France’s Court of Accounts, which oversees the finances of public bodies and state-owned enterprises, said in a controversial report published on Wednesday that debt- laden EDF had only what it termed an "embryo" of the money needed to keep nuclear sites safe once they are taken out of service in future decades.
EDF is the world’s single largest producer of nuclear energy, which provides the bulk of France’s electricity supplies, and is due for partial privatisation this year.
It has spent heav?ly on a series of acquisitions abroad in recent years, eating up finances that are also heavily strained by future obligations of a generous staff pension scheme.
The Court of Accounts said EDF’s preparations for nuclear decommissioning were marked by a lack of clearly formalised rules and raised concerns that the cost of safeguarding nuclear installations would fall on future consumers or the state.
It also criticised what it called a lack of transparency in EDF’s financial accounting.
EDF declined to comment on the report other than to say it had been setting aside cash to help pay for costs to clean up nuclear waste.
"EDF has always integrated in the kilowatt-per-hour price the financial effort needed for long-term management of waste and for the dismantling of power stations," a spokesman for EDF said.
"Provisions amount to nearly 25 billion euros ($32.5 billion), besides 2.3 billion euros have already been set aside for funds that cover future nuclear waste costs," he added.
The long-term management of nuclear waste will be treated by EDF Chairman Pierre Gadonneix on Feb. 3 at a parliamentary hearing to evaluate scientific and technological issues, he said.