Friday 16 February 2024

EDF bounces back to profit in 2023

EDF bounces back to profit in 2023

In 2023, EDF, the French energy company, returned to profitability, driven by increased nuclear power generation and high energy prices in Europe.

In the UK, EBITDA reached £3.4 billion while net investment totalled £3.6 billion, marking the sixth consecutive year where investment surpassed EBITDA.

This growth in EBITDA was primarily fuelled by sales to medium and large businesses, along with robust performance in the nuclear generation business.

Additionally, allowances within the Ofgem domestic default tariff cap enabled suppliers to recover some losses incurred during the energy crisis in the residential segment.

Simone Rossi, Chief Executive Officer of EDF in the UK, said: "The strong operating performance of EDF in the UK and the support of the group enabled us to continue to invest significantly in Britain in 2023.

"EDF is a long term partner to Britain, and I am proud of our role over 25 years strengthening the country’s energy security and cutting carbon emissions."

Written by

Sumit Bose

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