EDF Group withdraws all 2020 and 2021 financial targets

London — French utility EDF Group has withdrawn all financial targets for 2020 and 2021 in an updated statement on the impacts of the coronavirus, it said Tuesday.

The economic turmoil following the crisis "results in a drop in power demand and significantly impacts many of the Group's businesses, namely nuclear generation (which EDF indicates is currently under review and will be adjusted significantly below the initial assumption), new-build projects and services," EDF said.

In a first coronavirus statement March 23, EDF said an assumed 375-390 TWh nuclear production target in France in 2020 would be adjusted down, but targeted EBITDA of Eur17.5-Eur18 billion for 2020 was maintained "at this stage for the lower end of the range."

Now the company has withdrawn all its financial targets for 2020, including the lower end of the EBITDA range of Eur17.5 billion, as well as for 2021.

French nuclear generation is set for a record-low summer season after Q1 output fell 11% on year, generation data showed April 2.

"We currently assume reactor output to average below 39 GW this summer," S&P Global Platts Analytics Giuliano Bordignon said.

EDF shut its oldest reactor, Fessenheim Unit 1, February 22 with a second reactor to follow by end-June, reducing the French fleet to 61 GW across 56 reactors.