AREVA Trimmed Losses In 2016

Highlights for 2016 for French-state controlled nuclear power engineering, construction and consultancy AREVA SA include trimming losses that have plagued the company for five years running, the company said Wednesday.

AREVAIn the midst of its massive restructuring, including attempts to sell its nuclear construction division to Electricite de France (EDF), AREVA said it had narrowed losses to $698 million in 2016, down from $2.5 billion in 2015.

Losses were also much more palatable than in 2014, when it lost $5.6 billion.

AREVA said this week it had notched critical milestones at the Olkiluoto Unit 3 project in Finland, the Taishan Unit 1 project in China and the Flamanville Unit 3 project in France.

Critical path milestones were met for the project in Finland with the completion of the primary system water filling sequence, full scale simulator tests and open-vessel tests, the company said.

In China, reconfiguration of the instrumentation and control system cabinets for Unit 1 for the start of upcoming hot commissioning tests has been accomplished.

In France, AREVA has submitted the final test results on the reactor's vessel bottom head and closure head to French regulators.

Corporate achievements for the year include creation of the NewCo, which will carry forward AREVA's ongoing businesses, including some it plans to sell. Separately, NewCo revenue rose 9.9 percent in the year, but its profits for the year were not announced.

AREVA also noted that it signed a memorandum of understanding with EDF for the sale of New NP in the second half of 2017. 

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