France Power Report Q4 2016 - Overall power generation will continue to be dominated by nuclear power

NEW YORK, Nov. 22, 2016 /PRNewswire/ -- Non-hydropower renewable electricity will be the fastest growing power source in France over our 10-year forecast period, owing to stringent emission targets and government efforts to increase investment into the sector. Overall power generation will continue to be dominated by nuclear power, while gas-fired generation will be the only viable form of thermal power as coal-fired power plants are set to be taxed on emissions from 2017.

Latest Updates and Structural Trends

- A joint venture (JV) has been set up between Amec Foster Wheeler, Assystem and Kepco E&C to act as the construction management-as-agent contractor for the International Thermonuclear Experimental Reactor (ITER). The Momentum JV will operate under a 10-year contract worth EUR174mn with option of extending for a further three years. We do not currently factor the ITER into our forecasts due to constant delays and high cost overruns, and we note that if the reactor should come online it will be outside of our 10-year forecast period.

- EDF will reportedly receive EUR400mn from the French government in compensation for closing the Fessenheim nuclear power plant, almost four times the initial offered price. We expect that Fessenheim will be decommissioned in 2019, when we forecast Flamanville to come online.
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