By Inti Landauro

PARIS--French power utility Electricite de France said the increase of its nuclear waste storage project's cost estimation will have a EUR500 million ($546 million) negative impact on its bottom line in 2015.

The company will have to raise the provisions it had set aside to finance the storage facility to be built deep underground below eastern France to store nuclear waste by about EUR800 million after the French government has increased the project's cost estimation to EUR25 billion from a previous EUR20.8 billion.

"The increase in provisions will have a negative impact of around 500 million euros post-tax on net income Group share in 2015," EDF said in a statement.

The impact on its bottom line will stem from a EUR800 million additional provision set aside to finance the nuclear waste storage project.

The company's board will decide later how to translate the negative impact on its dividend.

The former electricity monopoly has seen its profitability in France fall in recent years as it lost market share to other operators. Increased costs related to more stringent nuclear safety measures imposed on its reactors following the Fukushima disaster in 2011.

-Write to Inti Landauro at inti.Landauro@wsj.com

(END) Dow Jones Newswires

January 16, 2016 11:34 ET (16:34 GMT)