Space Industry and Business News  
CIVIL NUCLEAR
EU investigates rescue of nuclear firm Areva
By Alex PIGMAN
Brussels (AFP) July 19, 2016


EU anti-trust regulators have opened an investigation into the restructuring of the French state-owned nuclear reactor builder Areva, the European Commission said on Tuesday.

The probe will "determine whether the French state's contribution to the financing of the Areva group's restructuring gave the company an unfair advantage not available to its competitors within the meaning of the EU rules on state aid," a statement said.

Problem-prone Areva, which is 87-percent owned by the French state, has faced severe difficulties since 2011, when the Fukushima disaster in Japan called nuclear power generation into question across the world.

Areva's woes were compounded by construction problems affecting its first EPR reactor in Finland -- now expected to open nine years late in 2018 -- putting company finances deep into the red.

In addition, Areva's former CEO Anne Lauvergeon has been charged in a case linked to the company's disastrous 2007 purchase of a Canadian uranium mining firm.

In April, Paris notified the EU Commission of a massive restructuring plan to save the national champion that included a 4.0-billion-euro ($4.4-billion) injection from the public coffers.

The plan also includes a proposal to divest major units of the company, including Areva's reactor unit to French energy giant EDF and Japan's Mitsubishi Heavy Industries.

"Given the size and importance of the restructuring of Areva, the Commission has to carefully assess that the restructuring plan is sound and that the state aid does not unduly distort competition in the Single Market," said EU Competition Commissioner Margrethe Vestager in a statement.

"Our aim is to ensure a sustainable future for Areva without the need for further government support," she added.

EDF, also majority-owned by the French state, agreed in June 2015 to purchase up to 75 percent of Areva's reactor unit at a valuation of around 2.7 billion euros, with the deal expected to be finalised in 2017.

"We are confident about the strength of our case," a spokesperson for the French economy ministry told AFP.

The probe should be wrapped up in time to finalise the rescue as planned by early 2017, the ministry added.

Areva did not respond to a request to comment.

France sees nuclear energy as a key national industry and the government has been closely involved in talks to restructure the sector.

The French state has already poured in billions to keep Areva afloat and thousands of French workers on the payroll.

Areva is also involved in the mining of uranium, primarily in Niger, and its processing into nuclear fuel.

bur-arp/ri

AREVA

MITSUBISHI HEAVY INDUSTRIES

EDF - ELECTRICITE DE FRANCE


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
Nuclear Power News - Nuclear Science, Nuclear Technology
Powering The World in the 21st Century at Energy-Daily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
CIVIL NUCLEAR
Iran says to cooperate with France on nuclear project
Tehran (AFP) July 12, 2016
Iran and France have agreed to cooperate on the multi-national nuclear fusion project known as ITER, the spokesman of Iran's Atomic Energy Organisation said on Tuesday. The announcement comes a year after Iran struck a nuclear deal with six world powers led by the United States to curb its nuclear programme in exchange for the lifting of international sanctions. Behrouz Kamalvandi told M ... read more


CIVIL NUCLEAR
'Green' electronic materials produced with synthetic biology

Exploring superconducting properties of 3-D printed parts

Learning from the mussel, scientists create a biologically active titanium surface

World's smallest hard disk stores data atom by atom

CIVIL NUCLEAR
SES Government Solutions Secures Contract for Thule Tracking Station DS3 Service

MUOS-5 secure communications satellite responding to ground control

How to Improve Enterprise Ground Services for Space

Testing Confirms Intelsat EpicNG Delivers a Whole New Ballgame

CIVIL NUCLEAR
SpaceX to launch key 'parking spot' to space station

Russia to Continue Rocket Engine Supplies to US Under Existing Contracts

India launches 20 satellites in single mission

LSU Chemistry Experiment Aboard Historic Suborbital Space Flight

CIVIL NUCLEAR
Twinkle, Twinkle, GPS

Like humans, lowly cockroach uses a GPS to get around, scientists find

Raytheon hits next-generation GPS milestone

China promises GPS system that's "reliable, safe and free"

CIVIL NUCLEAR
U.K. announces $2.3 billion Apache helicopter deal

Lockheed Martin gets $559 million for Lot 10 F-35s

Lessor to buy 30 Chinese planes 'for Indonesian airline'

China extends military wings with new transport plane

CIVIL NUCLEAR
Scientists glimpse inner workings of atomically thin transistors

Physicists couple distant nuclear spins using a single electron

Berkeley Lab scientists grow atomically thin transistors and circuits

Building a better bowtie

CIVIL NUCLEAR
SIIS started KOMPSAT-3A commercial services

Vision through the clouds

Experts call for satellite tech to be used in Africa's anti-poaching efforts

Sentinel-1 satellites combine radar vision

CIVIL NUCLEAR
E.Asian shipping emissions kill tens of thousands: study

India court orders old cars deregistered in smog-hit Delhi

Mexico to plant 18 million trees against pollution

Hong Kong takes aim at China for trash on beaches









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.