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AFX News Limited
Signing of Areva EPR order in China delayed - French source
07.30.07, 8:34 AM ET

PARIS (Thomson Financial) - France and China have delayed the signature, scheduled for tomorrow, of an agreement for French state-controlled group Areva to build two EPR nuclear power reactors for China Guangdong Nuclear Power Corp, a member of the French delegation said.

The delay is for technical and scheduling reasons, the source said.

The principal of a letter of intent is still current but the date remains to be fixed, the source said.

Earlier, a source close to the deal confirmed that the value of the order is likely to be around 5 bln eur, rather than the 6 bln eur estimated by analysts in the light of the 3 bln eur valuation of Areva (other-otc: ARVCF.PK - news - people )'s contract to build the Olkiluoto 3 plant in Finland, the only EPR reactor under construction.

Action group Sortir du Nucleaire said the deal could be 'broadly lossmaking.'

It is 'certainly far from being a good deal for France', which seems to be selling two EPR third generation reactors 'for the price of one', the campaign group said.

Calling for the cancellation of the contract, Sortir du Nucleaire said French people risk having to make good the losses through 'hidden' state aid to exports.




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