Areva posts loss, announces close of solar business

 

Shares in Areva closed 20 percent lower on Friday as the French nuclear group posted a first-half loss and announced it was dropping its solar business.

Cost overruns, delays, and the 2011 nuclear accident and the Fukushima Daiichi plant in Japan all helped stagnate Areva’s sales of its European Pressurized Reactor (EPR) technology since 2007, according to Reuters. Areva said in the article that it hoped France’s EDF would get permission from the European Union competition authorities to build two Areva reactors in Britain.

Areva said in Reuters it would close its concentrated solar power business and would write down 373 million euros ($500.6 million) on the business and listed an operating loss of 305 million euros ($409.3 million). About 100 solar jobs will be cut in the U.S. and India.

The company also said in Reuters that it would cut 1,500 jobs in Germany by the end of 2015 and 200 U.S. jobs this year. Revenue decreased 12.4 percent to 3.89 billion euros ($5.2 billion) and earnings before interest, tax, depreciation and amortization (EBITDA) decreased to 226 million euros ($303.3 million) from 487 million euros ($653.6 million).

Sponsored by FLSmidth

Related Articles

Wind energy project phase gains $300mn financing

Goldwind USA received $300 million financing for the second phase of a wind power project in Panama.

Southern Company subsidiary to expand solar projects in Georgia

Southern Company (NYSE: SO) subsidiary Southern Power plans to develop a 131-MW photovoltaic (PV) solar project in Georgia.

Follow Power Engineering on Twitter

Latest News

Shutterstock coal production trucks

Weekly Coal Production

The Weekly Coal Production shows how much coal is being produced across the U.S.

Federal Reserve Bank of Dallas Weekly Economic Indicators financial business

The Federal Reserve Bank of Dallas' Economic Indicators

The Federal Reserve Bank of Dallas offers a glimpse into how the markets are doing domestical...

Kvaerner awarded contract for gas-fired power plant in Delaware

Kvaerner North American Construction Inc. and its joint venture partner, Parsons Brinckerhoff...

Canadian Solar purchases two solar projects

Canadian Solar Inc. has acquired a majority interest in two utility-scale solar power project...

Operators Restart Unit 2 at PPL Susquehanna

Unit 2 at the PPL Susquehanna nuclear power plant near Berwick, Pa. resumed generating electr...

Settlement agreement limits cost recovery at Edwardsport

The Indiana Utility Regulatory Commission (IURC) on Dec. 27 modified and approved a settlemen...

Toshiba in talks to sell portion of Westinghouse nuclear unit

Toshiba Corp is in talks  to sell up to 16% of its stake in the Westinghouse Electric Co...

Utah nixes nuclear waste storage facility

Plans to park radioactive waste at a storage facility in Utah have been officially called off.

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover

Products Showcase

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Industry Wire News

Rockdale Resources Enhances Operations, Implements Cost Reductions and Changes Board Composition

Rockdale Resources Enhances Operations, Implements Cost Reductions and Changes Board Co...

Cardinal Energy Group, Inc.: Bradford Lease Drilling Report

Cardinal Energy Group, Inc.: Bradford Lease Drilling Report

MDU Places Dakota Natural Gas Pipeline on Hold, an Industrial Info News Alert

MDU Places Dakota Natural Gas Pipeline on Hold, an Industrial Info News Alert

Top Industrial Market News Stories for the Third Week of December 2014, an Industrial Info News Alert

Top Industrial Market News Stories for the Third Week of December 2014, an Industrial I...

American Leisure Holdings, Inc. Reports on Wholly Owned Subsidiary Financials

American Leisure Holdings, Inc. Reports on Wholly Owned Subsidiary Financials

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>