EDF, faces difficult challenges, announced Friday, April 22 a series of measures shock to strengthen its financial position, including a proposed capital increase of EUR 4 billion, which the State intends to participate in height 3 billion.
in a statement issued Friday at the end of a board of directors, the group held almost 85% state said he wanted to proceed with the operation of bailout ‘by the end of its 2016 accounts (that is to say the beginning of next year), and if the conditions in the financial markets allow.
Bercy announced in stride its intention to participate in the capital increase of the electrician, for a total of 3 billion euros.
the government also agreed to receive EDF dividends that will be due for him 2016 and 2017 in the form of shares, rather than cash, which will greatly ease the cash flow of the group.
Two complaints against EDF?
But this announcement does has not been to everyone’s taste. Greenpeace and the renewable energy supplier Ecotricity threatened to take legal action against the nuclear power plant project Hinkley Point in England if the EDF bailout by the French government appears to be an illegal state aid project .
“Ecotricity and Greenpeace have written today (Friday) the British and french governments and EDF Energy (UK subsidiary of EDF, Ed) to warn that any further public support for nuclear power plant Hinkley Point would be illegal, “said Ecotricity in a statement. “Ecotricity and Greenpeace would be willing to challenge any new aid before the courts,” added the company.
The NGO and Ecotricity are based on the analysis of three lawyers specialized in the law competition and European Community law firm Monckton Chambers, they have sought to arrive at this conclusion.
EDF will put even more the regime
“the government reaffirms its confidence in the management of the company and all its employees for the success of EDF as part of a quality social dialogue,” argued Economy and Finance ministries in a joint statement.
Meanwhile, EDF will bring even more to the plan. He now 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.
The electricity giant will also cut 2 billion euros planned investments between 2015 and 2018, and intends to sell 10 billion euros of assets during the period 2015-2020.
These sales include a particular ” changes in capital “of RTE, ie a total or partial sale of the manager of the high voltage electricity network, currently 100% owned by EDF, a hypothesis that was under consideration for months.
Sharp drop in electricity prices in Europe
Bercy confirmed this perspective, indicating you load the presidents of RTE and EDF to prepare “by the end of June 1st opening scheme in the capital of RTE, which can be implemented by the end of 2016 “.
the other assets which EDF plans to separate consist of electrical to thermal power plants (ie , fueled by gas, oil or coal), located outside of France, and “minority interests” explains EDF.
While the group underwent the sharp drop in electricity prices in Europe medium term and must finance a battery of huge investments, these measures aim to “enable him to face these adverse market conditions, to continue its strategic development” by 2030, the group said.
(With AFP)
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