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EDF’s historic $13.5 billion loss in 2022 – as France became an importer of electricity

Electricite de France SA reported a historic loss for 2022 after repairs
choked its nuclear output, but the utility predicted a significant rebound
in earnings this year as production recovers. The state-controlled
generator swung to a net loss, excluding non-recurring items, of €12.7
billion ($13.5 billion) last year after a profit of €4.7 billion in 2021,
according to a statement on Friday.

The company’s woes exacerbated the
region’s energy crisis by turning France — traditionally a powerhouse
producer — into a net importer of electricity. President Emmanuel
Macron’s government, which is trying to regain full ownership of the
nuclear giant to reassure creditors, wants new Chief Executive Officer Luc
Remont to restore production and prepare the company to start building new
reactors in France and the UK.

Bloomberg 17th Feb 2023


February 19, 2023 - Posted by | business and costs, France

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