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ENERGY

Merkel fed up with energy firms over nuclear phaseout

Chancellor Angela Merkel’s relationship with German energy companies has reportedly so deteriorated that she no longer wants to meet with their executives to discuss how best to phase out the use of nuclear power.

Merkel fed up with energy firms over nuclear phaseout
Photo: DPA

Instead, the necessary talks will be held at the ministerial level, the Handelsblatt business newspaper reported Friday.

A round of talks concerning energy policy is planned for May 18, but only energy associations and not individual companies have been invited.

Formal discussion in the Bundestag about how to handle the nuclear energy issue will likely take place in June.

“A thorough parliamentary debate on such important bills must be granted,” Bundestag Vice President Gerda Hasselfeldt told the Financial Times Deutschland.

Merkel’s centre-right coalition decided last year to push back Germany’s planned phaseout of nuclear power. But Japan’s Fukushima nuclear disaster following an earthquake and tsunami caused her government to reverse its position and accelerate the decommissioning of Germany’s reactors.

Some of Germany’s leading power companies have expressed their annoyance at Merkel’s decision to impose a three-month moratorium for extensive safety testing of the country’s nuclear plants.

The Local/mdm

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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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