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21/11/2009 | Nuclear contamination

The Economist Staff

The giant French utility’s ambition to lead a global revival in nuclear energy is running into difficulties as a controversial new boss takes over.

 

NEXT week Henri Proglio will become the boss of EDF Group, the state-controlled French firm which is the world’s biggest listed utility and operator of nuclear reactors. With its proud corporate culture, its devotion to long-term planning and its powerful unions (the Confédération Générale du Travail jointly runs the firm, in effect), EDF is sometimes described as a miniature version of France itself. Last year it began a vigorous campaign to build nuclear plants around the world. But to the dismay of advocates of a nuclear renaissance, the cost and complexity of embarking on several big projects at once is weighing on the firm, despite its size and government backing.

EDF has long exported its nuclear-energy expertise, but earned only advisory fees for its efforts. It helped build China’s nuclear fleet, for example, for a few million euros. Now, as growth at home slows, it wants to make bigger profits by building and operating nuclear plants of its own abroad. After all, it is one of very few utilities that can afford to build several reactors by itself, without sharing the risk with partners or governments. And in an industry which atrophied after accidents at Three Mile Island in America and Chernobyl in what is now Ukraine, it has relatively extensive recent experience of building and operating modern nuclear plants.

Even for EDF, however, the costs are daunting. In 2008 it bought British Energy, a utility which owns eight nuclear plants, for £12.5 billion ($22.5 billion). Earlier this month, after a long wait for regulatory approval, it concluded a deal to buy half of the nuclear assets of Constellation Energy, an American utility, for $4.5 billion. On top of these acquisitions it plans to build 11 new reactors (four in Britain, four in America, two in China and one in France). It also wants to build four plants in Italy and is bidding to build several in the United Arab Emirates, as part of a consortium in both places. These investments will stretch the firm’s balance-sheet. Debt now stands at €37 billion ($53 billion) and could rise to €65 billion by 2017-18, according to a report from HSBC, a bank. To help contain its debt, the firm plans to make disposals worth €5 billion by the end of 2010.

EDF is also facing operational troubles. France has had to import large quantities of electricity this year because almost a third of its nuclear plants went out of service at some point, either because of strikes or for maintenance. France’s grid operator recently warned that the country could even suffer power cuts this winter. One underlying cause, says Sofia Savvantidou of Citigroup, an investment bank, is many years of underinvestment. As well as spending more on everyday maintenance, EDF will need to invest to extend the life of its French reactors from 40 to 60 years. A few years ago it thought the cost would be negligible, but now it reckons it will need to spend €400m on each plant.

According to one adviser, the problems with EDF’s fleet this year show there has been “too much attention given to financing international expansion and not enough to the basics of running the plants at home.” Some government officials want EDF to restrict itself mainly to Europe. Such a change of strategy would doubtless please the firm’s unions, which fear that expanding abroad will encourage it to behave more like a listed company and less like a government bureaucracy.

Mr Proglio appears to agree with EDF’s critics. He told France’s parliament this month that he was unsure whether EDF should expand to America by completing the deal with Constellation. “He doesn’t want EDF to chase too many hares at the same time,” says a person close to the government. Yet Mr Proglio seems to have grandiose ideas of his own. EDF’s next-generation reactor, called the EPR, is designed by Areva, another state-controlled French firm. Areva is in difficulty because the first EPR, under construction in Finland, is well behind schedule and far over budget. This week Mr Proglio said that EDF should take control of the bit of Areva that builds reactors. The idea is a radical one, and Areva will certainly resist it—but it indicates the uncertainty surrounding EDF’s strategy.

The rising cost of building new nuclear plants is another worry. Higher prices for cement and steel, the complexity of building new designs for the first time and onerous safety requirements are all adding to EDF’s bills and threatening profits. “Every morning we get a new safety request,” complains one executive. The withering of the nuclear supply-chain over recent decades (there is only one supplier in the world for some components) and the sudden rush by multiple governments to spur construction are also sources of inflation.

EDF has kept costs under control better than Areva, but it may still struggle to stick to the €4 billion budget it has set for the EPR it is building at Flamanville on France’s northern coast (pictured). Whereas EDF’s existing fleet of plants produces power at an average cost of around €30 per megawatt hour (MWh), says Ms Savvantidou, the cost of energy from its new plants will be around €55-60/MWh, and could rise as high as €70 if projects run over budget. EDF currently sells power for about €39/MWh on average, according to Citigroup.

French regulators will seek to ensure that EDF can make a profit from the new plants it builds at home. Electricity prices are expected to go up over time as fixed tariffs are phased out. But reaching average price levels of €60/MWh or more will be politically difficult and will take a long time, says Ms Savvantidou. Indeed, Mr Proglio’s predecessor, Pierre Gadonneix, caused a stir when he said prices would have to rise by 20%. Abroad, in less regulated markets, EDF will face even greater uncertainty about future returns. It has called on the British government to support new nuclear plants to speed their construction.

One way to keep costs down could be for EDF to encourage competition among reactor suppliers by abandoning its reflexive use of the EPR. Mr Proglio is said to favour offering foreign utilities other designs, for instance from Westinghouse, a unit of Toshiba of Japan. Some customers, especially in America, may want smaller, cheaper reactors than the EPR, which is very big and thus expensive. But EDF would cause a political furore by ending its allegiance to home-grown French technology. It would also undermine its efforts to increase efficiency and cut costs by building the same design many times over.

Few minority investors foresaw EDF’s huge programme of investment when the French government sold 15% of the firm in a public offering in 2005. They fear the firm will pay out sharply lower dividends in future. Shareholders had hoped for less political interference, but the level of state involvement has hardly changed and may increase with the arrival of Mr Proglio, a friend of France’s president, Nicolas Sarkozy. Mr Proglio has already caused controversy by insisting that he remain chairman of his old firm, Veolia, despite his demanding new job. He is also thought to want Veolia and EDF to deepen their ties beyond an existing joint venture—an idea in which most analysts see little merit. EDF may yet become the dominant global supplier of nuclear energy, but for the moment the company is looking very French.

The Economist (Reino Unido)

 



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09/05/2010|
01/04/2010|
01/04/2010|
31/03/2010|
31/03/2010|
31/03/2010|
28/03/2010|
28/03/2010|
28/03/2010|
20/03/2010|
12/03/2010|
12/03/2010|
12/03/2010|
08/03/2010|
07/03/2010|
06/03/2010|
05/03/2010|
03/03/2010|
03/03/2010|
28/02/2010|
21/02/2010|
19/02/2010|
14/02/2010|
11/02/2010|
11/02/2010|
10/02/2010|
08/02/2010|
08/02/2010|
08/02/2010|
28/01/2010|
25/01/2010|
20/01/2010|
20/01/2010|
16/01/2010|
16/01/2010|
15/01/2010|
15/01/2010|
11/01/2010|
11/01/2010|
10/01/2010|
07/01/2010|
03/01/2010|
03/01/2010|
03/01/2010|
17/12/2009|
15/12/2009|
15/12/2009|
13/12/2009|
13/12/2009|
28/11/2009|
28/11/2009|
28/11/2009|
28/11/2009|
27/11/2009|
27/11/2009|
27/11/2009|
27/11/2009|
27/11/2009|
27/11/2009|
18/11/2009|
18/11/2009|
16/11/2009|
16/11/2009|
30/10/2009|
30/10/2009|
11/10/2009|
10/10/2009|
10/10/2009|
07/10/2009|
07/10/2009|
04/10/2009|
30/09/2009|
30/09/2009|
27/09/2009|
27/09/2009|
27/09/2009|
22/09/2009|
20/09/2009|
18/09/2009|
18/09/2009|
18/09/2009|
16/09/2009|
16/09/2009|
16/09/2009|
08/09/2009|
07/09/2009|
06/09/2009|
06/09/2009|
05/09/2009|
05/09/2009|
26/08/2009|
21/08/2009|
19/08/2009|
19/08/2009|
15/08/2009|
15/08/2009|
15/08/2009|
11/08/2009|
11/08/2009|
11/08/2009|
11/08/2009|
19/07/2009|
19/07/2009|
18/07/2009|
18/07/2009|
27/03/2009|
22/03/2009|
22/03/2009|
27/01/2009|
27/01/2009|
27/01/2009|
17/01/2009|
17/01/2009|
17/01/2009|
17/01/2009|
17/01/2009|
17/01/2009|
11/01/2009|
06/12/2008|
06/12/2008|
06/12/2008|
06/12/2008|
23/11/2008|
23/11/2008|
16/11/2008|
16/11/2008|
04/11/2008|
04/11/2008|
03/11/2008|
03/11/2008|
24/10/2008|
24/10/2008|
24/10/2008|
24/10/2008|
15/09/2008|
15/09/2008|
15/09/2008|
15/09/2008|
15/09/2008|
15/09/2008|
06/09/2008|
06/09/2008|
05/09/2008|
05/09/2008|
05/09/2008|
05/09/2008|
01/09/2008|
01/09/2008|
01/09/2008|
01/09/2008|
22/08/2008|
22/08/2008|
17/08/2008|
17/08/2008|
16/08/2008|
16/08/2008|
28/07/2008|
28/07/2008|
28/07/2008|
28/07/2008|
28/07/2008|
28/07/2008|
19/07/2008|
19/07/2008|
24/05/2008|
24/05/2008|
03/05/2008|
03/05/2008|
29/04/2008|
11/02/2008|
05/01/2008|
09/12/2007|
18/11/2007|
10/11/2007|
10/11/2007|
06/11/2007|
06/11/2007|
06/09/2007|
26/08/2007|
25/08/2007|
11/07/2007|
16/06/2007|
16/06/2007|
10/06/2007|
10/06/2007|
19/05/2007|
19/05/2007|
19/05/2007|
19/05/2007|
24/04/2007|
24/04/2007|
14/04/2007|
14/04/2007|
05/04/2007|
05/04/2007|
05/04/2007|
28/02/2007|
28/02/2007|
05/02/2007|
05/02/2007|
04/02/2007|
04/02/2007|
04/02/2007|
04/02/2007|
04/02/2007|
04/02/2007|
29/01/2007|
29/01/2007|
29/01/2007|
29/01/2007|
11/01/2007|
11/01/2007|
11/01/2007|
11/01/2007|
27/12/2006|
27/12/2006|
27/12/2006|
27/12/2006|
27/12/2006|
27/12/2006|
20/12/2006|
20/12/2006|
17/11/2006|
30/09/2006|
28/07/2006|
12/04/2006|
12/04/2006|
12/04/2006|
06/03/2006|
21/02/2006|
17/02/2006|
31/01/2006|
10/01/2006|
28/12/2005|
31/10/2005|
26/09/2005|
29/08/2005|
11/08/2005|
08/08/2005|
24/06/2005|
24/06/2005|
24/06/2005|
03/04/2005|
03/04/2005|
03/04/2005|
03/04/2005|

ver + notas
 
Center for the Study of the Presidency
Freedom House