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ENERGY

Unemployed German sets car alight as petrol protest

An unemployed German man set his car on fire in centre of Frankfurt on Friday to protest what he considers the “gas extortion” of high petrol prices.

Unemployed German sets car alight as petrol protest
Photo: DPA

The 30-year-old Bavarian parked his ride on a lawn in front of the city’s convention centre and poured petrol all over the BMW before igniting it. By the time the fire brigade arrived the car was completely gutted by the flames.

“The boy was lucky – the tank was undamaged,” said police spokesman Karlheinz Wagner, who estimated the stunt caused damages totalling €10,000.

The man, who had glued the words “gas extortion” in German along with an internet address on the side of the car, now faces penalties for violating environmental codes and could be forced to pay the costs incurred by fire department.

Michael, as the protesting Bavarian calls himself on his website, has documented online the rising cost of petrol since 1950 and blames the German government for the current high price of fuel. According to his website, he recently quit his job because he could no longer afford the €250 a month for the 80 kilometres he had to drive each day.

“The government has plenty of ways to hold prices steady or even lower them, but why should it? We’re dumb enough to pay the high prices and can’t do anything against it,” Michael wrote on his website. “How wrong you are dear state!”

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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