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    EDF   FR0010242511

ELECTRICITÉ DE FRANCE

(EDF)
  Report
Real-time Euronext Paris  -  11:35 2022-10-03 am EDT
11.94 EUR   +0.38%
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EUROPE POWER-Solar supply increase curbs spot prices

08/09/2022 | 06:24am EDT

FRANKFURT, Aug 9 (Reuters) - Rising solar power production on Tuesday cut European prompt power prices while forwards were mostly down, tracking an oil-led fuel price correction, having set fresh highs in the previous session.

"A small temperature driven demand increase in Germany is compensated by lifted solar power generation," said Refinitiv Eikon analysts.

German Wednesday baseload traded at 341.5 euros ($349.53) a megawatt hour (MWh) at 1000 GMT, 4.1% down on the day.

French day-ahead baseload, at 339 euros, was 6.1% down.

Solar generation volumes in Germany are predicted to reach 12.6 gigawatts (GW) on Wednesday, 1.9 GW more day-on-day, and climb 500 MW in France to 3.3 GW, Eikon data showed.

Power usage in Germany will edge up 200 MW to 55.2 GW and by 500 MW in France to 44 GW in the same period.

Refinitiv meteorologist Georg Mueller in a monthly analysis said August will continue to be warmer than normal and dry over the continent.

Heat and drought this summer have led France to override some environmental regulations to allow a number of reactors situated on hot rivers to operate, despite limited cooling water availability.

In Germany, river levels on the Rhine are down due to heat and lack of rainfall, meaning cargo vessels taking supplies to power plants cannot sail fully loaded.

The power curve was mixed after setting a series of contract records on Monday amid concern over Russian gas supplies.

Russian exports via the Nord Stream 1 pipeline into Germany, and those through Ukrainian pipelines remained broadly steady after cuts this year, which have driven up prices and raised fears about supply in winter.

German power for delivery in 2023 shed 0.5% at 405 euros, 10 euros below its Monday record high.

The equivalent French position shed 0.3% at 543 euros.

European CO2 allowances for December 2022 expiry CFI2Zc2 gained 1% at 84.66 euros a tonne. ($1 = 0.9770 euros) (Reporting by Vera Eckert Editing by Bernadette Baum)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE 0.38% 11.935 Real-time Quote.20.84%
LONDON BRENT OIL 0.39% 89.08 Delayed Quote.9.50%
WTI 0.44% 83.682 Delayed Quote.8.90%
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Analyst Recommendations on ELECTRICITÉ DE FRANCE
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Financials
Sales 2022 86 458 M 85 055 M 85 055 M
Net income 2022 -10 856 M -10 680 M -10 680 M
Net Debt 2022 72 215 M 71 043 M 71 043 M
P/E ratio 2022 -3,70x
Yield 2022 -
Capitalization 44 586 M 43 862 M 43 862 M
EV / Sales 2022 1,35x
EV / Sales 2023 1,25x
Nbr of Employees 163 423
Free-Float 18,4%
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Technical analysis trends ELECTRICITÉ DE FRANCE
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 11,94 €
Average target price 11,93 €
Spread / Average Target -0,01%
EPS Revisions
Managers and Directors
Jean-Bernard Levy Chairman & Chief Executive Officer
Xavier Rene Louise Girre Executive Director-Finance
Laurence Parisot Independent Director
Claire Pédini Independent Director
Bruno Crémel Independent Director
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