French utility firm EDF Energy has reported a rise in its first-half core earnings, with an increase of almost 18% of up to €8.23bn on its hydropower output, as well as a rebound in its nuclear energy production. Combined, improved nuclear and hydro production raised the company’s core earnings by €544m, with an additional €469m gained through improved wholesale market conditions. Hydropower output in France was the highest half-yearly hydro output in the last 15 years, rising to 29.3TWh, an increase of almost 40% or 8TWh. Nuclear production in France rose 2.7%, or 5.4TWh, to 202.6TWh compared to the end of June 2017. The increase was attributed to the higher availability of the firm’s nuclear fleet as compared to the first half of 2017, during which several reactor outages occurred as a result of manufacturing problems at the Creusot nuclear foundry. The company’s Flamanville 3 nuclear reactor is currently undergoing corrective actions on welds, with the schedule slightly delayed as a result. However, the EPR in its Taishan 1 site had its first connection, and a strategic cooperation agreement was signed with GE Power for the construction of six further EPRs in India.
Power Technology 31st July 2018 read more »
France’s EDF saw earnings jump in the first half of the year driven by increased nuclear and hydro production in its home market as the state-backed power utility pushed up its forecasts. EDF saw earnings before interest, tax, depreciation and amortisation increase by 18 per cent over the same period last year to €8.2bn, ahead of analyst expectations of €7.85bn. Net income came in at more than €1.7bn, beating expectations for closer to €1.4bn. Sales came in at €35.2bn, up 5.6 per cent.
FT 31st July 2018 read more »
