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Until now discrete, tensions between Areva and EDF on restructuring the nuclear sector appeared openly, Wednesday, June 10, at the hearing of the president of the nuclear group, Philippe Varin, before the Economic Affairs Committee of the National Assembly. “I see three conditions for success [of recovery by EDF of the majority of Areva NP] : fair negotiation with EDF on the valuation of Areva NP [activity design-build reactors] equitable trading the contracts for reprocessing and conversion activities; find solutions to the risk sharing the Finnish shipyard, sword of Damocles hanging over the group since 2003 and undermines any future scenario “, said Philippe Varin.
Read also: hard negotiation between EDF and Areva
The Elysee announced on June 3, Areva NP would pass under the control of the electricity group. EDF filed on May 22, an offer “indicative” redemption of this activity which weighs nearly 40% (3.1 billion) of sales of Areva. This offer was, according to several sources, a little more than 2 billion euros, while the valuation of Areva NP is listed for $ 2.7 billion in the accounts of the group.
It ‘ is not everything. Philippe Varin also mentioned the construction site of the Finnish EPR at Olkiluoto, which has increased delays and additional costs since its launch in 2005, its cost is now estimated at more than 8 billion euros for a central key sold 3 billion hand in 2003. He called for a “fair risk sharing” with EDF
Read also:. EDF will support Areva in Finland
The “Financial and operational risks”
The bell sound is a bit different from the electrician. Its CEO, Jean-Bernard Lévy, warned that he refused to expose his group “risks related to the past of Areva, including Finland,” and he fights to prevent the bill is too heavy. Mr. Levy recalls that “at the request of the government” that he made a bid for Areva NP – a scenario that was not in his strategy when he EDF took command in late November 2014.
This may, indeed, have a negative impact on the financial position of EDF, which disbursed € 4 billion more he has cashed in 2014, according to Mr. Levy, who drags a heavy debt (34.2 billion). “It could increase Risk Profile and weigh on its credit metrics” just warn Moody’s.
If the rating agency does not contest “the strategic and industrial logic behind the proposed restructuring of the French nuclear industry, “ it underlines the “operational and financial risks” . In April, she justified the downgrade of EDF from “Aa3″ to “A1″ (with a negative outlook) by increasing its exposure to market prices related to the end of regulated tariffs for industrial in 2015.
Have “a perennial existence”
During his hearing, Philippe Varin has also held that the level of cooperation between Areva and EDF had to change radically to reach agreement between the two groups in a month, as the government has asked the leaders of both companies.
Following the decision of the State to sell to EDF Areva NP, Philippe Knoche, CEO of Areva, had gathered his officers for their say, according to Le Figaro , it obviously would bend to arbitration by the President of the Republic. But he stressed the importance of trade agreements with EDF (in recycling and uranium conversion) and a good valuation of Areva NP.
EDF, which has diversified its suppliers last years (equipment, fuel …), particularly for the benefit of the Russian Rosatom, needs to strengthen its position as the leading customer of Areva.
Areva leaders have never hidden that at the end of this operation industrial, the “new Areva” – refocused on the extraction, conversion and enrichment of uranium, as well as the treatment and recycling of fuels burned in power plants – must have “a sustainable existence” .
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