French power group EDF upgrades 2021 core earnings target

French state-controlled power group EDF on Wednesday raised its 2021 earnings before interest, tax, depreciation and amortisation (EBITDA) target, given its new estimate for nuclear output in France.

EDF said it was now expecting an EBITDA of more than 17.7 billion euros ($20.9 billion), up from a previous target of more than 17 billion.

EDF is currently at the centre of possible reforms envisaged for the company, although the pathway for France to restructure power group EDF before the 2022 presidential election has narrowed dramatically with only a tiny legislative window left.

The reform of EDF - originally codenamed “Project Hercules” - envisages placing its profitable renewables business in a different entity so it could flourish, unburdened by the debt-laden nuclear assets which would be parked in their own entity.

However, trade unions fiercely oppose anything that resembles a break-up of EDF, while European anti-trust regulators worry that if the businesses are not fully split, one part could subsidise the other.

 

Source: French power group EDF upgrades 2021 core earnings target | Reuters

 

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