Disastrous financial state of France’s nuclear company AREVA

AREVA-Medusa1AREVA goes from bad to worse,  nuclear giant headed for bankruptcy  http://sansdrapeauxnibanderoles.wordpress.com/  Sortir du Nulcleaire , France January 4 15 , Translation by Noel Wauchope The French group AREVA, world No. 1 nuclear power is bankrupt. Its shares collapsed: they have lost 55% since the beginning of the year. Already over-indebted, AREVA’s losses for 2014 would exceed € 1 billion
The causes of this disastrous position
  • Nuclear power has become too risky and too expensive, civil nuclear is no longer sold on the world market: AREVA has not delivered a reactor for 7 years.
  • The sites of two EPR reactors in Finland and France drag on, their cost has tripled, now reaching 9 billion euro.But the Finns will not pay the additional costs and now require penalties. It’s a total  financial fiasco.
  • The delivery of nuclear fuel in Japan remains suspended because the reactors have remained closed there since the accident in Fukushima. This fuel export shortfall adds to the worsening finances of AREVA.
  • After Fukushima, Siemens left AREVA to convert to renewable energy. They held a 20% stake in the group.
  • The Uramin case in 2007: the acquisition of uranium mining in Niger, Central African Republic and Namibia, which soon proved unworkable. Between the purchase, retro-commissions and the unsuccessful operation, AREVA has accumulated € 3bn loss. The proposed remedies: the taxpayer on the front line
The state has 86% of the capital of AREVA is forced to intervene because the group provides the fuel and spare parts to our plants.
 – It could bring 2 billion by selling its shares in subsidiaries
– It plans to restructure the group by removing the CEA and by mounting a rescue company that would host the loss-making activities. This is what was done with Crédit Lyonnais: privatizing profits and nationalizing losses!
– Taxpayers will save shareholders.
– The new construction of EPR would be abandoned
Deficits, debts, dismantling and waste, that’s the legacy that nuclear leave to our children. If AREVA were a private company, it would have already filed for bankruptcy and EPR under construction would never be finished.
But AREVA is unsinkable.
The state is there to bail out this mess; we will pay our taxes, to the detriment of the development of renewable energy that could help us

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