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ENERGY

Germany’s Eon sells off Italy energy assets

German power giant Eon said Monday it has agreed to sell its Italian coal and gas plants to Czech energy company Energeticky a Prumyslovy Holding (EPH) for an undisclosed sum.

Published: 12 January 2015 12:36 CET
Germany's Eon sells off Italy energy assets
Eon chief executive Johannes Teyssen said the company's Italy assets are "climate-friendly and diversified". Photo: Christian Schlüter/Eon

The deal covered 4,500 megawatts of generation capacity and included a coal-fired power plant in Sardinia and six gas-fired power plants on the Italian mainland and in Sicily, Eon said in a statement.

The deal, which has to be approved by the European competition authorities and is expected to be completed in the second quarter, is part of Eon's massive strategic rethink to spin off its conventional energy operations and focus on renewables.

"With EPH, Eon has found a buyer for all its thermal generation activities in Italy who is fully committed to the further development and long-term future of the assets thereby helping to ensure security of supply for the country," the group explained.

"Our conventional generation activities in Italy are high performing assets with a climate-friendly and diversified generation fleet," said chief executive Johannes Teyssen.

"We continue to assess a possible divestment of our other businesses in Italy as well," he added.

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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.

Published: 16 February 2024 10:45 CET
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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