EDF Slumps to Seven-Week Low on Opposition Plan to Shut 24 Reactors

By Tara Patel – Nov 16, 2011

Electricite de France SA slumped to a two-month low in Paris trading after the opposition Socialist and Green parties united to campaign for the closure of 24 nuclear reactors by 2025 in next year’s presidential elections.

EDF, operator of the country’s 58 reactors, slid 4.4 percent to 19.83 euros, the lowest since Sept. 13. The shares are down 35 percent in the year to year.

“France would significantly damage its power self- sufficiency,” Damien de Saint Germain, an analyst at Credit Agricole CIB Research, said in a report. Halting the reactors could cut EDF’s annual earnings before interest, tax, depreciation and amortization by as much as 4.9 billion euros ($6.6 billion), the report said.

France’s reliance on nuclear energy has been called into question by opposition politicians and environmental groups since the Japanese atomic disaster at Fukushima in March. The meltdown already spurred Germany to shut down some reactors and announce plans to withdraw from nuclear power by 2022.

The two opposition parties agreed to campaign for the shutdown of 24 nuclear reactors by 2025 and the immediate halt of the oldest plant at Fessenheim. The Greens favor a complete halt of France’s nuclear reactors, which provide more than three quarters of the country’s power, while Socialist candidate Francois Hollande has called for the lowering of France’s dependence on atomic power to 50 percent by 2025.
‘Real Break’

“There will be a real break, a change in France’s energy policies,” Cecile Duflot, national secretary of the Europe Ecologie-Les Verts party, said today on Canal Plus television.

The parties failed to agree on the future of EDF’s so- called EPR atomic reactor under construction in Normandy, which the Greens want stopped and the Socialists would maintain. The parties, which reached their accord late yesterday, also didn’t reach an agreement on phasing out fuel recycling to make so- called MOX fuel, Socialist lawmaker Manuel Valls told France Info radio.

“The perspective of getting out of nuclear isn’t in the text” of the agreement, Valls said, reiterating Hollande’s plan to lower France’s dependence on atomic power to 50 percent.

Debate in France has intensified in recent weeks about the consequences of a shutdown of EDF’s existing nuclear reactors in the coming decades.
‘Absolute Regression’

“It’s unbelievable and an absolute regression,” French Industry Minister Eric Besson said in response to the proposal, which would “destroy” the country’s nuclear industry.

Besson and the power-industry lobby including EDF have predicted that extra costs, higher power prices and lost jobs would result from Hollande’s proposal. French President Nicolas Sarkozy has reiterated support for more nuclear investment.

Anti-nuclear organizations criticized the accord today as not going far enough in calling for the halt to construction of the EPR at Flamanville as well as production of MOX fuel, or plutonium-uranium mixed oxide, which is used in some French reactors. French reactor builder Areva SA is the biggest maker of MOX, which comes from recycled spent nuclear fuel.

“The nuclear lobby has shown once more how powerful it is in directly influencing an accord between two political parties,” Greenpeace said in a statement. MOX production “is the most polluting, dangerous and controversial in the nuclear assembly line.”
‘Serious Consequences’

Areva warned the Socialists of the “serious consequences” for thousands of jobs if fuel treatment and MOX production businesses were halted, according to an Agence France-Presse report, citing an unnamed spokesman at the company.

Criticism of the plans also came from the Confederation Generale du Travail labor union, which represents most workers in the energy industry.

The economic, environmental and social repercussions of the proposal if implemented would be “disastrous,” the CGT said in a statement. Shutting reactors would be a “huge industrial waste” and lead to a doubling of power prices, the union said.

Sarkozy’s approval rating rose four percentage points in November to 34 percent while Hollande lost three points to 53 percent, according to an OpinionWay poll for Metro published Nov. 14. The survey was carried out from Nov. 4 to Nov. 9.

One comment

  • Nuclear Power: Anathema to the New World Order


    One of the greatest advances made by man was the discovery of nuclear energy as a source of cheap and safe electricity. It promised to transform the world within a time frame of a maximum of three decades. In order to understand world events in both the areas of politics and economics, one must have a thorough understanding of religion and secret societies which play a leading role in world events. Secret societies, more so in 2008 than ever before, greatly influence the course of momentous events. The rich and the powerful belong to secret societies that most ordinary people have never, even heard about, and it comes as a surprise to many to find out that such notable personages the Elizabeth, Queen of England is a member of a number of them, all of which play a big role in shaping the course of events.

    Nuclear power generated electricity is particularly hated by the leaders of secret societies, the men the Bible calls “spiritual men who walk in darkness and whose deeds are evil.” The Bible foreshadowed the coming of plague pandemics such as AIDS and SARS, ordained for the world’s “excess” population diminution by these leaders. Nuclear power is hated by the elite because it brings new hope to millions of people who will aspire to a better life once nuclear power is running and available in every city and town throughout the world. The very poor, the downtrodden and the unwanted see new hope in nuclear generated power, as the book goes to some length to explain, the very thing the Illuminati members are so much against. They don’t want an extension of life for those who would otherwise die at a very early age in such countries and India and China.

    The book makes it clear that if nuclear power is allowed to reach its full capacity and its full promise, the world will take on a new lease of life that will be of unmatched benefit to all people of all nations. It also makes it clear why there are powerful people who see this as an unmitigated disaster and who will do all in their considerable power to prevent nuclear power coming into full flower.

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