EDF's bottom line takes hit from ongoing repairs of nuclear power plants

Extensive repair work on EDF’s nuclear power plants resulted in a bigger-than-expected deficit for the French utility.
Photo: Jean-philippe Ksiazek
Photo: Jean-philippe Ksiazek

French utility Électricité de France’s 2022 performance was marked by continuing repairs to the company’s nuclear power plants, resulting a bigger deficit than expected.

Released Friday, the utility’s financial report shows an adjusted deficit of EUR 12.7bn in 2022 against analysts’ expectation of negative EUR 10.88bn, according to estimates compiled by Bloomberg.

Earnings before interest, taxes, depreciations and amortizations reach negative EUR 4.99bn against analysts’ consensus of negative EUR 1.78, a sharp contrast to the company’s EBITDA of EUR 18.01bn in 2021.

On the top line, revenue reached EUR 143.48bn against expectations of EUR 93.14bn, driven primarily by high electricity prices, which led to a 70% increase compared to last year’s figures.

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