EDF pulls out of US nuclear

 
City A.M. Reporter
FRENCH utility EDF, the world’s biggest operator of nuclear plants, is pulling out of nuclear energy in the United States, bowing to the realities of a market that has been transformed by cheap shale gas.

Several nuclear reactors in the US have been closed or are being shuttered as utilities baulk at the big investments needed to extend their lifetimes now that nuclear power has been so decisively undercut by electricity generated from shale gas.

“The spectacular fall of the price of gas in the US, which was unimaginable a few years ago, has made this form of energy ultra competitive vis-a-vis all other forms of energy,” EDF chief executive Henri Proglio told a news conference.

Shares rose 7.4 per cent following the announcement.