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ELECTRICITÉ DE FRANCE

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Electricite de France : Failure of EDF reform would hit its share of the French power market - CEO

05/03/2021 | 07:38am EDT

PARIS, May 3 (Reuters) - Energy group EDF's share of the French power market is at risk of plummeting if a restructuring plan to improve its financing situation does not go ahead, its chief executive said in a letter to unions.

Under the terms of the plan, which faces strong opposition from unions who fear it could lead to job cuts, France hopes to place state-run EDF's debt-laden and capital-hungry nuclear business into a holding company that would be fully state owned.

The holding company would control a separate entity housing the more lucrative parts of the business, such as renewable energy, and free of its liabilities. Investors would be invited to acquire up to 30% of that unit.

The utility, which is nearly 84% owned by the French state, has warned that the reforms are crucial to prevent the group from falling behind rivals, such as Total, in renewables and becoming a second-tier power player.

"To remain a major player in the French electricity sector, EDF must be able to invest in these new forms of electricity production", CEO Jean-Bernard Levy said in a letter sent on April 28 to unions.

"Otherwise EDF's market share of electricity production in France would quickly fall."

The French government and the European Commission have been wrangling for months over an overhaul of EDF partly aimed at improving the way its nuclear arm funds itself.

French ministers are now hosting a series of meetings with labour representatives to try and find some support for a deal and pass it through parliament over the summer, before France enters a campaign period ahead of 2022's presidential election.

The deal would also involve resetting the price at which EDF sells on nuclear power to third party distributors.

Levy told unions that the price would allow EDF to cover all the costs of its existing nuclear park in France, including its next-generation nuclear reactor at Flamanville.

EDF declined to comment on Levy's letter. (Reporting by Benjamin Mallet; Writing by Sarah White and Matthieu Protard; Editing by Jan Harvey)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE 2.86% 11.865 Real-time Quote.-7.99%
TOTAL SE 2.42% 39.75 Real-time Quote.12.61%
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Financials
Sales 2021 72 388 M 87 916 M 87 916 M
Net income 2021 2 779 M 3 375 M 3 375 M
Net Debt 2021 53 839 M 65 388 M 65 388 M
P/E ratio 2021 14,7x
Yield 2021 2,80%
Capitalization 36 771 M 44 630 M 44 658 M
EV / Sales 2021 1,25x
EV / Sales 2022 1,25x
Nbr of Employees 161 203
Free-Float 14,9%
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 14,01 €
Last Close Price 11,87 €
Spread / Highest target 55,9%
Spread / Average Target 18,0%
Spread / Lowest Target -31,7%
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Managers and Directors
NameTitle
Jean-Bernard Lévy Chairman & Chief Executive Officer
Xavier Rene Louise Girre Executive Director-Finance
Christophe Salomon Group Chief Information Officer
Laurence Parisot Independent Director
Claire Pédini Independent Director
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