EDF Cuts Dividends

French energy utility EDF saw 2015 net profit plunge 68 percent on asset impairments and cut its dividend, but the state-controlled company said it remained committed to the UK nuclear power plant project at Hinkley Point. Asset impairments and provisions pushed EDF’s 2015 net income down to 1.19 billion euros from 3.7 billion last year. The items concern impairments on thermal assets, notably in the UK, Italy, Poland and Belgium, and on Italian unit Edison’s exploration and production activities. They also include provisions for network renewal and nuclear waste storage. The state (which owns 85 percent of EDF) would take its dividend for 2015 in shares, which would leave 1.8 billion euros worth of cash in EDF.