Le Monde yesterday revealed the contents of a letter sent in early May by the Minister of the Environment, Segolene Royal, EDF Chairman and CEO, Jean-Bernard Lévy, in which the state provides 80 to 100 million euros in compensation for the early closure of the Fessenheim nuclear power plant. According to the evening newspaper, the proposal would be considered “surreal” by the group’s management, which has never disclosed its expectations publicly but would rely on “at least 2 billion euros.”
A shortfall of three … or 22 years?
in September 2014, the Finance Committee of the national Assembly had published a report which estimated the total cost of this closure to 5 billion euros, including 4 for compensation of EDF. But it was based on an annual production stabilized around 10 billion kWh, an evolution of the electricity price of 50 to € 57.50 / MWh (megawatt hour) of 2030 and the possibility of EDF operate its plants to 60 years, until around 2040 in the case of Fessenheim. Ségolène Royal denounced the “wacky calculations, launched in nature to try to influence decisions.”
In a document submitted to the Central Works Council a few months ago, claimed to have planned to EDF lead both reactors “up to 50 years at least,” is beyond 2027. the government may argue that the only certainty for now is the green light given by the nuclear safety Authority (ASN ) following the third ten, which allows up to 2019 from continuing operations for the reactor No. 1, until 2021 for reactor No. 2. If, as EDF and the government’s announcement, these reactors produce electricity until the start of the Flamanville EPR, scheduled for late 2018, and without prejudice to the decision that ASN could have taken after the fourth year inspections, the shortfall certain to EDF, would be limited to one year for the reactor No. 1, three for the No. 2 reactor.
on what level of production build for those few extra years? And how market prices? Production reached 12.864 billion kWh in 2015, 12.215 billion in 2014, 9.2 billion in 2013, 12.417 billion in 2012. The market prices moved around € 50 / MWh in 2012, but fell around € 30 now .
the antinuclear activist Lucien Jenny, the collective of Vigilant Citizens around Fessenheim, is for its part the following calculation: over fifteen years, Fessenheim has produced an average of 10.485 billion kWh per year, which must be deducted 32.5% returning to the German and Swiss partners of the central (but their compensation is also debate, and could fall to EDF). Or 7.077 billion kWh sold by EDF. Lucien Jenny Emanuel cites Macron, which recently reported that 66% of the electricity generated by EDF sold to the wholesale market price (about 30 € / MWh), the remaining 34% still being sold in Arenh price (regulated access historic nuclear) 42 € / MWh. Either way a sale price of € 34 / MWh. It concludes with an annual turnover of 241 million euros at current prices. It is obviously necessary to subtract expenses: 50 million per year in taxes, 50 million annual investment (this was the amount in 2014 and 2015), salaries and expenses, fuel, provisions for decommissioning and storage of waste, the cost of central services, etc.
the economy of “refit”
remember that the third decennial visit of two production units, completed in March 2012 cost about 380 million euros, to be taken into account in calculating the profitability of the site. Conversely, in case of early termination, EDF would, in Fessenheim, the economy of the “major overhaul”, the extensive investment program designed to extend beyond 40 years the operating life of its fleet nuclear. This program is estimated at € 51 billion for the 58 reactors, or 1.75 billion for the two Alsatian reactors. Should we infer this substantial saving of the amount of compensation?
Taking the roles are incompatible, majority shareholder and manager of public funds, the state wants to swiftly conclude this negotiation. Maybe Will he care to explain its method of calculating the taxpayer as managers of EDF …
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