14 Dec 2011

Nuclear job cuts announced

9:32 am on 14 December 2011

A French nuclear reactor company is to cut up to 1500 jobs in Germany after the government there decided to close its entire nuclear industry by 2022

Areva has issued a plan to return to profit, after posting an operating loss of 1.4 -1.6 billion euros this year.

It intends to cut costs by at least 1 billion euros by 2015, sell more than 1.2 billion euros worth of assets in the next two years and limit investments by a third to 7.7 billion euros until 2016.

The Fukoshima nuclear disaster in Japan in March knocked the whole nuclear industry, by severely denting confidence in the safety of atomic power and slowing investment plans.

Inenco energy analyst Steve Bargent says nuclear companies are at the mercy of the political landscape.