A rebound in nuclear and hydroelectric production helped French power company EDF push operating profits higher last year, it said Friday while remaining cautious about the outlook for 2019.

Operating profit climbed by 11 percent to 15.3 billion euros ($17.2 billion), slightly higher than the consensus of analyst forecasts compiled by data firm FactSet.

Net profit plunged by nearly 63 percent to 1.2 million euros, but the company had booked exceptional gains in 2017.

"We promised a rebound, we have delivered that rebound," chief executive Jean-Bernard Levy told journalists.

The improvement was driven by a 3.7 percent increase in nuclear production to 393.2 terawatt-hours, coming off a difficult 2017 marked by numerous shutdowns for security issues.

Hydroelectric output climbed by a quarter as ample snow and rain swelled reservoirs.

The 46.5 terawatt-hours produced was a 15-year high.

For 2019, EDF is being cautious, forecasting operating profits remaining stable at 15.3 billion or increasing as far as 16 billion euros. That outlook is based on a slight increase in nuclear output.

Levy, whom the state endorsed on Thursday for another term as chief executive, said he would make by the end of the year proposals to reorganise the company.

The French state, which owns nearly 84 percent of EDF, last year told the firm it would have to shut down 14 reactors by 2035 to meet the government's goal to reduce nuclear's share of electricity output to 50 percent, and encouraged EDF to consider reorganising its operations in order to meet that objective.

jmi/rl/nla

EDF - ELECTRICITE DE FRANCE

Related Links
Nuclear Power News - Nuclear Science, Nuclear Technology
Powering The World in the 21st Century at Energy-Daily.com

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

Storage of nuclear waste a 'global crisis': report
Paris (AFP) Jan 30, 2019
Nuclear waste is piling up around the world even as countries struggle to dispose of spent fuel that will remain highly toxic for many thousands of years, Greenpeace detailed in a report Wednesday. An analysis of waste storage facilities in seven countries with nuclear power revealed that several were near saturation, the anti-nuclear NGO said. All these nations also confronted other problems that have yet to be fully contained: fire risk, venting of radioactive gases, environmental contaminatio ... read more