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EDF chief says power prices too low to fund new investment

Reuters - UK Focus

PARIS, Feb 4 (Reuters) - Wholesale power prices are too low to fund new investment in power generation assets, French state-controlled utility EDF (Paris: FR0010242511 - news) 's chief executive Jean-Bernard Levy said on Thursday.

"Current power prices barely cover our variable costs, and they do not allow a single power operator to cover the cost of new investments," Levy said a the SER renewable energy association's conference.

French forward market power prices have plunged sharply in the past weeks and now trade below 30 euros per megawatt-hour, down from 34 at the end of 2015, and having stood above 60 euros in 2011.

Levy declined to comment on when the company would make an investment decision on the Hinkley Point project to build two nuclear reactors in Britain. (Reporting by Geert De Clercq; Editing by Andrew Callus)