EDF recorded a historic loss of 17.9 billion euros in 2022, the company announced on Friday February 17. Its debt is widening to an equally record level of 64.5 billion euros, at the end of a dark year weighed down by the setbacks of its nuclear fleet but also its forced contribution to the “tariff shield” the French.
Its turnover, driven by the rise in energy prices, grew by 70% to 143.5 billion euros, but the group went into the red with a very heavy net loss, against a profit of 5 .1 billion in 2021. With the general surge in electricity prices, EDF has seen many French customers return, but the operating margin has suffered from purchases at high prices to cover their needs.
Decline in nuclear production
“Despite a strong increase in turnover supported by electricity and gas prices, the Ebitda (earnings before interest, taxes, depreciation and amortization) is heavily penalized by the drop in nuclear production as well as the exceptional regulatory measures implemented in France for 2022, in difficult market conditions”commented CEO Luc Rémont.
The leader, however, confirmed “the nuclear production range of 300 to 330 TWh (in 2023), i.e. a gradual exit from the stress corrosion crisis” noted on portions of piping, which had shut down a number of reactors since the end of 2021.
