EdF to boost nuclear decommissioning fund

7 September 2005

Electricité de France (EdF) intends to accelerate the development of a dedicated nuclear decommissioning fund ahead of the planned part privatisation of the state-owned group.

The fund for future decommissioning costs will see its coffers boosted by €2.7 billion in 2006, compared with €300 million in 2005. From 2007 to 2010, EdF plans to add a further €2.3 billion annually.

The efforts to bolster the fund, which currently stands at around €3 billion, are part of a broad strategy by the company to resolve liabilities and improve the balance sheet ahead of the government divestment.

The government hopes to float part of the company, possibly this autumn, in a share issue that is expected to raise as much as €11 billion. However, shareholders are inevitably going to question the source of funds for upcoming decommissioning costs that may lie decades away.

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