Coronavirus company news summary – EDF to cut Sizewell B output – Barakah plant construction unaffected – Siemens Gamesa expects earnings hit

7 May 2020 (Last Updated May 7th, 2020 13:06)

7 May

EDF Energy is likely to cut power output at its Sizewell B nuclear plant to address the 20% dip in UK power demand caused due to the coronavirus lockdown. The company may take one of the two turbines at the nuclear plant offline, reducing its output by half to 600MW.

Emirates Nuclear Energy (ENEC) has said the Covid-19 coronavirus pandemic is not likely to delay the construction of the $24bn Barakah nuclear energy plant in the UAE, despite the economic disruption it has caused.

ENEC CEO Mohamed Al Hammadi said: “We are planning to go critical very soon—in a month or so—and we’re targeting to get the units operational before year’s end. I don’t see any supply-chain challenges so far.”

Siemens Gamesa has said that project delays and supply chain disruptions caused due to the Covid-19 outbreak will continue to dent its earnings this year after severely impacting profitability in Q2.

The wind turbine maker noted that the global health pandemic had a direct negative impact of €56m on its Q2 profitability; the company posted a net loss of €165m in Q2. Its profitability gauge stood at 7.5% a year ago.

German wind turbine maker Nordex has withdrawn its financial guidance for the financial year 2020 in the wake of economic turmoil caused by the Covid-19 pandemic.

“In the current situation and since it is uncertain for how long it continues to exist it is not foreseeable when a new guidance for the current financial year 2020 will be possible,” the Hamburg-headquartered company said.