EDF lowers 2012 forecast for nuclear electricity output in France
French incumbent generator EDF has revised down its target for nuclear electricity production for 2012 to about 415TWh from 420-425TWh, the group's half-year results show.
The company blamed nuclear output in June and supplementary works in the second half of 2012 for the lower forecast from the one made in February this year in its 2011 results (see EDEM 16 February 2012).
Data supplied to system operator RTE show forecast nuclear availability for the current week is about 1.6GW lower compared with the same period last year, at 42.1GW.
The 415TWh target is still at the top end of the range for last year's target of 408-415TWh, although EDF's actual nuclear production for 2011 slightly exceeded the target, reaching 421TWh.
Overall nuclear output was 10.6TWh lower year on year, but the shortfall was partially offset by a 5.9TWh increase in hydropower, the company said, although no production figures were given. Hydro stocks in France are just fractionally below the average level over the past five years (see EDEM 26 July 2012).
Nuclear output in the UK was also lower year on year, dropping by 1.2TWh. However, EDF said it remains on target to produce 55TWh in 2012 from its nuclear fleet in the country.
Falling margins pressured the performance in Italy, EDF said, in a similar vein to takeover target Edison (see EDEM 29 June 2012). The latter company pointed at negative spark spreads in the first six months of the year in its half-year results (see EDEM 30 July 2012).
Net income in the first half of the year was €2.8bn, a year-on-year increase of 4.6%. "Higher hydropower and renewable energy output partially offset lower nuclear output due to planned outages and more numerous outage extensions over the period in France," said EDF chairman and CEO Henri Proglio. FOR
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