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ENERGY

Vattenfall sues Germany over nuke power move

Swedish power group Vattenfall said Thursday it was joining bigger rivals E.ON and RWE in filing a complaint with Germany's top court seeking compensation for Berlin's decision to abandon nuclear power.

Vattenfall sues Germany over nuke power move

“We have recently lodged a complaint with the Constitutional Court,” a spokeswoman for Germany’s third biggest nuclear energy producer told AFP.

The spokeswoman stressed that the complaint was not against the decision to ditch nuclear power per se but against the requirement to shut down reactors early, which they say infringes their proprietary rights.

The move follows similar complaints lodged in April by RWE and in November by E.ON.

All three companies have already seen profits fall sharply.

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

Vattenfall has previously claimed it stands to lose €700 million ($957 million) it had invested in the nuclear power stations Krümmel and Brunsbüttel after the government originally agreed to extend the life-spans of its nuclear power stations.

Both of those reactors were shut down permanently earlier this year after Angela Merkel’s government performed a dramatic U-turn following the Fukushima disaster.

Germany’s last nuclear power stations are set to be shut down permanently in 2022.

Vattenfall said it was seeking “appropriate compensation” from Germany for expected losses caused by the nuclear reversal.

Germany’s biggest power utility E.ON has said it wants at least €8.0 billion.

AFP/The Local

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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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