales2019 0,96x
EV / Sales2020 1,03x
Capitalization 28 217 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 13,38  €
Last Close Price 9,26  €
Spread / Highest target 116%
Spread / Average Target 44,5%
Spread / Lowest Target 0,43%
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Managers
NameTitle
Jean-Bernard Lévy Chairman & Chief Executive Officer
Xavier Rene Louise Girre Senior Executive Vice President-Group Finance
Christophe Salomon Head-Information Systems
Jacky Chorin Director
Jean-Paul Rignac Director
Sector and Competitors
1st jan.Capitalization (M$)
ELECTRICITÉ DE FRANCE-32.90%31 591
SEMPRA ENERGY36.45%41 616
NATIONAL GRID PLC17.61%40 935
ENGIE13.37%38 341
ORSTED AS38.99%38 137
E.ON SE5.69%26 502