French energy utility EDF expects profit levels to make a comeback this year as the company posted year-end numbers that managed to cheer the markets even as earnings fell sharply. “2018 will be the year of the rebound on a solid basis. 2017 is the low point,” said Jean-Bernard Levy, chief executive, who has been under pressure from rival companies in a newly deregulated energy market and from the French state to increase the nuclear giant’s use of renewables. “For the first time in years, our debt levels dropped in 2017. They fell by 4.4bn euros,” added EDF’s chief financial officer Xavier Girre.
FT 16th Feb 2018 read more »
EDF Energy’s UK earnings drop due to Brexit hit pound and falling energy use.
East Anglian Daily Times 11th Feb 2018 read more »
EDF UK profits hit by fall in sterling and nuclear prices. French state-owned energy firm EDF reported falling profits, including a downturn in the UK due to falling prices for nuclear power, improved energy efficiency among its household customers and the slide in the value of sterling since the Brexit vote. Profits in the UK division, which includes EDF Energy, slumped by a third to €1.035 (£920m) as sales dwindled by €579m to €8.68bn, partly because UK customers pay their bills in pounds but the company reports its results in euros. EDF said the decline of the pound against the euro had cost it €608m. Revenues were depressed by lower home energy consumption among customers, with usage falling 1.9% due to “milder weather and rising energy efficiency”.
Guardian 16th Feb 2018 read more »
A rise in energy efficiency led to the biggest drop in UK electricity consumption in three years for EDF. Both domestic and commercial customers cut their electricity usage in 2017, leading to an overall drop of 1.9pc, while gas consumption fell 2.6pc as milder weather meant customers used their central heating less. Domestic energy use has been in decline nationally since 2010, despite a growing population and consumers using an increasing number of electrical appliances. Successive regulations in recent years, such as the phasing out of incandescent light bulbs, have forced appliance manufacturers to make their products less wasteful. Average energy consumption by fridges and freezers plunged by more than half between 1990 and 2016, according to official statistics, while “wet appliances” such as washing machines and dishwashers have improved more moderately.
Telegraph 16th Feb 2018 read more »
[Machine Translation] Nuclear: EDF production at its lowest since 1999.
Les Echos 16th Feb 2018 read more »