Stock Groups

EDF shares plunge after faults found at French nuclear power station -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO – Steam rising from the cooling tower at Electricite de France’s nuclear power plant in Civaux (France), October 8, 2021 REUTERS/Stephane Mahe/File Photo

PARIS (Reuters – Shares of EDF (PA) dropped more than 7% Thursday morning after France’s power giant discovered problems at a nuclear plant. It shut down another facility using the same type of reactors and lowered its core profit for the year.

France’s largest electricity supplier stated Wednesday that faults had been detected near the welds in the pipes for the safety-injection circuit of two Civaux power plants in west France.

According to Reuters, a source familiar with the situation said that corrosion was the cause of the flaws.

According to company, this discovery will result in an extended outage at the Civaux Plant than was expected.

EDF announced that it would close Chooz’s plant in eastern France, because it has the same reactors.

EDF estimates that there will be a 1 Terawatt hour loss in 2021. EDF also stated that it would have to revise its EBITDA range to between 17.5 and 18 billion euros. That is down from the previously set target of 17.7 trillion euros based upon current market prices.

The Jefferies analysts (NYSE:) wrote that an update was “clearly in the near-term negative” with core profit guidance at 3.5% less than consensus.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]