Despite the gain of many customers, EDF cashed in 2022 a historic loss of 17.9 billion euros, widening its debt to an equally record level of 64.5 billion euros. The year was weighed down by the failures of its nuclear fleet, several reactors of which had to be shut down, but also by its forced contribution to the “tariff shield” of the French. Admittedly, the supplier’s turnover increased by 70% to 143.5 billion euros, driven by the rise in energy prices, 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 saw many French customers return, but the operating margin suffered from purchases at exorbitant prices to cover their needs.
“Despite a strong increase in turnover supported by electricity and gas prices, EBITDA is strongly penalized by the drop in nuclear production as well as the exceptional regulatory measures put in place in France for 2022, in difficult market conditions,” CEO Luc Rémont commented Thursday for a few journalists.
On the other hand, the manager 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 the pipes, which had shut down many reactors since the end of 2021.
