EDF eyes more growth in earnings

French utility EDF has reported first-half profit that exceeded market expectations and unveiled mid-term earnings growth goals that made no mention of any impact from the Fukushima disaster on the nuclear industry.The world’s biggest single producer of nuclear power forecast average core earnings growth of 4 to 6 per cent and a 5-10 per cent average annual net profit rise in 2011-2015.EDF also predicted net investments of 13 to 15 billion euros in 2015 to support its plans to raise its power output capacity to 200 gigawatts by 2020 from 150 GW now, and overtake GDF Suez as the world’s largest electricity supplier.The group also said it would invest to improve nuclear power plant safety, drawing on the “lessons learned from Fukushima,” in the only reference in a 17-page statement to the Japanese disaster that has led to a global nuclear spending freeze.EDF made investments of 1.7 billion euros ($2.44 billion) in its 58 nuclear reactors in France in 2010 and predicted spending of 3.4-3.6 billion euros in inspection visits, large component replacement and operating investments in French plants in 2015. From / Gulf Today