EDF pledged on Tuesday to deliver positive cash flow next year before it has to invest in upgrading its ageing French nuclear plants and building new reactors in Britain. The French utility, which is 85-percent state-owned, made the commitment as it posted a 6.7 percent fall in 2016 core earnings to 16.41 billion euros following the temporary closure of about a third of its French reactors last year for safety checks. EDF has been wrestling with heavy debts and has had to borrow just to pay dividends for several years. It had negative cash flow of 1.6 billion euros last year, and 2.1 billion euros in 2015. CEO Jean-Bernard Levy said that cost savings, asset sales, lower investments and a state-funded capital injection will boost EDF’s finances by next year. “The year 2018 will be the year of the rebound,” he said. EDF needs to finance the 18 billion pound (21.15 billion euros) build of two nuclear reactors in Hinkley Point, Britain and a 50 billion euro upgrade of its French nuclear stations over the next decade.
Reuters 14th Feb 2017 read more »