French energy company EDF said today it was withdrawing its financial targets for 2020 and 2021 as a result of the coronavirus crisis. EDF said it was pulling all financial targets, including the lower end of the earnings Ebitda range of €17.5bn (£15.2bn) in 2020. “The economic turmoil that follows from the current sanitary crisis results in a drop in power demand and significantly impacts many of the group’s businesses, namely nuclear generation (and) new-build projects and services,” EDF said in a statement. EDF operates France’s 58 nuclear reactors that account for about 75 per cent of the country’s electricity needs. The sharp downturn in economic activity meant forecasts for nuclear generation were under review and would be adjusted significantly below the initial assumption, the group said.
City AM 14th April 2020 read more »