|Bid||13.71 x 0|
|Ask||14.05 x 0|
|Day's range||14.39 - 14.39|
|52-week range||13.38 - 17.65|
|Beta (3Y monthly)||0.92|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Nuclear electricity generation from French reactors operated by utility EDF fell 7.6% year-on-year in October to 29.2 terawatt hours (TWh) on the back of increased reactor outages, the company said on Tuesday. EDF said total output since the start of the year stood at 317.3 TWh, down 1.3% compared with the same period a year ago. The state-controlled utility cut its 2019 nuclear output target in France by 1.2 percentage points to 390 TWh on Oct. 25, citing prolonged maintenance outages, but left its financial target unchanged.
Today we'll evaluate Electricité de France S.A. (EPA:EDF) to determine whether it could have potential as an...
(Bloomberg Opinion) -- The U.K. government’s temporary fracking moratorium should turn into a permanent ban. Allowing shale gas extraction makes sense only when a country is still phasing out coal, and then only under certain conditions. But the U.K. is almost finished with coal, and fracking can only postpone its transition to clean energy.The Conservative government has banned the drilling of new wells that use hydraulic fracturing — a technology that involves pumping liquids, chemicals and sand into bedrock formations to crack them and free up natural gas or oil. This follows a report commissioned by the U.K. Oil and Gas Authority that has linked earth tremors to fracking activity by Cuadrilla Resources Ltd., one of the companies developing shale gas in Britain. The risk of earthquakes arises when fracking is used close to geological faults, and these are hard to detect beforehand with current technology.The U.K. government’s move is a pre-election turnabout: The Conservatives have always backed fracking, but it is unpopular with locals pretty much everywhere it’s used, including in the U.S., the technology’s greatest proponent and beneficiary. In the U.K., 40% of the population — the highest share since 2013 — say they're opposed to fracking, while just 12% support it. But public attitudes shouldn’t be the only reason to impose a fracking ban.As she announced the drilling moratorium, Energy Secretary Andrea Leadsom spoke of “the huge potential of U.K. shale gas to provide a bridge to a zero carbon future.” But, almost regardless of all the earthquake- and water-supply-related concerns, that potential is highly questionable.When it comes to carbon emissions, natural gas is certainly preferable to coal. But the U.K. has almost eliminated coal-fired power plants. Last month, Electricite de France announced that it had shut down its Cottam coal plant, which had provided power to 3 million homes. Most of the few remaining coal-burners are scheduled to close. According to the U.K. Office of Gas and Electricity Markets, coal’s share in the country’s electricity-generation mix reached just 0.5% in the second quarter of 2019.The case made for shale in the U.K. and elsewhere has less to do with moving to clean energy than with importing less natural gas. As conventional gas production on the U.K. continental shelf has declined, imports have been increasing.The idea is that by developing its own shale gas, the U.K. could increase its energy security and drive down energy prices. But thanks to the shale boom in the U.S. and the recent growth in global liquefied-natural-gas exports, it’s unlikely the U.K. will ever experience a gas shortage — and today’s prices are the lowest in almost a decade. Besides, a growing export dependence isn’t necessarily bad. Germany, which banned commercial natural gas fracking in 2017, believes in the concept of natural gas as a bridge to a cleaner energy future and intends to displace coal with gas, not just wind and solar. But it would rather increase imports (thus the country’s staunch support for Nord Stream 2, a Russian natural gas pipeline project fiercely opposed by the U.S. and a number of eastern European countries) than face fracking-related protests. In the immediate future, shale can boost employment — but if a country is serious about its climate goals, it’s a bad idea to let an entire new industry develop and then have to shut it down and incur the costs of compensating its employees for the loss of jobs. This process is already costing billions in the German coal industry. Imports, meanwhile, can be phased out at little political cost. In a recent paper, Katheline Schubert and Fanny Henriet of the Paris School of Economics showed that, in most cases, allowing shale-gas production will slow a country’s switch to clean, renewable energy. Shale gas is cheap, and once it displaces coal it’ll be hard to phase it out. In U.S. power generation, increased consumption of natural gas since 2009 is almost equal to the decrease in use of coal. A ban on fracking, supported in the U.S., for example, by Democratic presidential candidate Elizabeth Warren, would require that the country quickly develop a renewables industry to cover that deficit — a costly project to say the least. The Netherlands appears to have embarked on a similar crusade, though. There, a moratorium on fracking runs until 2020 but is highly likely to be extended, despite a still-significant share of coal in the generation mix; the Dutch government plans to drive down the share of gas in the mix from 55% last year to 30% by 2030, and extracting more gas wouldn’t serve that purpose.But the U.K. doesn’t even have to make that difficult choice; it already has a cleaner energy mix than the U.S., Germany or the Netherlands. When France banned fracking in 2011, it didn’t just give in to voters’ fears of tremors and water contamination. It defended its power generation mix, which currently consists of 66% nuclear, 27% renewables and just 5% gas.The U.K. should ban fracking permanently — and not just because of the tremors. In that sense, the Liberal Democrats and Labour, who support a full ban, are on firmer ground before the December parliamentary election than the Conservatives.To contact the author of this story: Leonid Bershidsky at email@example.comTo contact the editor responsible for this story: Mary Duenwald at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
French state-controlled energy group EDF has agreed to buy Pivot Power, a British start-up company that specialises in battery storage and infrastructure for electric vehicle charging points. EDF, which did not disclose the financial terms of the acquisition, said the deal would allow it to become a leader in the fast-growing field of battery storage. Pivot Power is looking at means to host a battery capable of exporting 50 megawatts (MW) of power and to provide support for hundreds of fast electric vehicle chargers, which could be suitable for large retail sites, logistics centres, and bus depots.
* EDF's EDF Energy has extended outages at its Dungeness B21 and B22 nuclear reactors in Britain to around the end of January, its website shows. * Dungeness B-21 reactor went offline in September 2018 and was scheduled to come back online in November. * Dungeness B-22 reactor went offline in August 2018 and was scheduled to come back in December.
British energy market regulator said it would grant National Grid 637 million pounds ($803.38 million) to build the transmission link for the Hinkley Point C nuclear plant, lower than the company's initial request for 717 million pounds. Ofgem said on Tuesday consumers will save money under its plans to reduce National Grid Electricity Transmission's (NGET) funding request to connect the new Hinkley Point C nuclear reactor to the grid. The regulator's move comes after EDF said last month that its Hinkley Point C nuclear plant could cost up to 2.9 billion pounds more than its last estimate, and face further delays.
Is Electricité de France S.A. (EPA:EDF) a good dividend stock? How can we tell? Dividend paying companies with growing...
A British employers' group criticised on Monday what it said would be the "beyond eye-watering" cost of the opposition Labour Party's plans to return utilities, train companies and the Royal Mail to public ownership. The Labour Party has moved sharply to the left under its leader Jeremy Corbyn, and although it lags the ruling Conservatives in opinion polls, Brexit turmoil and the likelihood of an early election could see it take power. The Confederation of British Industry said Labour's plans would have an upfront cost of 196 billion pounds ($249 billion), assuming Labour paid the full market value of companies involved - similar to a 176 billion-pound estimate made last year by the pro-privatisation Centre for Policy Studies think tank.
French utility EDF is ready to replace the steel cover of its Flamanville 3 reactor vessel by 2024 as required by nuclear regulator ASN, despite new delays to its start-up date, an EDF official said on Wednesday. In June 2017, the ASN ruled that EDF would be allowed to start up the long-delayed reactor in late 2018 provided it committed to replacing the flawed component by the end of 2024 at the latest because of weak spots in the steel. Earlier on Wednesday EDF increased the reactor's projected cost by 1.5 billion euros to 12.4 billion euros - about four times the original estimate - and said that it now expects to load nuclear fuel into the reactor at the end of 2022.
Electricity generation from French nuclear reactors operated by utility EDF fell 8.6% year-on-year in September to 27.5 terawatt hours (TWh) due to a high number of reactor outages, the company said on Monday. The state-controlled utility said total output from its nuclear reactors since the start of the year stood at 288.2 TWh, down 0.6% compared with the same period a year ago. EDF's nuclear electricity generation in France was at 393.2 TWh in 2018 and it is targeting 395 TWh in 2019.
Profits from supplying gas and electricity at Britain’s big six energy firms sank by a combined 35 percent last year as they continued to lose customers to smaller rivals, a report by energy market regulator Ofgem said on Thursday. Britain’s so-called 'Big Six' energy suppliers - Centrica's British Gas, E.ON, SSE, EDF's EDF Energy, Innogy's npower and Iberdrola's Scottish Power - have faced competition from more than 60 smaller firms, often offering cheaper prices. In its annual state of the market report, Ofgem said the six companies had lost around 1.3 million customers and they served just above 70% of domestic customers as of June this year, down from around 75% in June last year.
EDF will take concrete action to remedy a string of technical problems, delays and cost overruns at its nuclear plants, its CEO said on Tuesday after coming under heavy criticism from the French finance minister over the weekend. In unusually tart comments, Finance Minister Bruno Le Maire had said that the government could no longer accept how 84% state-owned EDF's costs keep "drifting, month after month, year after year".
* European stocks fall as Trump impeachment probe knocks confidence * But Trump says trade deal with China could happen sooner * STOXX 600 ends down 0.6%, off lows after hitting Sept. 10 low * France's EDF leads fallers as co flags rising Hinkley Point costs * Wall Street hits session high on Trump's China trade comments Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: rm://email@example.com OFF LOWS: "MARKET ARE WAY MORE INTERESTED IN A TRADE DEAL" (0413 GMT) Worries over the possible impact of impeachment proceedings against Trump on the on trade talks with China and the 2020 presidential election in the U.S. drove European shares down sharply with the STOXX 600 dragged down to two-week lows, falling 1.45% at one point.
* European stocks under pressure as Trump impeachment probe knocks confidence * Euro-zone index hits Sept. 5 low, down 1.3% * STOXXE and major bourses set for worst day in 6 weeks * EDF falls as co flags rising Hinkley Point costs * Wall Street falls as Trump transcript with Ukraine president released Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. EUROPE BRACES FOR FRESH U.S. TRADE FRONT (1458 GMT) The market is obsessed today about the U.S. impeachment probe of U.S. President Trump and whether it could derail the U.S.-China trade talks.
* European stocks under pressure as Trump impeachment probe knocks confidence * Euro-zone index hits Sept. 5 low, down 1.3% * STOXXE and major bourses set for worst day in 6 weeks * EDF falls as co flags rising Hinkley Point costs * Wall Street futures point to weak U.S. open Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. "MULTIPLE HEADWINDS" (1425 GMT) Travel & leisure stocks are top fallers today as it looks like the possible market share gains stemming from the demise of UK travel group Thomas Cook are already baked in the prices, while longer-term challenges for the industry remain. Jefferies says the scale of Thomas Cook's failure could potentially lead independent hoteliers to review partners and payment terms.
* European stocks under pressure as Trump impeachment probe knocks confidence * Euro-zone index hits Sept. 5 low, down 1.3% * STOXXE and major bourses set for worst day in 6 weeks * EDF falls as co flags rising Hinkley Point costs * Wall Street futures point to weak U.S. open Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: rm://firstname.lastname@example.org U.S. PRESIDENT IMPEACHMENTS: WHAT DOES HISTORY TELL US?
(Bloomberg Opinion) -- Massive infrastructure projects are almost always delivered late and over budget. The bill for London’s Crossrail project has risen to 17.6 billion pounds ($21.9 billion), while the country’s north-south HS2 rail link may end up costing an unfathomable 88 billion pounds.Even so, there’s a place in budgetary hell reserved for new nuclear power plants, for whom financial commitments and completion dates seem to be entirely malleable concepts (at least outside China).A pair of reactors under construction at Hinkley Point in the west of England are a case in point. The project’s chief backer Electricite de France SA warned on Wednesday of up to 2.9 billion pounds in cost overruns, meaning the bill could rise to a whopping 22.5 billion pounds. The risk of delays has also increased.The hope is that Hinkley will start delivering power at the end of 2025 and will then supply about 7% of the country’s electricity. But in view of previous delays, EDF’s assurances on this are about as cast-iron as a soggy croissant.When British trains are delayed, rail companies are known to blame the wrong kind of snow, leaves or even sunlight. EDF says “challenging ground conditions” caused the latest setback, which is worrying because you’d think digging a hole would be the easy bit.EDF’s setbacks at Hinkley are far from isolated. It has yet to get other nuclear projects using the same advanced reactor design up and running in Europe — projects in Finland and France are delayed too — and it’s facing troubling questions about technical flaws in existing French plants. The company’s struggles, which have precipitated a 27% decline in the stock this year, present a strong argument for rethinking its structure. A tentative plan to nationalize its nuclear activities and spin off its renewables and distribution networks makes more sense by the day.The cost overruns at Hinkley are a reminder too that those still hoping giant new nuclear power plants will help solve the climate crisis may be sorely disappointed. The power Hinkley will deliver, if it’s ever completed, is ludicrously expensive, even if the benefit to EDF is less now that it’s having to shoulder higher construction costs. EDF’s contract with the U.K. government guarantees a price of 92.50 pound per megawatt-hour (in 2012 prices). Last week companies competing to deliver offshore wind in the U.K. were happy to do so for about 40 pounds a megawatt hour.To be clear, it’s wise to keep existing nuclear plants running as long as possible. HBO’s dramatization of events at Chernobyl was chilling but nuclear power has a pretty decent safety record and it doesn’t produce carbon. Cutting carbon emissions to net zero is an epochal challenge and we have precious little time to do it. Decommissioning nuclear plants now, as Germany is doing, is wrong-headed because fossil fuels will have to take up some of the slack.New nuclear plants, especially the large and expensive ones EDF wants to build, are another matter. The best that could be said for Hinkley was that it would provide a valuable learning experience, building up technical knowledge and supply chains that would allow future projects to be built much more cheaply. Unfortunately the lesson could turn out to be just the opposite: New nuclear power plants won’t save us.To contact the author of this story: Chris Bryant at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
* EDF falls as co flags rising Hinkley Point costs Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Green government policies, low interest rates, rising importance of ESG (environmental, social and governance) and lower construction costs are seen as factors making the capital-intensive utility sector attractive, according to Bank of America Merrill Lynch (BAML). Apart from policies, decarbonisation and low interest rates, the ESG theme is also playing out well for the sector with 44% of asset owners expected to increase their allocation to ESG-compliant stocks.
* EDF falls as co flags rising Hinkley Point costs Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Losses across Europe are deepening as investors fret about the impact of the impeachment probe into Trump, setting the major bourses on course for their biggest one-day drop in six weeks. The main worry among traders is that extended upheaval on the Capitol Hill will distract lawmakers and chief of the world's No. 1 economy, potentially disrupting negotiations to end the prolonged trade spat with China.