EDF says to buy GE’s nuclear power turbine unit

PARIS

France’s state-owned power company EDF has signed a definitive agreement to buy GE Steam Power’s nuclear activities, the two companies said.    

The deal concerns the manufacturing of steam turbines and other equipment for the non-nuclear part of the power plants, plus maintenance and upgrade activities outside the United States.    

The value of the transaction was not disclosed, and it is expected to close in the second half of 2023.    

“This acquisition will enable EDF Group to strengthen the technologies and skills around the conventional island which are essential for the maintenance of the existing nuclear fleet and future projects,” it said in a statement.    

The deal comes as the French government moves to fully renationalise EDF in order to facilitate the construction of six of the latest-generation nuclear power reactors and possibly another eight as it puts renewed emphasis on energy security.    

France produces up to 70 percent of its electricity from 56 nuclear reactors operated by EDF.    

But the park is ageing and fears over micro-cracks in emergency cooling systems and regular maintenance works has led to almost half being taken offline.