France's EDF to withdraw from some overseas projects, cut jobs
EDF
is cutting its headcount overseas and scrapping bids on some
nuclear projects
abroad as it focuses on a major construction programme at home under new CEO
Bernard Fontana
, said two sources familiar with the matter.
France, once a global leader in nuclear energy and Europe's largest nuclear power producer, is pulling back at a time of global calls for
nuclear expansion
, opening the door to new players as high costs and design issues hurt its ability to compete internationally.
Fontana was appointed in April to take over the state-run utility after the government became increasingly frustrated with EDF's slow progress in revamping the French nuclear fleet.
The new chief executive told a parliamentary hearing on his nomination that he would focus on developing the company's domestic nuclear projects rather than its international business, which employs hundreds of people and has previously built reactors in China, Finland and Britain.
He has outlined changes to the overseas business in recent weeks, said the sources, including pulling back from some bids to build reactors outside Europe.
The company will focus on tenders for nuclear projects in the Netherlands, Sweden and Finland, where it has a higher chance of winning the bids, said an industry source familiar with the plans.
It will also de-prioritise projects in Poland, India, Canada and elsewhere outside Europe, the person said.
Reducing its international footprint will allow it to cut costs and redirect people to higher-priority projects, said another industry source familiar with the situation.
EDF's recent
international projects
have faced long delays and cost overruns. Last year it lost out to South Korea's KHNP in a bid for two new reactors in the Czech Republic.
Fontana will also reduce headcount on the international sales team, said the sources, with one saying there are plans to cut about 60 jobs, including 10 managers.
No decision has been made, EDF said.
The group continues its international activities while remaining attentive to the profitability of its commitments, the company said.
Europe has always been its first priority and it is focusing on strengthening its European supply chains, a spokesperson for the company said.
"The new French nuclear programme is the group's priority," said an official in Prime Minister Francois Bayrou's office.
President Emmanuel Macron announced plans in early 2022 for six new
French reactors
to replace ageing plants and secure future energy supplies, with costs estimated at 67 billion euros ($78.7 billion), according to a media report last year.
The company is heavily indebted, however, after expensive repairs to its nuclear fleet in recent years.
EDF is also looking to sell some of its
renewable energy assets
in North America and Brazil.
The company's subsidiaries Framatome and Arabelle, which produce reactor parts, will continue to bid to supply international projects, such as the AP 1000 in Canada, one of the sources added.
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