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EDF to keep four UK nuclear plants open for years longer | |
(35 minutes later) | |
French energy firm EDF will extend the life of four of its eight nuclear power plants in the UK. | |
The move will safeguard 2,000 jobs and help with tight energy supplies. | The move will safeguard 2,000 jobs and help with tight energy supplies. |
Heysham 1 and Hartlepool will have their life extended by five years until 2024, while Heysham 2 and Torness will see their closure dates pushed back by seven years to 2030. | |
Meanwhile, EDF said its 2015 profits fell 68% to €1.18bn mainly due to writedowns on coal-fired plants. | |
The results were below analysts' expectations. | |
The value of plants in the UK, Italy, Poland and Belgium fell, and the company also took charges on its Edison oil and gas exploration business. | |
EDF will cut its dividend by 15 cents to €1.10 a share with an option for payment in new shares rather than cash. | |
Its shares have fallen almost 25% since the start of the year. | |
Nuclear extension | |
EDF said its decision to extend the life of its plants followed "extensive technical and safety reviews". | |
Chief executive Vincent de Rivaz said: "Our continuing investment, our expertise and the professional relationship we have with the safety regulator means we can safely prolong the operating life of our nuclear power stations. | |
"Their excellent output shows that reliability is improving whilst their safety and environmental performance is higher than ever." | "Their excellent output shows that reliability is improving whilst their safety and environmental performance is higher than ever." |
The four nuclear plants employ about 2,000 permanent staff and 1,000 contractors. | The four nuclear plants employ about 2,000 permanent staff and 1,000 contractors. |
They provide electricity to about a quarter of the UK's homes. | They provide electricity to about a quarter of the UK's homes. |
The announcement comes amid concern about the amount of energy available to keep the lights on, due to the closure of many of Britain's ageing power plants. | The announcement comes amid concern about the amount of energy available to keep the lights on, due to the closure of many of Britain's ageing power plants. |
Meanwhile, EDF has yet to finalise the investment for a new nuclear plant to be built at Hinkley Point in Somerset. | Meanwhile, EDF has yet to finalise the investment for a new nuclear plant to be built at Hinkley Point in Somerset. |
It has agreed a deal in principle under which China General Nuclear Power Corporation (CGN) will pay a third of the cost of the £18bn project in exchange for a 33.5% stake. | It has agreed a deal in principle under which China General Nuclear Power Corporation (CGN) will pay a third of the cost of the £18bn project in exchange for a 33.5% stake. |
An EDF board meeting to approve the plan earlier this year is thought to have been postponed. Reports suggested the company was struggling to find the cash for its 66.5% stake. | An EDF board meeting to approve the plan earlier this year is thought to have been postponed. Reports suggested the company was struggling to find the cash for its 66.5% stake. |