EDF weighs asset sales amid greater push for nuclear energy, FT reports
KUALA LUMPUR: French state-owned utility EDF's new chief is considering selling some assets as part of a portfolio review aimed at meeting government demands to ramp up investment in new nuclear reactors, the Financial Times reported on Wednesday.
Dalkia and Edison are among the business units that could be sold, the FT reported, citing people familiar with the matter. Renewable assets – except for EDF's hydraulic power projects – are also under consideration for divestment, it added.
France is nuclear energy's most prominent proponent in Europe, sourcing around 70 per cent of its electricity from nuclear power. EDF's nuclear fleet alone accounts for about 70 per cent of the country's electricity supply.
Bernard Fontana was nominated to be EDF's next chief executive officer in March after President Emmanuel Macron's administration lost patience with former chief Luc Remont over disagreements on electricity supply strategy and the financing of new, capital-intensive nuclear projects.
Fontana has told insiders he wants to assess which assets are unprofitable or no longer aligned with the group's strategic priorities, the FT said, adding that asset sales may follow the review. However, he has not yet determined which parts of the business should be sold.
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