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AREVA - falling Wednesday

AtomInfo.Ru, PUBLISHED 21.11.2014

The AREVA group, the French nuclear giant, warned of the uncertainty of future projections, thereby sending its shares in deep fall.

On Tuesday evening a group, which is 87% owned by the French state, reported the "delay" with the publication of the financial outlook for 2015-2016.

The group referred to monetary problems associated with protracted construction of Olkiluoto 3 in Finland, as well as with the slowness of the Japanese with the return of nuclear power plants in operation, shut down after the Fukushima accident.

Start of the third block of Olkiluoto NPP is already delayed by more than five years, and the delay will only increase. AREVA and its partner in the consortium German "Siemens" led a fierce battle in the arbitration with the Finnish customers, the amount of claims in which is the billions of euros.

The AREVA business plans have been prepared under the assumption that the group will build new units (and earn) and then provide the customers with full range of services, including the supply of nuclear fuel (and earn again).

But the breakdowns of the construction schedules pulled a delay in services. Indeed, if the unit is not built, it does not need fresh fuel and the fuel division AREVA can not get their profits.

The same day the AREVA received a second blow, this time not from itself but from the sworn friends - the EDF. The company operating all French nuclear power plants informed the public on new postponement of the Flamanville 3 start-up. This is the country's first EPR unit.

Moreover, the EDF said that the delay is linked to the difficulties faced by AREVA in the manufacture of certain equipment for the unit. The delay at Flamanville is not as great as at Olkiluoto, but still unpleasant - now it is two years, and eventually will be extended to five years.

Topics: Europe, France, AREVA

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