EDF.SW - Electricite de France S.A.

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14.39
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Bid13.71 x 0
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Market cap39.697B
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  • Globe Newswire

    EDF revises upwards its annual nuclear output estimate for 2020

    PRESS RELEASE 2 July 2020         EDF revises upwards its nuclear output estimate for 2020The EDF Group is revising upwards its nuclear output estimate in France for 2020, to around 315-325 TWh, compared with the 300 TWh estimated on April 16.This revision reflects the adjustment of the duration of planned outages for 2020, taking into account the conditions observed on sites for resuming activities.  The output estimate for 2021 and 2022 remains unchanged at this stage.This press release is certified. Its authenticity can be checked on medias.edf.comA key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 38.9 million customers(1), 28.8 million of which are in France. It generated consolidated sales of €71 billion in 2019. EDF is listed on the Paris Stock Exchange.(1)     The customers were counted at the end of 2019 per delivery site; a customer can have two delivery points: one for electricity and another for gas.  Only print this message if absolutely necessary.     EDF SA French societe anonyme With a share capital of 1 551 810 543 euros Registered lead office: 22-30, avenue de Wagram 75382 Paris cedex 08 552 081 317 R.C.S. Paris   www.edf.fr CONTACTS   Press: +33 (0) 1 40 42 46 37   Analysts and Investors: +33 (0) 1 40 42 40 38 Attachment * PR EDF_02072020_EDF revises upwards its annual nuclear output estimate for 2020

  • Bloomberg

    China Poised to Pull Plans for U.K. Nuclear Plants

    (Bloomberg) -- China’s ambassador to the U.K. said that Boris Johnson’s plans to seek alternatives to Huawei Technologies Co. Ltd. in the 5G network could spoil plans for Chinese companies to build nuclear power plants and the HS2 high-speed rail network, the Sunday Times reported.Liu Xiaoming signaled that Beijing is viewing the decision over Huawei as “a litmus test of whether Britain is a true and faithful partner of China,” the newspaper reported the ambassador telling business leaders, saying that the words were “interpreted as a threat by those listening.”Read more: U.K. on Collision Course With China From Hong Kong to Huawei China General Nuclear Power Corp. plans to build its own nuclear reactor at Bradwell in Essex, according to the newspaper report. China has a minority share in nuclear power plants at Hinkley Point in Somerset and Sizewell C in Suffolk, both in partnership with EDF of France.Read more: U.K. Opens Talks With Huawei Rival as Johnson Confronts ChinaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Globe Newswire

    Edf: Information regarding the voting rights and shares

    3 June 2020 Information regarding the voting rights and shares(Article L.233-8-II of the French Commercial Code and 223-16 of the General Regulations of the “AMF”) Listing location: NYSE Euronext-Paris Compartiment: Eurolist A ISIN code: FR 0010242511DateTotal number of sharesTotal number of voting rights 31 May 20203,103,621,086Number of theoretical voting rights: 5,226,457,502 Number of exercisable voting rights: 5,221,536,779 *Number of exercisable voting rights = Number of theoretical voting rights (or total number of voting rights calculated on the basis of all shares to which voting rights are attached) – number of shares without voting rights.Attachment * 31_05_2020_Information_regarding_the_voting_rights_and_number_of_shares..._

  • Don’t Ignore the Nuclear Option
    Bloomberg

    Don’t Ignore the Nuclear Option

    (Bloomberg Opinion) -- With billions of workers at home and factories idle, early April saw daily carbon emissions fall 17% compared to 2019 averages, according to a study by a team of international scientists published this month. That’s great. Unfortunately, it only takes us back to 2006 levels, and it’s temporary.For an even more painful reminder of the scale of the climate task, consider that for 2020 overall the same researchers from the University of East Anglia and Stanford estimate coronavirus lockdowns will amount to an emission reduction of about 4% to 7% — the sort of decline we need every year to limit warming to 1.5 degrees Celsius, the boldest global target. The challenge is clear. So why are we leaving a major existing source of low-carbon power out of green stimulus discussions, as the European Union appeared to do last week?Nuclear energy is hugely polarizing, geopolitically sensitive and not without risk. It’s also a reliable source of clean power that can displace fossil fuels and effectively work in tandem with renewable energy. True, new plants have proven slow and costly. By managing projects (a lot) better and tinkering with the models less, that can change. We can certainly keep existing reactors alive reasonably cheaply. Small, modular plants, already in the pipeline, may make a difference, too. Leaving nuclear off the agenda in the debate on a post-pandemic, carbon-light recovery is a mistake we will rue.Simply, it’s about emissions. We have to make electricity production greener, so it can in turn become a low-carbon energy source for transport, heating and more. Atomic energy does generate emissions during parts of its lifecycle, like uranium mining. Still, globally, it avoided 63 metric gigatons of carbon dioxide from 1971 to 2018, according to the International Energy Agency. Without it, emissions from electricity generation would have been 20% higher. Yet rather than increasing when we want cleaner power, it’s fading fast in the West as aging plants close, and is often replaced with cheap gas. Nuclear generation did rise by 2.4% in 2018, its fastest growth since 2010 — but only thanks to China.It’s not that solar and wind are unable to replace fossil fuels. They have made huge strides, and costs have deflated dramatically. Without nuclear, though, achieving a transition in the necessary time frame requires extraordinary extra effort and cost — around $1.6 trillion in additional investment in the electricity sector of advanced economies between 2018 and 2040, according to the IEA. That’s a big number even from a body that has admittedly underestimated renewables before.  It also wastes an existing resource.To cut emissions in the electrical sector by the 45% needed to keep global warming to 1.5 degrees Celsius would require adding by 2030 as much as four times the total solar and wind capacity built over the past two decades, BloombergNEF founder Michael Liebreich estimated last year. Adding transport, heating and industry would raise that to as much as 15 times the current installed capacity, he said. The IEA, meanwhile, reckons that wind and solar capacity has increased by about 580 gigawatts in advanced economies over the past two decades — and that offsetting nuclear’s decline will mean adding five times that in the next 20 years.For an idea of scale, consider Liebreich’s example: In 2018, German utility EON SE’s Isar-2 nuclear power plant in Bavaria wasn’t far off producing the same amount of clean energy as all the wind turbines in Denmark. Then consider that nuclear operates more than 90% of the time — a reliable base for fluctuating wind and solar — and occupies less space.What about the economics? Here, the picture is less positive. While the cost of solar has plummeted, nuclear has soared. Extending the life of existing plants, where possible, is still a no-brainer, especially if a reasonable carbon price is included in the calculation. Many of these hulking plants are now fully depreciated.A sustainable reduction in carbon, though, requires new plants — and the industry has done itself no favors. Experiences over the past decade or so will deter future construction, with rare exceptions like Britain. Projects have overrun, and costs have soared. The most egregious examples are Electricite de France SA’s Flamanville nuclear plant, now more than a decade behind schedule and expected to start around 2023; and the Hinkley Point C reactor in England, delayed and based on an eye-watering energy purchase price of 92.50 pounds ($114) per megawatt-hour in 2012 money, guaranteed for 35 years. Even China has hit delays in Taishan.None of this, though, should obviate a discussion on how to do it better, with more design standardization, some innovation and simply by repeating proven construction practices, as suggested in a 2018 Massachusetts Institute of Technology study. Including nuclear in green recovery plans can accelerate that process. The push toward smaller, modular reactors will help too, though large-scale application may be some time away.Popular worries about safety, waste and decommissioning are understandable — even if a comparison of fatalities per terawatt hour shows other forms of energy are far deadlier, given air pollution and industrial accidents. There is a messy geopolitical layer here, too, as China and Russia enthusiastically use subsidized projects as diplomatic tools. For now, though, it needs to be an option on the table. The carbon cost of ignoring nuclear is just too great.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Clara Ferreira Marques is a Bloomberg Opinion columnist covering commodities and environmental, social and governance issues. Previously, she was an associate editor for Reuters Breakingviews, and editor and correspondent for Reuters in Singapore, India, the U.K., Italy and Russia.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Is Now The Time To Look At Buying Electricité de France S.A. (EPA:EDF)?
    Simply Wall St.

    Is Now The Time To Look At Buying Electricité de France S.A. (EPA:EDF)?

    Electricité de France S.A. (EPA:EDF) saw a double-digit share price rise of over 10% in the past couple of months on...

  • Globe Newswire

    Edf: Release of the Report on payments made in the context of extractive activities

    Paris, on May 19, 2020Release of the Report on payments made in the context of extractive activitiesThe 2019 report on payments made in the context of extractive activities prepared in accordance with article L. 225-102-3 of the French Commercial code and approved by the Board of directors of EDF is published on the internet web site of the company, as part of its regulated information.It is available at: https://www.edf.fr/en/the-edf-group/dedicated-sections/finance/financial-information/regulated-information Attachment * 2019 Report on payments related to extractive activities

  • Globe Newswire

    Edf: FINANCIAL INFORMATION AT 31 MARCH 2020 SALES BROADLY STABLE EDF GROUP IS SUPPORTIVE AND FOCUSED ON ENSURING CONTINUITY OF SERVICE IN THE FACE OF THE SANITARY CRISIS.

    PRESS RELEASE   14 May 2020 FINANCIAL INFORMATION AT 31 MARCH 2020 SALES BROADLY STABLE EDF GROUP IS SUPPORTIVE AND FOCUSED ON ENSURING CONTINUITY OF SERVICE IN THE FACE OF THE SANITARY CRISIS. Group sales  €20.7bn  -1.0% org. (1)  Highlights * Facing the crisis with solidarity  * EDF group is a responsible and supportive partner towards its stakeholders: * EDF is fully mobilised to guarantee the continuity of essential services and is ensuring the necessary level of energy generation, distribution and service provision in all the countries where it operates. * A digital response for all of the Group’s employees: in particular approx. 70,000 simultaneous connections in France with enhanced technical support. * Strengthened safety measures for employees and service providers have been introduced. * Civic actions: * In its fight against energy poverty, EDF supports the Abbé Pierre Foundation and the EDF group Foundation has set up a €2 million emergency and solidarity fund. * Support to customers and suppliers: * EDF has undertaken several actions in support of its customers (extension of the ‘winter break’, payment facilities) and has set up an accelerated payment programme for suppliers in vulnerable financial situations in France. * In Italy, Belgium and the United Kingdom, the Group has also granted payment facilities to its customers. * A solid liquidity position of €28.8 billion (2) at the end of March 2020, strengthened by undrawn bank credit lines of €10.3 billion (3) and a resilient rate of coverage of nuclear provisions by dedicated assets (99.5% at 30 April 2020) with regulatory flexibility to restore if necessary the 100% target over 3 years. * Revision of the annual nuclear output forecast (4) in the region of 300TWh in 2020 whilst ranging from 330 to 360TWh each year in 2021 and in 2022, withdrawal of all financial targets for 2020 and 2021 (5) and slowdown of projects under construction since mid-March (including Flamanville 3 and HPC). * Carbon neutrality at the heart of the raison d’être: * Adoption by the General Shareholders’ Meeting of 7 May 2020 of a “raison d'être” and insertion in the articles of association: “To build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive wellbeing and economic development.” * Adoption of a carbon neutrality target for 2050 and increase of the Group’s direct emissions reduction target for 2030 from 40% to 50% compared to 2017. * Adoption of an exit target for coal-fired electricity generation by 2030 in all geographical areas. * Customers and services: * Good resilience of market share in the segment of electricity supply to residential customers in France in the first quarter of 2020 (267,000 net departures from customer sites in Q1 2020 compared to 327,000 in Q1 2019)   * IZY by EDF: launch of a new full range of offers with turnkey solutions for insulation, heating, electric mobility and solar energy for residential and business customers * Acquisition of a portfolio of 180,000 iSupply (Vattenfall) residential customers by EDF Energy * Renewables, Storage Plan and innovation: * Solar: in France, validation of 11 new projects by the French Regulator (CRE) for a total of 74MWp tender awarded. In Greece, 50MWp tender awarded. * Wind: 50MW tender awarded in France, 68MW in Poland. * Launch of an innovative storage solution for companies in Germany. * Implementation by EDF Renewables of an integrated green energy system in North America for Cubic, a company active in the domains of transportation and defense. EDF Store & Forecast Energy Management System (EMS) will operate the solar and battery storage component, while PowerFlex, an electric vehicle recharging start-up subsidiary of EDF Renewables, will install the charging system. Change in EDF group sales(in millions of euros)Q1 2019 restated (6) Q1 2020 (1)Organic change (%) (7) France – Generation and supply activities8,1458,440+3.5 France – Regulated activities5,0335,115+1.6 EDF Renewables417396-0.7 Dalkia1,3231,244-11.3 Framatome706794+10.3 United Kingdom2,5012,748+10.7 Italy2,2621,709-25.5 Other international795727-6.8 Other activities882664-23.4 Inter-segment eliminations(1,208)(1,142)-5.5 Total Group20,85620,695 -1.0 Sales were generally stable compared to the first quarter of 2019. They were supported by better price conditions on electricity in France and in the United Kingdom, whereas the change in the price of gas affected Group sales, in particular Edison in Italy and Dalkia, but also EDF SA’s gas activities for an estimated amount of -€680 million (with a limited impact on EBITDA). Renewable generation benefited from good wind conditions. The sanitary crisis had a limited negative impact at the end of March 2020 estimated at -€247 million, linked in particular to a drop in demand for electricity, gas and services. Change in Group sales by segment France – Generation and supply activities   (in millions of euros)Q1 2019Q1 2020 Organic change (%) Sales (8)8,1458,440+3.5 Sales in France - Generation and supply activities in 2020 amounted to €8.4 billion, up 3.5% in organic terms compared to the first quarter of 2019.Nuclear output amounted to 101.2TWh, down 10.6TWh compared to the first quarter of 2019, due to a lesser availability of the fleet, mainly linked to the extensions of unit outages.Hydraulic output (9) amounted to 13.5TWh, an increase of 36.4% (+3.6TWh) compared to the first quarter of 2019.At end-March 2020, the Group recorded a net balance of purchases and sales on the wholesale markets in a selling position (in euros), unlike at end-March 2019 (net buying position in euros). This reflects lower purchase volumes due to the sharp drop in demand, with lower purchase prices than in the first quarter of 2019.Sales benefited from favourable energy price effects for an estimated amount of +€631 million (10), mainly due to the increase in the regulated sales tariff of +7.7% excluding VAT as of 1 June 2019 and to lower prices for volumes purchased.The drop in demand, combined with the decline in nuclear generation (partially offset by the improvement in hydraulic generation), led to a negative volume effect that weighed on sales for an estimated €446 million.Downstream market conditions had a positive effect on sales for an estimated €207 million: the negative effect of the erosion of sales to end customers in electricity was more than offset by favourable price effects on the EEC component and the effect of capacity auctions on offers to end customers, as well as by the application of the 2019 tariff catch up.The resale of purchase obligations showed a negative trend, with a -€74 million impact following a significant drop in spot prices.The sanitary crisis impacted sales by an estimated -€64 million, mainly due to price effects (lower demand resulting in volumes being sold on wholesale markets at lower prices). France – Regulated activities (11)  (in millions of euros)Q1 2019Q1 2020Organic change (%) Sales (12)5,0335,115+1.6 Sales in France - Regulated activities in 2020 amounted to €5,115 million, up 1.6% in organic terms compared to the first quarter of 2019.The change in prices had a positive effect of +€252 million, with in particular the favourable indexed adjustments to the TURPE 5 (13) distribution that took place on 1 August 2019.On the other hand, the mild weather had a negative effect of around -€117 million on sales.Sales were affected by a drop in demand (approximately -€66 million) and a slight decline in the grid connection services activity (approximately -€27 million). These two trends are mainly explained by the impact of the sanitary crisis. Renewable EnergiesEDF Renewables (in millions of euros)Q1 2019 Q1 2020Organic change (%) Sales  (14)417396-0.7 EDF Renewables’ 2020 sales amounted to €396 million. This is globally stable compared to the first quarter 2019, with an organic change of -0.7%.Revenues from generation was up 7.0% (+€22 million) compared to the first quarter of 2019 thanks to the commissioning of new capacities in the second half of 2019 (United States, Canada, France and India) and good wind conditions. Generated volumes were up organically by around 8% (+0.3TWh) compared to the first quarter of 2019 and amounted to 4.3TWh at the end of March 2020.This positive development was offset by lower sales in the segment of rooftop PV in the United States, where the first quarter of 2019 had benefited from sustained activity.Net installed capacity was slightly lower than at the end of December 2019 due to the disposals carried out at the beginning of the year and stood at 8.0GW.The gross portfolio of projects under construction reached a record level of 5.1GW gross (including 2.6GW in onshore wind power, 0.9GW in offshore wind power, 1.5GW in solar capacity and 0.1GW of storage) at the end of the first quarter of 2020, i.e. +0.1GW compared to the end of December 2019.Group Renewables (15)(in millions of euros)Q1 2019Q1 2020Change (%)Organic change (%) Sales (1) 1,2521,206 -4-4 Group Renewables’ sales amounted to €1,206 million in 2020, an organic decrease of 4%. This decrease mainly reflects the decline in spot electricity prices used conventionally to value the hydropower generation. Wind farms benefited from favourable wind conditions in the first quarter. Energy ServicesDalkia(in millions of euros)  Q1 2019  Q1 2020Organic change (%) Sales (16)1,3231,244-11.3 Dalkia’s first quarter 2020 sales amounted to €1,244 million, down organically by 11.3% compared to the first quarter of 2019.This decrease in sales was mainly due to the sharp drop in gas prices for -€101 million compared to the first quarter of 2019. This effect had no impact on EBITDA.The mild weather observed in the first quarter had a negative impact of around -€31 million and the sanitary crisis affected first-quarter revenues by an estimated amount of -€33 million, in connection with the shutdown of cogeneration operations, the suspension of work and service contracts.In addition, since the beginning of the sanitary crisis, Dalkia has been working alongside its customers in the hospital and essential services sectors to ensure service continuity.Group Energy Services (17)(in millions of euros)  Q1 2019  Q1 2020Change (%)Organic change (%) Sales (1) 1,6891,564-7-8 Sales in Group Energy Services amounted to €1,564 million in 2020, i.e. a decline of 8% in organic terms, driven by the sharp drop in gas prices affecting Dalkia’s sales. However, they benefited from the growth of service activities in France, mainly in the residential customers segment. Framatome(in millions of euros)  Q1 2019  Q1 2020Organic change (%) Sales (18)706794+10.3 Sales EDF group contribution424512+17.2 Framatome’s sales amounted to €794 million in the first quarter of 2020, an organic increase of 10.3%.This strong increase was mainly due to a favourable phasing effect compared to the first quarter of 2019, which was affected by intra-year calendar effects on fuel assembly deliveries and the progress of large projects.The first quarter of 2020 also benefited from the good momentum in the “Fuel” business, particularly in the United States, and the delivery of fuel refills for the Taishan EPR.The impact of the sanitary crisis on sales was limited to around -€13 million at the end of March 2020.Moreover, on the commercial front, Framatome won several service contracts with the Finnish electricity company TVO to operate the Olkiluoto 3 EPR in Finland and signed a long-term service contract with TNPJVC to support the operation of the Taishan EPR reactors in China.In North America, Framatome signed a series of major contracts with the Tennessee Valley Authority for a period of 10 years. United Kingdom(in millions of euros)  Q1 2019  Q1 2020Organic change (%) Sales (19)2,5012,748+10.7 In the United Kingdom, 2020 sales amounted to €2,748 million, up 10.7% in organic terms compared to the first quarter of 2019.The increase in revenue was mainly due to a rise in realised nuclear prices, an increase in business tariffs in line with the increase in supply costs, and to a lesser extent to the reinstatement of the capacity market mechanism. In addition, the Cottam coal-fired power station was closed in the second half of 2019.Nuclear output amounted to 11.9TWh, down 0.7TWh compared to the first quarter of 2019, due to planned outages for maintenance.The supply business benefited from good resilience, particularly in the residential segment following the acquisition of the customer portfolios of Toto Energy (20) and of iSupply, in an environment that remains very competitive.Italy (in millions of euros)Q1 2019 restated (21) Q1 2020 (3)Organic change (%) Sales (1)2,2621,709-25.5 In Italy, 2020 sales amounted to €1,709 million, down 25.5% in organic terms compared to the first quarter 2019.In gas activities, sales decreased by €493 million, mainly due to lower gas prices for both upstream and downstream activities with a limited impact on EBITDA. The mild winter (approximately -€42 million) and the impact of the health crisis on business clients volumes (approximately -€18 million) also contributed to this drop, although to a lesser extent.Sales from electricity activities were down €84 million due to lower electricity prices, lower generation due to less availability of the CCGT  (Combined Cycle Gas Turbine) fleet and lower volumes sold to business clients following the health crisis (approximately -€10 million). Other international(in millions of euros)Q1 2019Q1 2020Organic change (%) Sales (22)795727-6.8 Of which Belgium593539-9.6 Of which Brazil148130+0.7 Sales in Other international amounted to €727 million, down 6.8% in organic terms compared to the first quarter of 2019. In Belgium (23), sales were down €57 million (-9.6%) in organic terms, reflecting lower electricity and gas prices in the residential and professional segment and lower volumes sold in particular to residential customers due to mild weather. The first quarter was driven by a good operational performance, in particular a marked increase in wind generation due to very favourable wind conditions (458GWh, i.e. +173GWh) compared to a very weak first quarter in 2019. Wind development continued with a net installed capacity of 485MW (24).In Brazil, sales were stable (+0.7% organically) mainly due to the revaluation by 5% in November 2019 of the Power Purchase Agreement (PPA) price linked to Norte Fluminense plant. This positive effect was partly offset by lower demand on ancillary services. Other activities (in millions of euros)Q1 2019Q1 2020Organic change (%) Sales (25)882664-23.4 Of which gas activities454252-44.5 Of which EDF Trading318303-0.9 Sales in Other activities amounted to €664 million, down 23.4% in organic terms compared to the first quarter of 2019.The Group’s gas activity was impacted by a negative price effect and by a decrease in the use of the Group’s LNG (Liquefied Natural Gas) capacities (very limited impact on EBITDA).EDF Trading’s revenues, which were already high in the first quarter of 2019, were stable overall in organic terms (-0.9%) and amounted to €303 million. EDF Trading performed well, particularly in Europe and France, reflecting the high volatility of the markets, growth in customer flows and favourable market positions in a context of sharply declining demand and strong supply. The LNG (Liquefied Natural Gas) and LPG (Liquefied Petroleum Gas) trading activities, on the other hand, performed less well.The Covid-19 health crisis affected the trading margin for around - €30 million at the end of March, in connection with the increase in credit risks with counterparties. Main events (26) since the announcement of the 2019 annual resultsMajor Events * EDF 2020 Shareholders General Meeting: all the resolutions were adopted (see press release of 7 May 2020). * EDF revised its annual nuclear output forecast (see press release of 16 April 2020). * Sanitary crisis: EDF has committed to unprecedented measures to help all customers (see press release of 16 April 2020). * Update on the consequences of the Covid-19 sanitary crisis (see press release of 14 April 2020). * Information concerning the EDF Shareholders' Meeting on 7 May 2020 and the 2019 dividend (see press release of 2 April 2020). * The EDF Group united in its determination to tackle the public-health crisis (see press release of 2 April 2020). * Status on the consequences of the Covid-19 sanitary crisis (see press release of 23 March 2020). * More comfort and reduced energy bills thanks to new IZI by EDF offers for home and vehicle (see press release of 5 March 2020).EDF Renewables (27)àEDF Renewables launched an innovative storage solution for businesses in Germany (see press release of 20 February 2020).EDF Energy (28) * EDF launched Covid-19 volunteering for independent pharmacies through partnership with Avicenna (see press release of 16 April 2020). * EDF partners with Boots to deliver essential medicine to most vulnerable (see press release of 8 April 2020).Edison (29)àEdison: guarantees around the continuity of essential services, solidarity with the country and "Edison for Italy" initiatives in aid of Edison Energia clients (see press release of 6 April 2020). A key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 38.9 million customers (1), 28.8 million of which are in France. It generated consolidated sales of 71.3 billion in 2019. EDF is listed on the Paris Stock Exchange (1)     Customers are counted since 2018 per delivery site; a customer can have two delivery points: one for electricity and another for gas.DisclaimerThis presentation does not constitute an offer to sell securities in the United States or any other jurisdiction. No reliance should be placed on the accuracy, completeness or correctness of the information or opinions contained in this presentation, and no EDF representatives shall bear any liability for any loss arising from any use of this presentation or its contents. The present document may contain forward-looking statements and targets concerning the Group’s strategy, financial position or results. EDF considers that these forward-looking statements and targets are based on reasonable assumptions as of the present document publication, which may, however, be inaccurate and which are subject to numerous risks and uncertainties. There is no assurance that expected events will occur and that expected results will actually be achieved. Important factors that could cause actual results, performance or achievements of the Group to differ materially from those contemplated in this document include in particular the successful implementation of EDF strategic, financial and operational initiatives based on its current business model as an integrated operator, changes in the competitive and regulatory framework of the energy markets, as well as risk and uncertainties relating to the Group’s activities, its international scope, the climatic environment, the volatility of raw material prices and currency exchange rates, technological changes, and changes in the economy. Detailed information regarding these uncertainties and potential risks are available in the EDF’s Universal Registration Document (URD) filed with the Autorité des marchés financiers on 13 March 2020, which is available on the AMF's website at www.amf-france.org and on EDF’s website at www.edf.fr. EDF does not undertake nor does it have any obligation to update forward-looking information contained in this presentation to reflect any unexpected events or circumstances arising after the date of this presentation.This press release is certified. Check its authenticity on medias.edf.com  Only print what you need.     EDF SA 22-30, avenue de Wagram 75382 Paris cedex 08 Capital of €1,551,810,543 552 081 317 R.C.S. Paris   www.edf.fr   CONTACTS   Press: +33(0) 1 40 42 46 37   Analysts and investors: +33(0) 1 40 42 40 38   * * * ([1]) Organic change at comparable scope, standard and exchange rates. ([2]) Cash, cash equivalents and available-for-sale liquid financial assets, in gross value and including €4.9 billion of securities lent under repurchase agreements ([3]) As of 31 December 2019. ([4]) See press release of 16 April 2020. ([5]) See press release of 14 April 2020. ([6]) Edison's Exploration and Production (E&P) business in Italy was classified as a discontinued operation within the meaning of IFRS 5 as of 1 January 2019. The comparative figures for the first quarter of 2019 have been restated. ([7]) Organic change at comparable scope, standard and exchange rates. ([8]) Breakdown of sales across the segments, before inter-segment eliminations. ([9]) Hydropower excluding electrical activities on French islands, before deduction of pumped volumes. Production after deduction of pumped volumes: 8.3TWh in March 2019 and 11.7TWh in March 2020. ([10]) Of which favourable price effects on energy purchases for an estimated €330 million. ([11]) Regulated activities including Enedis, ÉS and island activities. ([12]) Breakdown of sales across the segments, before inter-segment eliminations. ([13]) Indexed adjustment of TURPE 5 distribution tariff: +3.04% at 1 August 2019. ([14]) Breakdown of sales across the segments, before inter-segment eliminations. ([15]) For the renewable energy generation optimized within a larger portfolio of generation assets, in particular relating to the French hydro fleet after deduction of pumped volumes, sales and EBITDA are estimated, by convention, as the valuation of the output generated at spot market prices (or at purchase obligation tariff) without taking into account hedging effects, and include the valuation of the capacity, if applicable. ([16]) Breakdown of sales across the segments, before inter-segment eliminations. ([17]) Group Energy Services include Dalkia; Citelum, CHAM and service activities of EDF Energy, Edison, Luminus and EDF SA. They consist in particular of street lighting, heating networks, decentralised low-carbon generation based on local resources, energy consumption management and electric mobility. ([18]) Breakdown of sales across the segments, before inter-segment eliminations. ([19]) Breakdown of sales across the segments, before inter-segment eliminations. ([20]) Takeover end 2019 imposed by Ofgem, the British government's regulatory body, following the loss of Toto Energy’s licence. ([21]) Edison's Exploration and Production (E&P) business in Italy was classified as a discontinued operation within the meaning of IFRS 5 as of 1 January 2019. The comparative figures for the first quarter of 2019 have been restated. ([22]) Breakdown of sales across the segments, before inter-segment eliminations. ([23]) Luminus and EDF Belgium. ([24]) Net capacity at Luminus perimeter. Gross installed wind capacity amounts to 521MW at the end of March 2020 vs. 448MW at the end of March 2019. ([25]) Breakdown of sales across the segments, before inter-segment eliminations. ([26]) The complete list of press releases is available on the EDF website: www.edf.fr ([27])The complete list of press releases is available on the website: www.edf-renouvelables.com ([28]) The complete list of press releases is available on the website: www.edfenergy.com ([29]) The complete list of press releases is available on the website: www.edison.it Attachment * PR Q1 2020 - VDEF certified

  • Globe Newswire

    EDF 2020 Shareholders General Meeting: all the resolutions were adopted

    PRESS RELEASE 7 May 2020        EDF 2020 SHAREHOLDERS GENERAL MEETING : ALL THE RESOLUTIONS WERE ADOPTED On the occasion of the EDF 2020 Shareholder General Meeting that was held today at the company’s headquarters under the chairmanship of Jean-Bernard Lévy with a 91,96% quorum of represented shareholders, all submitted resolutions were adopted. Owing to the Covid-19 epidemic and the health measures set in place by the government, the meeting took place without the shareholders attending in person and was telecast live through an audio link. Shareholders were given the opportunity to ask questions which were answered during the meeting. Pursuant to what was proposed by the Board of Directors in order to meet the commitments of solidarity and accountability towards all of the company’s stakeholders in view of the current crisis, the General Meeting of Shareholders agreed that no dividend would be paid out for the financial year ended on 31 December 2019 other than the 2019 interim dividend amounting to 0.15 Euros. It was also agreed that the amount of the 2019 interim dividend would not be increased by the loyalty dividend.In addition, the General Meeting of Shareholders formally adopted the company’s raison d’être, which reads as follows: Our raison d’être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive wellbeing and economic development.Last but not least, the Shareholders General Meeting renewed the term of office as a Director of Claire Pedini and ratified the appointment of Véronique Bédague-Hamilius and François Delattre. The EDF Board of Directors includes eight women, two of which were elected by the workforce, tantamount to a 50% proportion of women measured against the Board members that were factored into the establishment of this percentage (excluding board members representing the workforce) and 44.44% of the entire Board.A full breakdown of the votes, all presentations and the audio broadcast of the mixed General Meeting are available on the EDF website at www.edf.fr/agm The biographies of all Board members are posted at the following address: https://www.edf.fr/en/the-edf-group/who-we-are/governance/board-of-directors This press release is certified. Its authenticity can be checked on medias.edf.com                                           A key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: genera-tion, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 38.9 million customers(1), 28.8 million of which are in France. It generated consolidated sales of €71 billion in 2019. EDF is listed on the Paris Stock Exchange. (1) The customers were counted at the end of 2019 per delivery site; a customer can have two delivery points: one for electricity and another for gas.   Only print this message if absolutely necessary.     EDF SA French societe anonyme With a share capital of 1 551 810 543 euros Registered lead office : 22-30, avenue de Wagram 75382 Paris cedex 08 552 081 317 R.C.S. Paris   www.edf.fr  CONTACTS   Press:  +33 (0) 1 40 42 46 37   Analysts and Investors:  +33 (0) 1 40 42 40 38 Attachment * PR General shareholder meeting EDF 07 05 2020

  • Reuters - UK Focus

    EDF asked to lower Sizewell nuclear plant output to help balance UK grid

    EDF Energy has been asked to temporarily reduce output at its Sizewell B nuclear plant in the east of England to help balance the grid and prevent blackouts, EDF and grid operator National Grid said on Wednesday. "To help respond to the COVID-19 crisis, EDF has been asked by the National Grid ESO (Electricity System Operator) to consider reducing output from its Sizewell B power station in Suffolk," an EDF Energy spokesman said via email.

  • Globe Newswire

    Information regarding the voting rights and shares

    4 May 2020 Information regarding the voting rights and shares(Article L.233-8-II of the French Commercial Code and 223-16 of the General Regulations of the “AMF”) Listing location: NYSE Euronext-Paris Compartiment: Eurolist A ISIN code: FR 0010242511DateTotal number of sharesTotal number of voting rights 30 April 20203,103,621,086Number of theoretical voting rights: 5,227,786,634 Number of exercisable voting rights: 5,222,756,428 *Number of exercisable voting rights = Number of theoretical voting rights (or total number of voting rights calculated on the basis of all shares to which voting rights are attached) – number of shares without voting rights. Attachment * 30_04_2020_Information_regarding_the_voting_rights_and_number_of_shares..._

  • Electricité de France S.A.’s (EPA:EDF) Investment Returns Are Lagging Its Industry
    Simply Wall St.

    Electricité de France S.A.’s (EPA:EDF) Investment Returns Are Lagging Its Industry

    Today we'll evaluate Electricité de France S.A. (EPA:EDF) to determine whether it could have potential as an...

  • Globe Newswire

    Erratum - EDF revises its annual nuclear output forecast

    PRESS RELEASE 16 April 2020         EDF revises its annual nuclear output forecastIn response to the public-health crisis, EDF has made adjustments to all its activities in order to protect personnel working on its nuclear power plants. The execution of work that was due to be performed during the maintenance outages has been significantly affected, thereby reducing power output capacity. EDF is consequently adjusting its maintenance outage plan in order to optimise output capacity. Furthermore, the economic slow-down has brought about a drop in electricity consumption, which could potentially fall by 20%1 compared to usual levels, thereby resulting in reduced nuclear output.Working alongside the transmission system operator (RTE), and to help provide a continuous supply of power throughout the winter of 2020-2021, a number of nuclear reactors may have to be taken off line this coming summer and autumn in order to save fuel on these power plants. In view of these facts, EDF estimates that its annual nuclear output will be in the region of 300 TWh in 2020, whilst ranging from 330 to 360 each year in 2021 and 2022.This press release is certified. Its authenticity can be checked on medias.edf.comA key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 38.9 million customers(1), 28.8 million of which are in France. It generated consolidated sales of €71 billion in 2019. EDF is listed on the Paris Stock Exchange.(1)     The customers were counted at the end of 2019 per delivery site; a customer can have two delivery points: one for electricity and another for gas.  Only print this message if absolutely necessary.     EDF SA French societe anonyme With a share capital of 1 551 810 543 euros Registered lead office: 22-30, avenue de Wagram 75382 Paris cedex 08 552 081 317 R.C.S. Paris   www.edf.fr CONTACTS   Press: +33 (0) 1 40 42 46 37   Analysts and Investors: +33 (0) 1 40 42 40 38 * * * 1 Source: RTE “L’impact de la crise sanitaire (Covid-19) sur le fonctionnement du système électrique” (Effects of the Covid-19 public-health crisis on the electrical power system). Attachment * PR EDF certified_16042020_EDF revises its annual nuclear output forecast v2

  • Globe Newswire

    EDF revises its annual nuclear output forecast

    PRESS RELEASE 16 April 2020         EDF revises its annual nuclear output forecastIn response to the public-health crisis, EDF has made adjustments to all its activities in order to protect personnel working on its nuclear power plants. The execution of work that was due to be performed during the maintenance outages has been significantly affected, thereby reducing power output capacity. EDF is consequently adjusting its maintenance outage plan in order to optimise output capacity. Furthermore, the economic slow-down has brought about a drop in electricity consumption, which could potentially fall to 20%1 of usual levels, thereby resulting in reduced nuclear output.Working alongside the transmission system operator (RTE), and to help provide a continuous supply of power throughout the winter of 2020-2021, a number of nuclear reactors may have to be taken off line this coming summer and autumn in order to save fuel on these power plants. In view of these facts, EDF estimates that its annual nuclear output will be in the region of 300 TWh in 2020, whilst ranging from 330 to 360 each year in 2021 and 2022.This press release is certified. Its authenticity can be checked on medias.edf.comA key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 38.9 million customers(1), 28.8 million of which are in France. It generated consolidated sales of €71 billion in 2019. EDF is listed on the Paris Stock Exchange.(1)     The customers were counted at the end of 2019 per delivery site; a customer can have two delivery points: one for electricity and another for gas.  Only print this message if absolutely necessary.     EDF SA French societe anonyme With a share capital of 1 551 810 543 euros Registered lead office: 22-30, avenue de Wagram 75382 Paris cedex 08 552 081 317 R.C.S. Paris   www.edf.fr CONTACTS   Press: +33 (0) 1 40 42 46 37   Analysts and Investors: +33 (0) 1 40 42 40 38 * * * 1 Source: RTE “L’impact de la crise sanitaire (Covid-19) sur le fonctionnement du système électrique” (Effects of the Covid-19 public-health crisis on the electrical power system). Attachment * PR EDF certified_16042020_EDF revises its annual nuclear output forecast

  • Globe Newswire

    Edf: Release of documents and information regarding the combined shareholders’ meeting of EDF of 7 May 2020

    Paris, on 14 April 2020Release of documents and information regarding the combined shareholders’ meeting of EDF of 7 May 2020 Note: In the context of the Covid-19 sanitary crisis and in accordance with the arrangements decided by the government in order to control the spread of the virus, EDF’s Board of directors decided to hold the shareholders’ meeting behind closed doors, i.e. outside the physical presence of the shareholders. The shareholders are invited to connect to the Company’s website to consult the documents relating to the shareholders’ meeting. The combined shareholders’ meeting of EDF will be held behind closed doors on 7 May 2020 at 10 a.m. at the Company’s head office (22-30 avenue de Wagram, 75008 Paris) and will be broadcast live and in full on the Company’s website at the following address: www.edf.fr/ag-audio or by phone.The preliminary notice comprising the agenda and the text of the resolutions was published in the Bulletin des Annonces Légales Obligatoires n°31 on 11 March 2020. The amended agenda and final version of the draft resolutions to be submitted to the shareholders’ meeting are set out in the notice of meeting published in the Bulletin des Annonces Légales Obligatoires n°44 on 10 April 2020. Conditions for remote participating and voting at the shareholders’ meeting are described in these notices as well as on the Company’s website.Documents and information regarding the shareholders’ meeting will be made available on the Company’s website at the following address: www.edf.fr/ag Attachment * PR Release of documents AG 2020 VA VDef certified

  • Globe Newswire

    Update on the consequences of the Covid-19 sanitary crisis

    PRESS RELEASE 14 April 2020         Update on the consequences of the Covid-19 sanitary crisisThe economic turmoil that follows from the current sanitary crisis results in a drop in power demand and significantly impacts many of the Group’s businesses, namely nuclear generation (which EDF indicates is currently under review and will be adjusted significantly below the initial assumption), new-build projects and services.Consequently, the EDF Group withdraws all its financial targets for 2020, including the lower end of the EBITDA range of €17.5 billion, as well as for 2021.This press release is certified. Its authenticity can be checked on medias.edf.comA key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 38.9 million customers(1), 28.8 million of which are in France. It generated consolidated sales of €71 billion in 2019. EDF is listed on the Paris Stock Exchange.(1)     The customers were counted at the end of 2019 per delivery site; a customer can have two delivery points: one for electricity and another for gas.  Only print this message if absolutely necessary.     EDF SA French societe anonyme With a share capital of 1 551 810 543 euros Registered lead office: 22-30, avenue de Wagram 75382 Paris cedex 08 552 081 317 R.C.S. Paris   www.edf.fr CONTACTS   Press: +33 (0) 1 40 42 46 37   Analysts and Investors: +33 (0) 1 40 42 40 38 Attachment * PR EDF_Update on the consequences of the Covid-19 sanitary crisis

  • Reuters - UK Focus

    EDF says French nuclear power output down 13.8% Y/Y in March

    French utility EDF said on Tuesday that electricity generation from its nuclear reactors in France tumbled 13.8% to 30.6 terawatt hours (TWh) in March compared with the same month a year ago due to a high number of reactor outages. EDF, which operates France's 58 nuclear reactors that account for around 75% of the country's electricity needs, said nuclear power output since the start of the year was down 9.5% at 101.2 TWh compared with the same period in 2019.

  • Globe Newswire

    Information regarding the voting rights and shares at the end of March 2020

    3 April 2020   Information regarding the voting rights and shares(Article L.233-8-II of the French Commercial Code and 223-16 of the General Regulations of the “AMF”)  Listing location: NYSE Euronext-Paris Compartiment: Eurolist A ISIN code: FR 0010242511Date Total number of shares Total number of voting rights 31 March 2020 3,103,621,086 Number of theoretical voting rights: 5,227,919,127 Number of exercisable voting rights: 5,222,873,510 *Number of exercisable voting rights = Number of theoretical voting rights (or total number of voting rights calculated on the basis of all shares to which voting rights are attached) – number of shares without voting rights. Attachment * 31_03_2020_Information_regarding_the_voting_rights_and_number_of_shares_ certified

  • Globe Newswire

    Edf: Information concerning the EDF Shareholders’ Meeting on 7 May 2020 and the 2019 dividend

    PRESS RELEASE 2 April 2020 Information concerning the EDF Shareholders’ Meeting on 7 May 2020 and the 2019 dividendAt its meeting on this day, EDF’s Board of Directors decided to hold the Annual Shareholders’ Meeting behind closed doors at EDF’s registered office on 7 May 2020. To meet the challenges of solidarity and responsibility imposed by the current situation, EDF’s Board of Directors has also decided to propose to the Shareholders’ Meeting not to pay a final dividend for the 2019 financial year.Due to the containment measures introduced by the French Government to combat the spread of the coronavirus, the Board of Directors has decided, on an exceptional basis and in accordance with Article 4 of Order no. 2020-321 dated 25 March 2020, that EDF’s Annual Shareholders’ Meeting will be held on 7 May 2020 at 10:00 a.m. (Paris time), behind closed doors (i.e. without the physical presence of shareholders and their proxies) at EDF’s registered office.EDF regrets not having the opportunity to meet its shareholders in person, but these measures are necessary to ensure the safety of everyone. The practical arrangements for ensuring the best possible shareholder participation are set out below.In addition, in order to meet the imperatives of solidarity and responsibility towards all of the Company’s stakeholders as necessitated by the current crisis context, the Board of Directors has decided not to propose a dividend payment for the financial year ended 31 December 2019, beyond the 2019 interim dividend in the amount of €0.15 which was paid on 17 December 2019. It will also be proposed not to apply any increase to the 2019 interim dividend for loyalty shares.To participate in the Shareholders’ Meeting: shareholders are invited to vote by post or to give a proxy to the Chairman of the Meeting, by post or electronically, prior to the Meeting. In this regard, shareholders are reminded that voting bulletins sent by post must be received by BNP Paribas Securities Services’ Shareholders Meeting Department no later than 4 May 2020 at midnight (Paris time). Moreover, the possibility of voting online before the Shareholders’ Meeting will end on Wednesday, 6 May 2020, at 3:00 p.m. (Paris time).The procedures for voting by mail will be described in the meeting notice which will be published by EDF in the Bulletin des Annonces Légales Obligatoires on 10 April 2020, and will be available on EDF’s website at the following address www.edf.fr/ag.The Board of Directors would also like to point out that the Shareholders' Meeting will be webcast live and will be available on EDF’s website, with shareholders having the possibility of participating live by submitting questions in writing.All information relating to the General Meeting is available on EDF’s website at www.edf.fr/ag. This press release is certified. Its authenticity can be checked on medias.edf.comA key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 38.9 million customers(1), 28.8 million of which are in France. It generated consolidated sales of €71 billion in 2019. EDF is listed on the Paris Stock Exchange.(1)     The customers were counted at the end of 2019 per delivery site; a customer can have two delivery points: one for electricity and another for gas.  Only print this message if absolutely necessary.EDF SA French societe anonyme With a share capital of 1 551 810 543 euros Registered lead office: 22-30, avenue de Wagram 75382 Paris cedex 08 552 081 317 R.C.S. ParisCONTACTSPress: +33 (0) 1 40 42 46 37  Analysts and Investors: +33 (0) 1 40 42 40 38 Attachment * PR EDF_Shareholders'meeting and dividend 04 02 2020 certified

  • Reuters - UK Focus

    EDF to delay applying for UK nuclear plant building consent

    Utility EDF said on Thursday it will apply for development consent later than planned to build its Sizewell C nuclear plant in Britain due to the coronavirus crisis. The application for the new nuclear power station was due to be submitted to the UK's Planning Inspectorate by the end of March, but that will be deferred by a few weeks, EDF said. "We are ready to submit the application but we recognise that many people in Suffolk, including the local authorities, are adjusting to new circumstances created by the coronavirus crisis," said Humphrey Cadoux-Hudson, EDF’s managing director of nuclear development.

  • Reuters - UK Focus

    EDF Energy cuts workforce at UK's Hinkley Point C nuclear power project

    EDF Energy said on Tuesday it was reducing workers at its Hinkley Point C nuclear plant project in Britain by more than half in the coming days due to the coronavirus outbreak. The 3.2 gigawatt plant, which EDF is building with China General Nuclear Power Corp, was expected to begin generation at the end of 2025.

  • Reuters - UK Focus

    UK govt agrees measures with energy industry to safeguard supply

    The British government has agreed emergency measures with the energy industry to ensure vulnerable households remain supplied with power during the disruption caused by the novel coronavirus, it said on Thursday. Disconnection of credit meters will be completely suspended, while energy customers in financial distress can also ask their suppliers for debt repayments and bill payments to be reassessed, reduced or paused, the government said. The agreement has been signed by all UK domestic energy suppliers and will come into force immediately.

  • Reuters - UK Focus

    EDF Energy says plans in place to maintain operations at UK nuclear plants

    EDF Energy has plans in place to maintain operations at its nuclear power plants in Britain during the coronavirus outbreak, it told Reuters on Tuesday. The company operates all 15 nuclear reactors in Britain. Currently, eight of those with a combined capacity of around 4.2 gigawatts - almost half of the country's total nuclear power capacity - are offline for planned or unplanned outages.

  • Does Electricité de France (EPA:EDF) Deserve A Spot On Your Watchlist?
    Simply Wall St.

    Does Electricité de France (EPA:EDF) Deserve A Spot On Your Watchlist?

    Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story...

  • Bloomberg

    Read the Fine Print on Boris Johnson's New Infrastructure Plans

    (Bloomberg Opinion) -- The new U.K. budget promises a massive new infrastructure push, especially for the “left behind” areas of England and Wales. That sounds positive; but large-scale infrastructure projects in Britain have a checkered record. If the government is to avoid past mistakes, it will have to show it has learned from them.Four major projects that have run into difficulty illustrate the problems well. The first, CrossRail, is a 73-mile line running east to west across London, both under- and over-ground. Two years ago it was seen as a great success: on time, on budget and with an impressive U.K. supply chain. But problems in the complex software systems required for signalling and station operations meant the opening has been delayed for at least two years until spring 2021 soonest. The cost has escalated, adding 3 billion pounds ($3.92 billion) to the estimated cost of 15 billion pounds. The project has become an embarrassment for the publicly owned Transport for London and the contractors.Then there is HS2, a high-speed line from London to Birmingham and, from there by a bifurcating route, to Manchester and Leeds. It was agreed in principle a decade ago but there have been growing doubts about its economic value (cost estimates have risen from 37.5 billion pounds to over 100 billion), the chosen route and environmental impact. Boris Johnson recently gave the project a green light, but even if the new line gets to Birmingham, the prospects for the northern sections have slipped back.The third big project is the proposed 14 billion pound third runway at Heathrow. There has been wide agreement that London needs more airport capacity. Parliament voted  two years ago for expanding Heathrow, despite strong competition from other projects, unresolved questions over funding for the required infrastructure, fierce resistance from residents in west London over noise pollution and opposition from British airways, the main hub user.The Court of Appeal recently upheld a plea by environmental campaign groups arguing that climate change impacts hadn’t been properly considered. The legal wrangling may end up in the Supreme Court but if the project is blocked, it will be a great relief to Prime Minister Boris Johnson, a long-time opponent of the scheme, who once promised to “lie down in front of the bulldozers” to stop it (the airport is next to his parliamentary constituency).A fourth major project is Hinckley Point C, the first of Britain’s next generation of nuclear power plants. Like Heathrow, but unlike rail and road projects, power generation is seen as suitable for private rather than public finance. The project was agreed in principle back in 2008 and was expected to be complete in 2020. It is now likely to be operational at best in 2025, assuming that a new technology, yet to be proven, actually functions. The fact that it is under construction at all is due to the determination of Electricite de France (EDF), the owner of Britain’s nuclear industry, and what is generally regarded as an extremely generous contractual terms. The current estimated cost of 20 billion pounds will make this the most expensive nuclear plant in the world.These four projects are very different in purpose, funding arrangements and stages of development; but all suffer from what has been called the iron law of megaprojects, which is that they run “over budget, over time, over and over again.” Over a decade ago an influential government report warned that, especially in transport, enthusiasm for these large-scale projects was distorting infrastructure priorities. Emphasis instead should be given to smaller, less high profile, projects connecting existing infrastructure. Such projects have higher returns and carry less risk. There is little sign that successive governments have paid heed.A National Infrastructure Plan was launched in 2010 to remedy what was seen as the “uncoordinated, incremental, wasteful” approach to infrastructure planning. The U.K. has a National Infrastructure Commission to identify long term priorities and an Infrastructure and Project Authority to track progress.Rather than simply pledge more investment, the new Chancellor should explain to what extent the existing objectives have been met and recognize the problems inherent with large-scale projects. The Chancellor’s predecessor, Sajid Javid, talked airily about large additional sums for public investment but it was far from clear how this related to the infrastructure plan or to the fiscal rules. There are some big unresolved questions.First, how will capital spending be accommodated in the government’s fiscal rules? The Treasury has long regarded capital projects as an easy target to squeeze under financial pressure. Capital is in effect treated as competing with current spending and at present there are great pressures to relax current spending. The sensible way to deal with this problem is to adopt the golden rule, originally employed by former Chancellor Gordon Brown, which commits to balancing only current spending and receipts over the business cycle.Second, there is a whole series of Brexit consequences and a key question for the budget will be how honestly they will be confronted. The economy has slowed and will slow further, affecting tax receipts. Will the government allow deficit financing to grow? Or will the government’s concern for their financially conservative reputation take precedence?Another consequence of Brexit is the loss of infrastructure project funding from the European Investment Bank -- important in itself and also in providing comfort for private investors. The government promised a replacement for the EIB but none is in sight. There is also uncertainty over future financial regulation. Infrastructure financing increasingly relies on pension funds and insurers looking for safe long term returns no longer available from government bonds. But the rules governing that industry -- known as Solvency II-- are EU based. Will they be tightened or relaxed post-Brexit?A lot also depends on the government’s popularity and stability. More infrastructure could be funded if rail fares, water rates, electricity prices and other utility charges were set to generate more income and if tolls were to be introduced for road projects. But a populist government is unlikely to risk voter unhappiness, even if it meant fulfilling its promises to improve infrastructure.(Corrects third paragraph reference to the HS2 route from Birmingham, adding Manchester. )To contact the author of this story: Vince Cable at emailvincecable@gmail.comTo contact the editor responsible for this story: Therese Raphael at traphael4@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Vince Cable is a former U.K. secretary of state for business and was leader of the Liberal Democrats from 2017 to 2019. He was previously chief economist at Royal Dutch Shell. He is currently a visiting professor at the London School of Economics. His next book, "Politicians and the Politics of Economics," will be published later this year. For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters - UK Focus

    UK's Bradwell B new nuclear plant planning application expected in 2022

    * Britain's National Infrastructure Planning Inspectorate said on Thursday it expects a planning application for the new 2.2 gigawatt Bradwell B nuclear power station to be submitted in 2022. * After receipt of the application, there will be 28 days for the inspectorate to review the application and decide whether or not to accept it for examination.

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