AFP – French energy giant EDF yesterday unveiled net profit of EUR10 billion (USD10.8 billion) and cut its massive debt by increasing nuclear production after problems forced some plants offline.
EDF hailed an “exceptional” year after its loss of EUR17.9 billion in 2022.
Sales slipped 2.6 per cent to EUR139.7 billion, but the group managed to slice debt by EUR10 billion to EUR54.4 billion.
EDF said however that it had booked a EUR12.9 billion depreciation linked to difficulties at its Hinkley Point nuclear plant in Britain.
The charge includes EUR11.2 billion for Hinkley Point assets and EUR1.7 billion at its British subsidiary, EDF Energy, the group explained.
EDF announced last month a fresh delay and additional costs for the giant project hit by repeated cost overruns.
“The year was marked by many events, in particular by the recovery of production and the company’s mobilisation around production recovery,” Chief Executive Officer Luc Remont told reporters.
EDF put its strong showing down to a strong operational performance, notably a significant increase in nuclear generation in France at a time of historically high prices.
That followed a drop in nuclear output in France in 2022.
The group had to deal with stress corrosion problems at some reactors while also facing government orders to limit price rises.
The French reactors last year produced around 320.4 Terawatt-hour (TWh), in the upper range of expectations.
Nuclear production had slid back in 2022 to 279 TWh, its lowest level in three decades, because of the corrosion problems and maintenance changes after the Covid-19 pandemic.
Hinkley Point C is one of a small number of European Pressurised Reactors (EPRs) worldwide, an EDF-led design that has been plagued by cost overruns running into billions of euros and years of construction delays.
