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ENERGY

Energy firms want billions for nuke exit

German power suppliers are suing the government for €15 billion in damages over the decision to abandon nuclear power, a newspaper reported on Wednesday.

Energy firms want billions for nuke exit
Photo: DPA

The country’s biggest power utility E.ON wants at least €8.0 billion alone, the Frankfurter Allgemeine Zeitung (FAZ) said, without revealing its sources.

In the wake of the nuclear disaster in Fukushima, Japan, Berlin decided to phase out nuclear power, forcing energy suppliers to shut down their profitable large-scale power plants, while it also levied a tax on the reactors’ fuel for their remaining lifespan.

Both E.ON and its next biggest rival RWE have already filed complaints with the constitutional court, arguing that the nuclear exit decision has harmed their proprietary rights as they had to shut down reactors early. Both have seen profits fall sharply since the closures.

And according to the FAZ, Swedish energy provider Vattenfall may follow suit.

E.ON said the complaint was not about the pull-out from nuclear energy per se, which is largely supported in Germany, but about the lack of compensation for the companies affected by the energy policy U-turn.

Environment groups have hit back at nuclear power companies asking for compensation, calling them “impassably audacious.”

“The damage her is not in shutting down the plants, but what they were doing when they were working,” said Jochen Stay, spokesman for the anti-nuclear organisation Ausgestrahlt.

AFP/DPA/The Local/jcw

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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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