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France selects new CEO of EDF before nuclear buildout

France selects new CEO of EDF before nuclear buildout

The French president Emmanuel Macron proposed a new CEO for the state-owned utility EDF as it prepares to build six nuclear reactors across France in the coming years.

A Friday Elysee announcement said that Bernard Fontana will succeed Luc Remont as the head of Framatome nuclear engineering group, which is majority owned by EDF.

This move comes just days after Elysee announced that it had approved a state-backed loan to cover at least half of the costs for six new reactors. The Elysee's announcement cleared a major hurdle for the ambitious 2022 project proposed by Macron.

Francois Bayrou, speaking to reporters during a trip to central France said Fontana has experience in leading teams and "accelerating the construction" for the company to embark on a new stage.

He said: "We face new nuclear power plants construction sites. These sites are expensive, and they have a number of problems."

EDF only recently connected the newest reactor of its nuclear power plant to the grid. This was 12 years late and millions of Euros over budget.

This leadership change also follows months of long and protracted negotiations between EDF, the industry and other stakeholders over long-term contracts for power supply. The two sides were unable to reach an agreement on prices and terms.

Remont, when asked about his future in the company at a results conference held last month, said that his mandate would expire this summer. It was up to his board to decide whether to renew his role.

EDF was not available for immediate comment. Reporting by Dominique Vidalon & Forrest Crellin. Writing by Dominique Patton. David Evans, Mark Potter and Mark Potter edited the work.

(source: Reuters)