Michele Kearney's Nuclear Wire: Government of France

Showing posts with label Government of France. Show all posts

Wednesday, December 22, 2010

Kuwait boosts stake in French nuclear giant Areva

Paris (AFP) Dec 11, 2010 Areva on Saturday approved a 900-million-euro (1.17 billion dollars) capital hike under which the Kuwait Investment Authority will hold nearly five percent stake in the French nuclear giant. The recapitalisation values the strategically important Areva at 11.5 billion euros, of which the Kuwaiti fund (KIA) will now control 4.8 percent.
"The group's supervisory board, meeting today under the chairmanship of Jean-Cyril Spinetta, examined and approved the launch of a reserved capital increase of 900 million euros, representing 7.2 percent of its share capital at the completion of the transaction," a statement said.
It said Kuwait would supply two-thirds of the capital hike and the French state the remaining third at 300 million euros.
Areva said its outlook for 2012 included a revenue of 12 billion euros and "a double-digit operating margin."
The French government holds 93 percent of Areva -- set up in 2001 -- and discussions about attracting other investors, including Qatar and Japan's Mitsubishi, have been underway for some time.
Areva's repeatedly delayed capital increase is aimed at funding its investment plans through to 2012 and had to be concluded by the end of the year.
Talks foundered with Qatar and Mitsubishi, a major player in nuclear power generation, meaning the French state had to contribute 300 million euros to the recapitalisation in order to make the end of year deadline.
Besides building nuclear power plants, Areva last year emerged as the world's largest miner of uranium, offering a complete range of services across the sector from fuel to energy production.

Wednesday, December 15, 2010

Kuwait boosts stake in French nuclear giant Areva

http://www.nuclearpowerdaily.com/reports/Kuwait_boosts_stake_in_French_nuclear_giant_Areva_999.html Paris (AFP) Dec 11, 2010 Areva on Saturday approved a 900-million-euro (1.17 billion dollars) capital hike under which the Kuwait Investment Authority will hold nearly five percent stake in the French nuclear giant. The recapitalisation values the strategically important Areva at 11.5 billion euros, of which the Kuwaiti fund (KIA) will now control 4.8 percent.
"The group's supervisory board, meeting today under the chairmanship of Jean-Cyril Spinetta, examined and approved the launch of a reserved capital increase of 900 million euros, representing 7.2 percent of its share capital at the completion of the transaction," a statement said.
It said Kuwait would supply two-thirds of the capital hike and the French state the remaining third at 300 million euros.
Areva said its outlook for 2012 included a revenue of 12 billion euros and "a double-digit operating margin."
The French government holds 93 percent of Areva -- set up in 2001 -- and discussions about attracting other investors, including Qatar and Japan's Mitsubishi, have been underway for some time.
Areva's repeatedly delayed capital increase is aimed at funding its investment plans through to 2012 and had to be concluded by the end of the year.
Talks foundered with Qatar and Mitsubishi, a major player in nuclear power generation, meaning the French state had to contribute 300 million euros to the recapitalisation in order to make the end of year deadline.
Besides building nuclear power plants, Areva last year emerged as the world's largest miner of uranium, offering a complete range of services across the sector from fuel to energy production.

Wednesday, September 29, 2010

France's EDF designs reactor to challenge Areva: report

http://www.nuclearpowerdaily.com/reports/Frances_EDF_designs_reactor_to_challenge_Areva_report_999.html Paris (AFP) Sept 28, 2010 French electricity generator EDF is working on two new nuclear reactor designs of its own which could rival those made by Areva, the world's biggest atomic energy company, the Expansion magazine said. In a report to appear Wednesday, Expansion said EDF is "looking at its own series of reactors," power rated at 1,000 and 1,500 Megawatts, which if finalised could be competition for Areva's third generation European Pressurised Reactor (EPR) and its Atmea design.
Developed with Germany, the EPR has a power rating of 1,650 Megawatts but the design has been dogged by problems. In July EDF announced there would be a two-year delay and cost increases for a plant being built by Areva at Flamanville, northern France.
An EPR under construction in Finland by Areva has also been hit by delays and cost over-runs.
"We are not dropping the EPR but we do not want to put all our eggs in one basket," Expansion quoted a source close to EDF head Henri Proglio as saying.
At the same time, "it is true seen from the outside that it could be interpreted differently -- we and Areva are unable to combine our engineering resources," the source added.
EDF declined to comment when asked about the report.
Relations between EDF and Areva have grown strained and on Monday, La Tribune daily reported that the government wanted EDF to increase its stake in Areva from 2.4 percent to 10-15 percent.
The French government wants to consolidate the French nuclear power industry, a key factor in the national economy, and the newspaper said that these efforts were being given new impetus.
The French state owns 85 percent of EDF which provides most of the electricity used in France generated from one of the world's largest nuclear power networks.