EDF's Profit Surges as Nuclear Power Generation Rebounds in France

19 Feb, 2024

EDF's Profit Surges as Nuclear Power Generation Rebounds in France

The power giant, EDF, marked a significant turnaround with a net profit of €10 billion in the last year, contrasting starkly with the €17.9 billion loss reported in 2022. This resurgence can be largely attributed to the notable increase in nuclear power output during 2023.

In France, the surge in nuclear power output to 320.4 Terawatt hour (TWh), a 41.4TWh increment, showcases EDF's commendable operational performance. This achievement was fueled by effective management of stress corrosion repairs and reactor outages, highlighting the efficiency and responsiveness of EDF's teams in enhancing fleet availability.

Looking ahead to this year, EDF has set a target range of 315-345 TWh for nuclear power generation. At the outset of January 2024, 46 reactors were operational, collectively boasting a capacity of 50GW. Notably, 15 of the 16 reactors most sensitive to stress corrosion have been repaired by the end of 2023, with the final one slated for repair during its 10-year inspection starting in February 2024. Furthermore, the 2023 checks on welds repaired during reactor construction have been successfully completed.

EDF has also reaffirmed its estimates for nuclear output in France, projecting 315-345TWh for 2024 and 335-365TWh for 2025 and 2026. Additionally, as the owner of the Hinkley Point C power plant in the UK, EDF disclosed a substantial €12.9 billion impairment charge on the project, which is now anticipated to conclude by 2031 at a cost of approximately €39 billion