EDF French energy giant posts worst-ever results: The 2022 results were significantly affected by the decline in our electricity output, and also by exceptional regulatory measures introduced in France in difficult market conditions,” said Chief Executive Luc Remont, who said EDF’s priority was now to put the company back on track. He said core earnings would be significantly higher in 2023.
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EDF French energy giant posts worst-ever results
France’s state-controlled energy giant EDF reported a record annual loss and massive debt Friday as the fallout from the Ukraine conflict and idling of several nuclear reactors weighed on the company.
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EDF’s debt ballooned to 64.5 billion euros ($68.6 billion) in 2022 while losses totalled 17.9 billion euros.
EDF French energy giant posts worst-ever results: EDF struggled with a drop in electricity output last year as it had to close several of France’s 56 nuclear reactors to fix corrosion problems and a heatwave reduced hydro-power production.
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After Russia’s invasion of Ukraine sent energy prices soaring, the government required EDF to sell energy at below cost to consumers to help them pay utility bills.
EDF French energy giant posts worst-ever results: “The 2022 results were significantly affected by the decline in our electricity output, and also by exceptional regulatory measures introduced in France in difficult market conditions,” chief executive Luc Remont said in a statement.
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EDF’s revenue rose by 70 percent to 143.5 billion euros last year due to the rising energy prices.
EDF French energy giant posts worst-ever results
