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

 GDF Suez wants Areva to deliver nuclear reactors, wind turbines

GDF Suez wants Areva to deliver nuclear reactors, wind turbines

GDF Suez says it received guarantees from Areva for planned nuclear reactors in Turkey and wind turbines in France.

 Governors looking to expand renewable energy, natural gas

Governors looking to expand renewable energy, natural gas

The governors of Massachusetts, Connecticut and Rhode Island are joining forces to look for ways to increase the region's reliance on renewable energy sources while also expanding natural gas capacity.

Follow Power Engineering on Twitter

Latest News

02-25 Henry Hub Average Natural Gas Spot Prices

02/25 Henry Hub Average Natural Gas Spot Prices

The Henry Hub is the pricing point for natural gas futures contracts traded on the New York M...
 GDF Suez wants Areva to deliver nuclear reactors, wind turbines

GDF Suez wants Areva to deliver nuclear reactors, wind turbines

GDF Suez says it received guarantees from Areva for planned nuclear reactors in Turkey and wi...
 CB&I: We’re not liable for $247mn nuclear power project penalties

CB&I: We’re not liable for $247mn nuclear power project penalties

Chicago Bridge & Iron (CB&I, NYSE: CBI) say they should not be liable for any of the ...
 Siemens upgrades I&C system of GE steam turbines for first time

Siemens upgrades I&C system of GE steam turbines for first time

Siemens (NYSE: SI) received an order to upgrade the instrumentation & controls (I&C) ...
 Weekly Coal Production

Weekly Coal Production

The Weekly Coal Production Report has been updated for the week ended February 21, 2015.

 North Dakota coal production increases 4 percent in 2014

North Dakota coal production increases 4 percent in 2014

North Dakota is known for its booming oil fields, but coal mining in the state also is a heal...
 Spanish company buying US utility serving northeast for $3B

Spanish company buying US utility serving northeast for $3B

Spain's leading electricity and natural gas utility, Iberdrola, says it will buy the northeas...
 Ohio utility regulators reject AEP plan for coal plants

Ohio utility regulators reject AEP plan for coal plants

Ohio utility regulators have rejected an American Electric Power proposal to guarantee profit...

Power Engineering Current Issue

02/01/2015
Volume 119, Issue 2
1502PE-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 | 2014 | 2015

Power Industry Wire News

Western Gas to Present at Upcoming Barclays Investment Grade Energy and Pipeline Conference

Western Gas to Present at Upcoming Barclays Investment Grade Energy and Pipeline Confer...

PetroQuest Energy, Integrated Environmental Technologies and Nighthawk Energy Discuss 2015 Strategy in Exclusive Video Interviews With EnerCom's Oil & Gas 360(R)

PetroQuest Energy, Integrated Environmental Technologies and Nighthawk Energy Discuss 2...

SEACOR Holdings Announces Results for Its Year and Fourth Quarter Ended December 31, 2014

SEACOR Holdings Announces Results for Its Year and Fourth Quarter Ended December 31, 2014

Western Gas Partners, LP and Western Gas Equity Partners, LP Annual Reports Available

Western Gas Partners, LP and Western Gas Equity Partners, LP Annual Reports Available

Vivakor Signs MOU to Acquire Oil Sands Designated Leased Property in Utah

Vivakor Signs MOU to Acquire Oil Sands Designated Leased Property in Utah

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 >>