EDF revenues fall as nuclear profits drop off

EDF has pledged to step up its renewable energy efforts as its sliding nuclear business sees revenues fall. The French energy giant’s overall annual results for last year show a 16% […]

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By Jonny Bairstow

EDF has pledged to step up its renewable energy efforts as its sliding nuclear business sees revenues fall.

The French energy giant’s overall annual results for last year show a 16% drop in earnings before interest and tax, falling to £12.2 billion.

Earnings in the UK fell by around a third as the company received lower prices than it expected for its nuclear power output.

While nuclear generation in the country totalled 63.9TWh, only slightly down on the year before, a 12% reduction in realised prices saw earnings fall by almost £700 million.

This is despite flagship project Hinkley Point C achieving all of its key goals.

However, the group’s renewables business EDF Énergies Nouvelles’ profits rose by 8.5% to £658 million – it plans to boost this even further with the development of more than 30GW of solar capacity in France between 2020 and 2035.

EDF’s total investment in existing nuclear, coal, renewables and customer services was £630 million, with investment in new nuclear reaching £1.5 billion.

Simone Rossi, CEO of EDF Energy, said: “EDF Energy is making big investments in nuclear and renewable power to give Britain the electricity it needs now and in the future.

“Our Hinkley Point C project is making good progress and delivering big benefits in jobs and skills.”