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EDF extends nuclear fleet depreciation period, books H1 impairments
July 29, 2016 / 5:55 AM / a year ago

EDF extends nuclear fleet depreciation period, books H1 impairments

PARIS, July 29 (Reuters) - EDF has decided to extend the depreciation period of part of its French nuclear fleet to 50 years from 40, which will boost its bottom-line profit, the French state-controlled utility said.

EDF said that the extension of the depreciation period of its 900 megawatt series reactors - excluding one in Fessenheim - boosted first-half net income excluding non-recurring items by 300 million euros and would boost full-year net by 600 million euros.

An EDF spokeswoman said the extension concerns 32 of EDF’s 58 reactors.

EDF said first-half core earnings before interest, tax, depreciation and amortisation (EBITDA) were nearly stable at 8.9 billion euros. Net income fell 17.2 percent to 2.1 billion euros due to asset impairments.

The group maintained its 2016 earnings guidance for the EBITDA earnings measure at between 16.3 billion and 16.8 billion euros. (Reporting by Geert De Clercq; Editing by Andrew Callus)

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