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EDF is tripping, with an exceptionally large loss of 5.3 billion euros in the 1st half

2022-07-28T07:14:25.649Z

EDF suffered a historic loss in the first half of 5.3 billion euros, due to the drop in nuclear electricity production



Despite a sharp increase in turnover of 67% to 66.262 billion euros due to the increase in electricity and gas prices in Europe, EDF has just posted a historic loss of 5. 3 billion euros in the 1st half.

"The results for the first half of the year reflect the difficulties encountered in terms of nuclear production in France and, to a lesser extent, hydroelectricity, as well as the effect of the tariff shield put in place in France for 2022", explained the CEO of EDF, Jean -Bernard Lévy in a press release.

Currently, 12 reactors of the 56 nuclear reactors in France are shut down for corrosion problems, and 18 others for scheduled maintenance operations.

More than the estimated 18.5 billion euros

French nuclear power group EDF has estimated the negative impact of a decline in nuclear output on its 2022 core profits at 24 billion euros ($24.50 billion), a bigger hit than the 18 .5 billion euros estimated previously.

Nevertheless, the group indicated that it was maintaining its "nuclear production forecast for the year in the range of 280 to 300 TWh", a forecast "confirmed" by the validation on Wednesday by the Nuclear Safety Authority of its strategy to control the problems. corrosion encountered in its nuclear fleet.

In addition, the government forced EDF to sell more cheap electricity to its competitors to protect household bills.

"These events force the group to buy electricity in a context of high market prices", adds the energy company, 84% owned by the French State, and whose government has planned 100% renationalization in the next months.

Source: leparis

All business articles on 2022-07-28

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