EDF's UK wing returns to profit
Sharecast
Published Feb 17, 2023 10:05
EDF's UK wing returns to profit
Sharecast - EDF said on Friday that underlying profits cane to £1.12bn in 2022, a marked improvement on the loss of £21.m recorded in 2021, principally due to the improved performance of its nuclear electricity generators.
However, the company's UK consumer arm reported a loss of more than £200.0m in the year, citing the cost of buying energy for customers at a higher level than prices set under the energy price cap.
EDF Group as a whole posted a full-year underlying loss of €4.99bn, highlighting to a "decline in nuclear output" and the impact of "exceptional regulatory measures" to limit price increases for consumers, the latter of which cost the company €8.2bn - which all but wiped out the €8.7bn it made from "market price rises" passed on to customers.
As of 1000 GMT, EDF shares were up 0.084% at €11.87 each.
Reporting by Iain Gilbert at Sharecast.com
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