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Tue Dec 4, 2012, 07:47 AM

EDF Falls in Paris on Rising Costs for Normandy Nuclear Reactor

Source: Bloomberg

Electricite de France SA declined in Paris as the biggest nuclear operator raised the estimated cost of developing its EPR reactor in Normandy to 8.5 billion euros ($11 billion), more than double its initial estimate.

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“The risks in EDF are piling up,” Ingo Becker, an analyst in Frankfurt at Kepler Capital Markets who has a reduce rating, said in a note. A 13 euro price estimate “isn’t safe at all.”

EDF dropped as much as 2.6 percent and was trading down 28.5 cents at 14.01 euros by 10:08 a.m. in Paris. The company has slumped 25 percent this year in part on concern about the cost of refurbishing current reactors and building new ones.

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“The costs have already exceeded even the most bearish estimates and this is with at least three more years of development ahead of us,” Sofia Savvantidou, an analyst at Citigroup, said in a note. The difficulties in France raise concerns over EDF’s plans to develop EPRs in the U.K., she said.

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Read more: http://www.bloomberg.com/news/2012-12-04/edf-falls-in-paris-on-rising-costs-for-normandy-nuclear-reactor.html

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Reply EDF Falls in Paris on Rising Costs for Normandy Nuclear Reactor (Original post)
bananas Dec 2012 OP
dipsydoodle Dec 2012 #1
cprise Dec 2012 #2

Response to bananas (Original post)

Tue Dec 4, 2012, 08:21 AM

1. Meanwhile , back at the ranch

Nuclear power: EDF extends life of two UK plants.

EDF Energy is extending the operational life of two of its UK nuclear power stations by seven years.

Hinkley Point B in Somerset, and Hunterston B in North Ayrshire, are now expected to remain operational until 2023. Both had been due to cease generation in 2016.

Two other nuclear plants, Heysham in Lancashire, and Hartlepool had their life extended by two years in 2010.

EDF also hopes to build a new power station at the Hinkley Point site.

http://www.bbc.co.uk/news/business-20590172

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Response to bananas (Original post)

Tue Dec 4, 2012, 02:36 PM

2. Nuclear power has become a scam even in France, the industry's model country

When you concentrate that much power into so few hands, those hands are going to start abusing their position sooner or later. It has taken France's nuclear industry decades to catch up to the US in this respect, but caught up it has.

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