The great evils, great remedies. Severely affected by the pandemic of novel coronavirus, EDF is preparing a plan of economy which could be presented at the end of July, reported Monday, July 6, the management and the trade unions. “There was much to study a plan of economy which is called Mimosa “, has declared to the Agency France-Presse, a spokesperson for the producer of electricity, confirming information of the daily Le Monde. The direction notes that these cost saving measures are not yet quantified and detailed at this stage. She hopes to be able to unveil on the occasion of the publication of half-yearly results of the company, on July 30. The savings ” are expected to be between 2 billion and 3 billion euros.” The group is considering the disposal of assets, a freeze on hiring and investment, and reductions in budget, writing the newspaper.
on the union Side, Dominique Bousquenaud, secretary-general, FCE-CFDT, confirmed that the directorate has asked the various branches and subsidiaries, to present budgets revised downwards. “The company is looking to make savings everywhere after a loss of revenue of 2.5 billion euros due to the health crisis, and with a debt that may reach 50 billion euros by two years,” he says. “We are assured that nothing is fixed on this savings plan, but that there is a need to do so, and that nothing should be decided before the board of directors at the end of July,” says his side Philip Page The Merour, of the CGT.
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Fall of electricity consumption
The pandemic of Covid-19 resulted in a fall in electricity consumption of up to 20 % in France with the shutdown of entire sectors of the economy. It has also disrupted the planning of industrial EDF, which will be able to produce less nuclear power than expected. Heavily indebted, the group must also deal with substantial investments in its nuclear fleet or expand in renewable energy.
