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ENERGY

Brüderle: nuclear power exit to cost billions

German Economy Minister Rainer Brüderle said Friday that a switch from nuclear power to alternative forms of energy could cost Europe's top economy up to €2 billion ($2.9 billion) per year.

Brüderle: nuclear power exit to cost billions
Photo: DPA

“It could be one to two billion euros,” the minister told German radio, cautioning that a precise figure was “difficult to estimate.”

Citing internal government projections, the Süddeutsche Zeitung daily earlier reported the costs would be €3 billion annually. “That order of magnitude seems a little high to me,” countered Brüderle.

The minister’s comments came as Chancellor Angela Merkel prepared to hold talks with heads of Germany’s states to discuss future energy policy in the wake of Japan’s nuclear crisis.

Merkel has said the disaster at the Fukushima plant in Japan was a turning point and announced a three-month moratorium on an earlier decision to extend the lifetime of Germany’s 17 nuclear reactors.

Nuclear power is highly unpopular in Germany, and hundreds of thousands have taken to the streets to demand the reactors be switched off.

The economy and environment ministries have drawn up a joint plan for the accelerated development of alternative energy, which focuses notably on wind power.

“One thing is for sure, it’s going to cost money,” Brüderle said.

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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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