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Bond Market News
EDF Warns of €1bn Loss Due to Labor Strikes
April 14, 2023
French government-owned utility company EDF has warned of a loss of €1bn at its nuclear reactors and hydro-electricity plants in the upcoming results. This follows a record loss of €17.9bn that it incurred in 2022 when it was plagued by reactor outages. As per sources, disruption to its nuclear reactor maintenance and repair works caused by more than a month of strikes against a its pension reform could result in 18-24 months of delays to its maintenance schedule. This could hurt its nuclear production forecasts for the year that is trying to recover from 34 year lows. The company is highly leveraged with net debt rising 43% YoY to €64.5bn in 2022.
EDF’s USD 5.625% Perp was trading 0.3 points lower at 96.83, yielding 10% to its next call date in January 2024.
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