The state will inject 3 billion euros into the capital of EDF – Le Parisien

But if the Ministries of Economy and Finance formally announced this commitment, they have not indicated how they would finance it. This could go through disposals of holdings in other companies.

The measures adopted by the French electrician include a reduction of 2 billion euros of investments that were planned between 2015 and 2018, and a disposal program “of about 10 billion euros” in 2020, including an “evolution of capital” RTE. In other words, the capital of the subsidiary (100% currently), which manages the high voltage electricity network will be open, at least partially, to investors “by the end of 2016″.

QUESTION OF THE DAY. The state he has reason to bail EDF?

3350 posts cut from 2016 to 2018

The other assets which EDF plans to separate consist of electrical thermal plants (fueled with gas, oil or coal) located outside France and “minority interests”, details the electrician.

The French utility plans to put in more to the plan. It intends to reduce its operating expenses by one billion euros in 2019 compared to 2015, well beyond the 700 million that was already in 2018. In January, EDF had already announced its intention to remove 5% its workforce in France over three years, or 3,350 positions on the 2016-2018 period without layoffs.

Finally, to avoid influencing the EDF treasury, the government agrees to accept equity dividends for the years 2016 and 2017.

Project Hinkley Point England: decision delayed

these measures aim to “enable (EDF), face these adverse market conditions, to continue its strategic development” of 2030 justified the CEO Jean -Bernard Levy. While the group underwent the sharp drop in electricity prices in Europe, it must in the medium term fund a battery of huge investments especially regarding heavy maintenance of the 58 French nuclear reactors. For this operation called refit, more than 50 billion euros which must be mobilized by 2025.

It will also finance the purchase, decided by the state last year, business Areva reactors, valued at around 2.5 billion euros. A firm offer from the electrician is expected but still hanging in the resolution of the EPR folder under construction in Finland by Areva

Other cohosh decision Friday. EDF agreed to consult its central works council (CEC) on the Hinkley Point project for the construction of two EPR reactors in England, as demanded its unions. The decision was postponed “several weeks,” said a source close to the group told AFP, while FNME-CGT considers that the rather shifts “at the end of June.”

Another union source mentions “two to three months’ required the EAC to tell. This time will be spent “to promote a different project,” the idea to postpone the investment decision of three to four years, the source said.

This new period is an umpteenth postponement of the effective launch of this giant project valued at £ 18 billion (approximately EUR 23 billion), funded to a third party by the Chinese CGN.