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EDF: Europe’s nuclear hope

The group needs to cut costs and rejuvenate its reactor-building expertise

In mid-March, France’s President Emmanuel Macron visited Penly in Normandy, the site of two nuclear reactors due to start generating electricity from 2038. Donning a hi-vis coat and a white helmet, he hailed the “works of the century”, saying France would “do for its children what our parents did for us”. 

Some 225km to the west, another nuclear power development demonstrates how enormous that undertaking will be. Last December, the Flamanville 3 reactor reached full power, 12 years after its scheduled start-up date and costing seven times its original budget. New reactors in the UK have also been beset by delays and budget increases.

EDF, the state-owned company responsible for these projects, is Europe’s leading nuclear power generator and, for many French, a potent symbol of the country’s industrial and technological prowess. “There’s pride in the industry, linked to nostalgia for a winning version of France,” says HEC Paris professor François Gemenne.

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