PARIS: French power group EDF and nuclear reactor maker Areva said they would take extra provisions totaling 1.05 billion euros ($1.15 billion) after the government hiked its estimate for the cost of a nuclear waste storage project.

The companies said the energy ministry had on Friday set the cost of the Cigeo project for the long-term management of high-level radioactive waste at 25 billion euros, above the companies own estimate of 20.8 billion euros.

EDF said on Friday this would lead to an increase of 800 million euros in its provisions for the project in its 2015 accounts, with an impact of around 500 million euros on full-year net income.

EDF added that its board would decide on the consequences for the dividend to be paid to shareholders on 2015 earnings.

Areva said separately that it would take an additional provision of about 250 million euros, adding that it would adjust its evaluation of its financing needs when it publishes 2015 results on Feb. 25.

Shares in EDF had sunk to all-time lows earlier this week after the country's Andra nuclear waste agency warned storage costs could be higher than EDF's estimates. The stock lost 4.5 percent this week, while Areva shares dropped 12 percent.

Andra said on Monday the costs could be as high as 30 billion euros or as low as 20 billion euros.