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Financial disaster looms for France’s nuclear corporation EDF

EDF reported one of the biggest losses in French corporate history on
Friday, February 17, as fallout from the Ukraine war and idling nuclear
reactors spelled financial disaster for the state-controlled utility.

EDF struggled with a drop in electricity output last year as it had to close
several of France’s 56 nuclear reactors to fix corrosion problems while a
heatwave led to a diminution of hydro-power production.

While 2022 revenue rose 70% to €143.5 billion, EDF reported a record loss of €17.9 billion
which compared with a net profit of €5.1 billion in 2021. After Russia’s
invasion of Ukraine sent energy prices skyrocketing, the government
required EDF to sell energy under cost to consumers to help them afford
their bills.

Le Monde 17th Feb 2023


February 20, 2023 - Posted by | business and costs, France

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