French utility company EDF, the world’s largest nuclear power plant operator, just announced it will be getting rid of its stake in American nuclear reactors, citing cheap fracked natural gas as the biggest motivation behind the move. However, the company will be focusing on wind and solar power instead.
The company will soon sell its stake in Constellation Energy Nuclear Group, a company that handles five nuclear reactors throughout Maryland and New York with a total capacity of 3.9 gigawatts.
Nuclear power plants have already closed down in Wisconsin, Florida, and California due in part to rising operating costs as the plants get older. However, there are still around 100 reactors operating throughout the United States, and two more are being built in Georgia.
This is great news for wind and solar industries in the United States, which will now receive primary focus from EDF. The company already has 860 U.S. employees in these industries, and has doubled its capacity to 2.3 gigawatts since 2010. It also manages 7 gigawatts of renewable energy for other companies. EDF shares have also grown by 54% this year.
Since EDF is such a large company in the U.S. and Europe, this move certainly indicates there is a decent future for renewables ahead.