French nuclear agency to sell Areva stake

PARIS, FRANCE - The French state nuclear agency aims to sell 25 per cent of Areva, the biggest builder of nuclear reactors, to help pay for decommissioning of old facilities, according to its chief executive.

Commissariat l'Energie Atomique (CEA), which owns 79 per cent of Areva, needs about ($7.2bn), from the sale to decommission old laboratories and equipment as required by French law.

Areva, based in Paris, would also need to sell new shares to extend its uranium mining business and ride the global revival in nuclear energy, he said.

The stake sale would be part of a broad shake-up of the French nuclear industry. President Nicolas Sarkozy has asked the finance ministry to review all possible options for Areva, including selling shares to the public or merging it with the power stations maker Alstom.

The state directly or indirectly owns 93.4 per cent of Areva, of which CEA holds the bulk.

The final decision on the stake sale will come from the government. The state would want to keep a golden share, or an equivalent controlling mechanism, in units that were of strategic importance to France, Bugat said.

These include Areva's nuclear submarines units and the whole nuclear fuel supply chain, from uranium mining to fuel recycling, he said.

Companies like Areva and Westinghouse Electric of the United States, now owned by Toshiba of Japan, are vying for a bigger piece of a market that is expanding as countries from Britain to China plan to build more nuclear reactors to reduce reliance on crude oil and gas.

Related News

florida-power-faces-controversy-over-hurricane-rate-surcharge

Florida Power & Light Faces Controversy Over Hurricane Rate Surcharge

MIAMI - In the aftermath of recent hurricanes, Florida Power & Light (FPL) is under scrutiny as it implements a rate surcharge to help cover the costs of restoration and recovery efforts. The surcharges, attributed to Hurricanes Debby and Helene, have stirred significant debate among consumers and state regulators, highlighting the ongoing challenges of hurricane preparedness and response in the Sunshine State.

Hurricanes are a regular threat in Florida, and FPL, as the state's largest utility provider, plays a critical role in restoring power and services after such events. However, the financial implications of these natural disasters often leave residents…

READ MORE
powerlines

Smart grid and system improvements help avoid more than 500,000 outages over the summer

READ MORE

beaver nuclear plant

Nuclear plants produce over half of Illinois electricity, almost faced retirement

READ MORE

chester-county-landfill-converts-methane-to-renewable-gas

Chester County Landfill Converts Methane to Renewable Gas

READ MORE

alberta-rising-electricity-prices

Alberta's Rising Electricity Prices

READ MORE