Latest news with #ForrestCrellin
Time of India
6 days ago
- Business
- Time of India
France's EDF to withdraw from some overseas projects, cut jobs
Advt Advt Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. All about ETHRWorld industry right on your smartphone! Download the ETHRWorld App and get the Realtime updates and Save your favourite articles. By Forrest Crellin and Elizabeth PineauPARIS, - French energy company EDF is planning to cut its headcount overseas and scrap 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 , 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 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 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 has outlined changes to the overseas business in recent weeks, said the sources, including pulling back from some bids to build reactors outside 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 will also de-prioritise projects in Poland, India, Canada and elsewhere outside Europe, the person its international footprint will allow it to cut costs and redirect people to higher-priority projects, said another industry source familiar with the said no decision had been made."The new French nuclear programme is the group's priority," said an official in Prime Minister Francois Bayrou'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 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 group continues its international activities while remaining attentive to the profitability of its commitments, EDF has always been its first priority and it is focusing on strengthening its European supply chains, an EDF spokesperson said."The important thing is that these international projects contribute to the strengthening of the French nuclear industry," the government official 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 company is heavily indebted, however, after expensive repairs to its nuclear fleet in recent has reduced its stake in its UK reactor projects Sizewell C and Hinkley Point C, with investors entering the projects to share risks associated with the long construction times and free up capital for other is also looking to sell some of its renewable energy assets in North America and company's subsidiaries Framatome and Arabelle, which produce reactor parts, will continue to bid to supply international projects, such as the AP 1000 in Poland, one of the sources added.($1 = 0.8516 euros) (Reporting by Forrest Crellin and Elizabeth Pineau; Editing by Dominique Patton, David Holmes and Jane Merriman)
Hindustan Times
6 days ago
- Business
- Hindustan Times
France's EDF to withdraw from some overseas projects, cut jobs, sources say
By Forrest Crellin and Elizabeth Pineau France's EDF to withdraw from some overseas projects, cut jobs, sources say PARIS, - France's 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 , 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 1000 in Poland, one of the sources added. This article was generated from an automated news agency feed without modifications to text.
Japan Today
05-06-2025
- Business
- Japan Today
Global energy investment set to hit record $3.3 trillion in 2025, IEA says
By Forrest Crellin A surge in clean energy spending is expected to drive a record $3.3 trillion in global energy investment in 2025, despite economic uncertainty and geopolitical tensions, the International Energy Agency (IEA) said on Thursday. Clean energy technologies, including renewables, nuclear, and energy storage, are set to attract $2.2 trillion in investment, twice the amount expected for fossil fuels, the IEA said in its annual World Energy Investment report. "The fast-evolving economic and trade picture means that some investors are adopting a wait-and-see approach to new energy project approvals, but in most areas we have yet to see significant implications for existing projects," IEA Executive Director Fatih Birol said. Solar power is expected to be the biggest beneficiary, with investment forecast to reach $450 billion in 2025, while spending on battery storage is predicted to surge to around $66 billion, the report said. Batteries are seen as a way to mitigate the intermittency of renewable energy projects, by storing power during peak supply and discharging during peak demand, but investments in the technology have lagged behind solar and wind power. In contrast, investment in oil and gas is expected to decline, with upstream oil investment set to fall by 6% in 2025, driven by lower oil prices and demand expectations and the first drop since the COVID crisis in 2020. The IEA also warned that investment in grids of $400 billion per year is lower than spending on generation and electrification, which could pose a risk to electricity security. Grid investments will need to rise to near parity with generation spending by the early 2030s to maintain electricity security, but this is being held back by red tape and tight supply chains for transformers and cables. Spending patterns remain very uneven globally, with many developing economies struggling to mobilise capital for energy infrastructure, while China dominates global clean energy investment at almost one-third of the total. © Thomson Reuters 2025.
Yahoo
05-06-2025
- Business
- Yahoo
Global energy investment set to hit record $3.3 trillion in 2025, IEA says
By Forrest Crellin PARIS (Reuters) -A surge in clean energy spending is expected to drive a record $3.3 trillion (2.89 trillion euros) in global energy investment in 2025, despite economic uncertainty and geopolitical tensions, the International Energy Agency (IEA) said on Thursday. Clean energy technologies, including renewables, nuclear, and energy storage, are set to attract $2.2 trillion in investment, twice the amount expected for fossil fuels, the IEA said in its annual World Energy Investment report. "The fast-evolving economic and trade picture means that some investors are adopting a wait-and-see approach to new energy project approvals, but in most areas we have yet to see significant implications for existing projects," IEA Executive Director Fatih Birol said. Solar power is expected to be the biggest beneficiary, with investment forecast to reach $450 billion in 2025, while spending on battery storage is predicted to surge to around $66 billion, the report said. Batteries are seen as a way to mitigate the intermittency of renewable energy projects, by storing power during peak supply and discharging during peak demand, but investments in the technology have lagged behind solar and wind power. In contrast, investment in oil and gas is expected to decline, with upstream oil investment set to fall by 6% in 2025, driven by lower oil prices and demand expectations and the first drop since the Covid crisis in 2020. The IEA also warned that investment in grids of $400 billion per year is lower than spending on generation and electrification, which could pose a risk to electricity security. Grid investments will need to rise to near parity with generation spending by the early 2030s to maintain electricity security, but this is being held back by red tape and tight supply chains for transformers and cables. Spending patterns remain very uneven globally, with many developing economies struggling to mobilise capital for energy infrastructure, while China dominates global clean energy investment at almost one-third of the total. (1 euro = $1.1414) Sign in to access your portfolio
Yahoo
05-06-2025
- Business
- Yahoo
Global energy investment set to hit record $3.3 trillion in 2025, IEA says
By Forrest Crellin PARIS (Reuters) -A surge in clean energy spending is expected to drive a record $3.3 trillion (2.89 trillion euros) in global energy investment in 2025, despite economic uncertainty and geopolitical tensions, the International Energy Agency (IEA) said on Thursday. Clean energy technologies, including renewables, nuclear, and energy storage, are set to attract $2.2 trillion in investment, twice the amount expected for fossil fuels, the IEA said in its annual World Energy Investment report. "The fast-evolving economic and trade picture means that some investors are adopting a wait-and-see approach to new energy project approvals, but in most areas we have yet to see significant implications for existing projects," IEA Executive Director Fatih Birol said. Solar power is expected to be the biggest beneficiary, with investment forecast to reach $450 billion in 2025, while spending on battery storage is predicted to surge to around $66 billion, the report said. Batteries are seen as a way to mitigate the intermittency of renewable energy projects, by storing power during peak supply and discharging during peak demand, but investments in the technology have lagged behind solar and wind power. In contrast, investment in oil and gas is expected to decline, with upstream oil investment set to fall by 6% in 2025, driven by lower oil prices and demand expectations and the first drop since the Covid crisis in 2020. The IEA also warned that investment in grids of $400 billion per year is lower than spending on generation and electrification, which could pose a risk to electricity security. Grid investments will need to rise to near parity with generation spending by the early 2030s to maintain electricity security, but this is being held back by red tape and tight supply chains for transformers and cables. Spending patterns remain very uneven globally, with many developing economies struggling to mobilise capital for energy infrastructure, while China dominates global clean energy investment at almost one-third of the total. (1 euro = $1.1414) Sign in to access your portfolio
