Nuclear energy is being pushed to the brink of meltdown as more than 200 nuclear plants in the UK are facing a potential collapse.
The Irish Times reported that nuclear energy company EDF has reported an annual loss of almost €1bn on the sale of its stake in the Three Mile Island plant in the US.
In July, EDF announced a loss of more than €2.5bn for the year ending March 2019.
That figure, according to EDF, was €1.8bn lower than the company expected.
The company’s shares were down 5.8% in Dublin, but the stock price has recovered since.
The firm has had to sell off the majority of its assets to reduce costs, but its stock has risen.
The loss in the past 12 months, which was mainly due to the closure of its US nuclear power plant in Pennsylvania, will mean EDF’s debt is over €7bn.
However, analysts believe the company’s nuclear business could survive the collapse.
They are also expecting a fall in the price of nuclear fuel and a return to profitability for EDF.
EDF had already reported a profit of €4.5 billion in the first half of the year.
The latest financial results showed EDF reported a net loss of €5.7bn, mainly due as a result of lower sales of its nuclear power plants.
It also reported a loss on its financial assets of €2bn.
The financial statements also showed that EDF was on track to reach a net cash position of €20.6bn, which will make it the second largest owner of the country’s nuclear assets.
However the Irish Independent has revealed that EAFS has already started a €2 billion restructuring of its debt.
Its debt will be restructured to remove the interest payments from EDFs assets and it has also announced that it will sell off assets and will stop funding its nuclear project.
The plans are a significant blow to EAFES efforts to bring the country into the electricity market and the restructuring will help to raise cash.EDF has also been struggling to find a buyer for its stake, with the company having said that it is considering selling it.
Last year, EAFE agreed to sell its stake for €1 billion.
However EDF did not receive the money until December of this year.EAFE has said that the deal with the US was made at a “premium price”, and the US has agreed to the terms of the deal.
However sources told the Irish Times that EAA is expected to buy the stake for around €2b and is due to make the transaction official in the coming days.
It will mean that the €1b price tag will be significantly lower than expected.
However it is expected that EAG is likely to buy a significant chunk of the stake, as EAF had originally planned to sell the stake to a private company.
It is also expected that the company will be selling its shareholding in its nuclear unit.
However that would not be in place for at least three years, meaning that EF has to keep the nuclear unit going at least until 2026.
A number of other reactors have also faced problems in the United States.
In November, the United Kingdom’s Department of Energy (DECA) said that five reactors in the country would be forced to close by 2026, unless a “timely solution” was found.
The move came after a major explosion at a British nuclear power station killed 44 people.