EDF, in the red, announces a vast savings plan. The group will initiate a large sale of assets, after a net loss of 700 million euros linked to the health crisis. Accusing a net loss of 700 million euros, Electricité de France (EDF) announced, Thursday, July 30, a vast plan of savings and disposals to offset the effects of the health crisis on its activity. The electrician wants to reduce its operating expenses – related to the operation of its infrastructures – by 500 million euros, between 2019 and 2022, and to commit to around 3 billion new disposals by 2022. Some of these decisions are linked to reduced nuclear production due to declining demand, which affects electricity distribution and supply activities. During confinement, the closure of an entire section of the French economy caused a 15% to 20% drop in electricity consumption. Since the start of the year, nuclear production has fallen by 29.7 terawatt-hour (TWh) compared to the same period in 2019. The health crisis has also forced EDF to slow down or postpone construction sites and the work of numerous maintenance operations on nuclear reactors, upsetting the schedule of the sector already affected by numerous delays. However, these operations are decisive. The French nuclear fleet has to undergo numerous “ten-yearly” inspections, necessary to extend the life of the reactors.
Le Monde 30th July 2020 read more »
French energy giant EDF plans to cut operating costs by €500m up to 2022 and to generate €3bn from asset sales to combat slipping profits, it said today. EDF reported a fall in net profit in the first half of 2020 due to the coronavirus outbreak.
City AM 30th July 2020 read more »