Renewables help boost EDF’s profits

EDF Energy claims its profits rose by 4.6% in the first half of the year as an increase in renewable energy offset lower nuclear output. The French supplier said the […]

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By Priyanka Shrestha

EDF Energy claims its profits rose by 4.6% in the first half of the year as an increase in renewable energy offset lower nuclear output.

The French supplier said the rise was also due to higher hydropower output, which soared by 42% despite struggling last year.

It also claimed its organic growth of 70.5% was primarily driven due to an increase in wind and solar power in Europe and North America.

Organic growth refers to the expansion of a company’s operations from its own resources, without borrowing from other firms.

The increase in profits came despite planned outages at nuclear plants and also unexpected extensions of those outages.

The company also had an 8.2% increase in sales to €36.2billion (£28.3billion), with its net income at €2.8billion (£2.2billion).