ElectricitÃ© de France - Finlabo Research Equity Report: Fundamental and Technical Analysis and 6 months performance forecast
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Enel SpA Informs Electricite de France SA Strategic Partnership Agreement Termination for European Pressurized Reactor Nuclear Power Plant Project in France
Enel SpA announced that, on December 4, 2012, it has notified Electricite de France SA (Edf) the exercise of its Exit Right on its participation in the EPR (European Pressurized Reactor) nuclear power plant project in Flamanville, Normandy (Flamanville 3) and in another five power plants to be built in France using the same EPR technology, thus terminating the Strategic Partnership Agreement the two companies signed in November 2007. By exiting the Flamanville 3 project, Enel will be reimbursed the prepaid expenses related to its 12.5% stake in the project for an overall amount of approximately EUR 613 million plus accrued interests. Flamanville 3 has encountered construction cost over-runs and delays. This is compounded by a drop in power demand and the uncertain time frame for other nuclear investments in France. Moreover, the referendum in Italy in June 2011 that opposed the development of nuclear energy in Italy has diminished the strategic relevance of the overall partnership framework. The termination of the Agreement determines also the foreclosure of the Anticipated Capacity contracts which were linked to the above mentioned stakes in the EPRs to be constructed, for a total amount of 1,200 MW in 2012. The overall amount of the energy supplied by Edf to Enel as Anticipated Capacity will be gradually reduced to 800 MW and 400 MW during the first and second years respectively and will be phased out in the third year from the termination date.
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