October 27, 2017 / 5:48 PM / a year ago

French power group EDF lowers 2017 earnings and nuclear output targets

The logo of France's state-owned electricity company EDF is seen on the company's headquarters in Paris, France, November 24, 2016. REUTERS/Charles Platiau

PARIS (Reuters) - French state-controlled power group EDF (EDF.PA) lowered its 2017 targets for nuclear power output and for earnings before interest, tax, depreciation and amortisation (EBITDA), following restart delays at its Tricastin nuclear plant.

EDF said it was revising its 2017 nuclear output target down to 383-387 terrawatt-hour (TWh), compared to a previous revised target of 385-392 TWh.

It also cut its 2017 EBITDA target down to 13.4-14.0 billion euros ($15.5 billion-$16.2 billion), compared to an earlier EBITDA target range from 13.7-14.3 billion euros previously.

EDF said that work to strengthen the dike located to the north of the Tricastin nuclear plant had been completed on Oct. 27, and that the French ASN nuclear regulator and the ASN’s IRSN technical arm were currently examining the situation.

The company said it remained focussed on reaching a 2017 EBITDA above 13.7 billion euros and a financial net debt/EBITDA ratio at or below 2.5.

Reporting by Sudip Kar-Gupta; Editing by Bate Felix

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