French power workers on strike will carry out “significant” capacity cuts at power plants from Thursday with cuts expected to go well beyond 10,000 MW, said a CGT energy union official. The CGT energy union and the energy arm of the Force Ouvriere union are urging power workers to join another French general strike from midnight on Wednesday in protest at a government-backed labour bill. Unions are also urging strike action against a series of measures they argue will damage utility EDF, including the planned sale of permits for French hydropower capacity, the Hinkley Point nuclear project in the UK and the planned closure of the Fessenheim nuclear power plant in France. Capacity cuts at French power plants would be “significant”, and likely go above 10,000 MW, but it was difficult to estimate the level of output reductions as this would depend on decisions taken by workers at each plant, CGT energy official Dominique Pani told Montel.
Montel 25th May 2016 read more »
The French government is weighing up a sale of its stake in Peugeot owner PSA Group to help fund a 3bn euro aid package for energy group EDF, which is building the controversial Hinkley Point nuclear project in the UK. People close to the situation have told the Financial Times that the state’s shareholding in the carmaker is a candidate for a sale or partial sale, as part of a wider review of the government’s corporate holdings. The government needs to raise billions after promising last month that it would provide three-quarters of the 4bn euro that EDF is seeking in a capital raising. It has already promised to participate in a 5bn euro capital raising for Areva, the troubled French nuclear reactor maker. Through its holding company APE, the government currently owns more than 60bn-euro worth of assets and has investments in 14 listed French group s and is looking for ways they can be used to raise money. Other ways to raise money for the French nuclear industry are already being pursued by the government. Sales of the airports in Nice and Lyon have already been announced, and two people close to the talks said the government is hoping to raise between €1.5bn and €1.8bn from the two.
FT 25th May 2016 read more »