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ENERGY

German economics minister calls for more oil and nuclear power

German Economy Minister Michael Glos called for “quickly” increasing oil supplies in the world market, and returning to nuclear power, in an opinion column in the Sunday newspaper Bild am Sonntag.

German economics minister calls for more oil and nuclear power
The future? Photo:DPA

“The senseless exit from atomic energy is becoming an increasing threat for the economy, the climate and consumers. We need the safe German nuclear power stations back on line – so that we can do something against rising electricity prices. We have to free ourselves, as far as is possible, from foreign energy sources.”

But at the same time he said immediate measures should be taken to increase oil production.

“We need more oil in the world market quickly in order to stop the spiralling prices at the petrol pumps,” which have passed a consumer “pain barrier”, the conservative minister wrote.

“Transparency in the international oil markets must be improved, it is the only way to get out of this speculative morass,” he wrote, stressing that the soaring price of crude threatened the world economy.

The consumer countries facing a “third oil shock” met in Jeddah in Saudi Arabia on Sunday in hopes of initiating a constructive dialogue with the oil producer nations after Saudi Arabia announced Thursday that it would increase production by 200,000 barrels per day.

“We must prevent the gas and oil multinationals from becoming even richer and the productive industrialised nations poorer,” Glos wrote.

To reduce Germany’s dependence on foreign sources of energy, it is important that “we all save energy as much as possible,” he added.

BUSINESS

France’s EDF hails €10billion profit, despite huge UK nuclear charge

French energy giant EDF has unveiled net profit of €10billion and cut its massive debt by increasing nuclear production after problems forced some plants offline.

France's EDF hails €10billion profit, despite huge UK nuclear charge

EDF hailed an “exceptional” year after its loss of €17.9billion in 2022.

Sales slipped 2.6 percent to €139.7billion , but the group managed to slice debt by €10billion euros to €54.4billion.

EDF said however that it had booked a €12.9 billion depreciation linked to difficulties at its Hinkley Point nuclear plant in Britain.

The charge includes €11.2 billion for Hinkley Point assets and €1.7billion at its British subsidiary, EDF Energy, the group explained.

EDF announced last month a fresh delay and additional costs for the giant project hit by repeated cost overruns.

“The year was marked by many events, in particular by the recovery of production and the company’s mobilisation around production recovery,” CEO Luc Remont told reporters.

EDF put its strong showing down to a strong operational performance, notably a significant increase in nuclear generation in France at a time of historically high prices.

That followed a drop in nuclear output in France in 2022. The group had to deal with stress corrosion problems at some reactors while also facing government orders to limit price rises.

The French reactors last year produced around 320.4 TWh, in the upper range of expectations.

Nuclear production had slid back in 2022 to 279 TWh, its lowest level in three decades, because of the corrosion problems and maintenance changes after
the Covid-19 pandemic.

Hinkley Point C is one of a small number of European Pressurised Reactors (EPRs) worldwide, an EDF-led design that has been plagued by cost overruns
running into billions of euros and years of construction delays.

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