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EDF promotes nuclear executives ahead of new build

By America Hernandez

PARIS, 8 July - France's EDF, the state-owned energy company, has named several new directors to its Board and will reorganise its operations to prepare for its plans to build 6 new nuclear reactors, and to increase investments in hydropower.

EDF CEO Bernard Fontana stated in a press release that "this evolution aims at strengthening the Group's performance industrially in support of the revitalization of nuclear power and Hydropower... We must organize ourselves to better identify and deliver on our long-term commitments."

Xavier Gruz will be joining the executive committee as director of EDF's Nuclear Programme immediately. He will propose a stronger ownership structure for new nuclear projects and report directly to the CEO.

EDF is also forming a new entity for project management to speed up the construction of reactors. This will be done by streamlining the cooperation with industrial partners on the levels of engineering, construction and supply chain.

Nicolas Machtou will be the secretary general of the board from September. He currently oversees new nuclear projects.

Emmanuelle Verger and Elisabeth Terrail from EDF’s Hydropower business, Framatome as well as Elisabeth Terrail who leads EDF’s reactor-building activities have been appointed to the Board.

Fontana was appointed CEO in the first quarter of this year. The company is now looking for ways to raise money to fund new nuclear builds. This includes possible asset sales.

In early 2018, the French government approved a subsidised loan to EDF to cover at least half the estimated construction costs for six new reactors in 2022, which was estimated to be 52 billion euros. A revised budget is expected to be released by the end of the year. (Reporting and editing by Barbara Lewis, Emelia Sithole Matarise and America Hernandez in Paris)

(source: Reuters)