EDFGETTY French Nuclear Power Plant
The losses are the third largest in French enterprise historical past “Our precedence in the meanwhile is to enhance EDF’s monetary place,” stated the EDF CEO, The penalties of the conflict in Ukraine have additionally hit the revenue assertion
The losses are the third largest in French enterprise historical past and the worst in additional than 20 years. EDF’s debt has skyrocketed to 64.5 billion euros.
While 2022 income elevated by 70% to €143.5bn, EDF posted a loss when additional in comparison with its €5.1bn web revenue in 2021.
“Our precedence proper now could be to enhance EDF’s monetary place,” EDF CEO Luc Rémont stated in a press release.
Drop in nuclear manufacturing
One of the 2 principal causes for the catastrophic end result introduced this Friday by the corporate in a press release is the drop in its nuclear manufacturing in France, which remained at 279 terawatt hours, that’s, 81.7 lower than in 2021.
This is defined by the upkeep work delayed by the covid that needed to be achieved in an essential a part of the park of 56 nuclear reactors -which usually generate 70% of the nation’s electricity- and by the corrosion issues detected within the circuits. of others, that compelled to cease as much as greater than half of the full in the course of the summer season.
In addition to the Russian invasion of Ukraine inflicting power costs to skyrocket, the federal government required EDF to promote power at a lower cost to customers to satisfy their electrical energy payments. In reality, it restricted the worth enhance to 4% in 2022. EDF needed to promote power to French customers at a loss.
“The 2022 outcomes have been considerably affected by the lower in our electrical energy manufacturing and likewise by the distinctive regulatory measures launched in France in tough market circumstances,” Remont defined.
EDF’s nuclear manufacturing in France fell by 30%, to its lowest stage since 1988, attributable to that stoppage in additional than half of its 56 nuclear energy vegetation. France has the most important variety of nuclear energy vegetation in Europe. Those cuts have meant that France has develop into a web importer of electrical energy for the primary time in many years.