EDF’s U.K. Arm Swings Into Red on Nuclear Outages, Pandemic

What’s happening to one of our regional “Golden Opportunities”? – Owl

Electricite de France SA’s U.K. division reported millions of pounds in lost earnings as nuclear plant outages and the impact of the pandemic added to the burgeoning woes of France’s largest utility.

Todd Gillespie www.bloomberg.com 

EDF Energy Ltd. posted a 21 million-pound ($29 million) loss in earnings before interest, taxes, depreciation and amortization for 2021, a major drop from its 712 million-pound gain the year before. EDF blamed the reversal on the “ongoing impact of Covid-19, high global gas prices, and unplanned outages at U.K. nuclear power stations.”

The company’s parent has come under increasing strain from repeated outages and strikes at its plants in France, where the state plans to inject about 2.1 billion euros ($2.4 billion) into EDF to bolster its finances. French nuclear stations are the backbone of the European power system, and the outages have contributed to higher power prices across the continent along with the wider gas supply crisis.

France to Pump $2.4 Billion Into EDF as Profit Set to Slump

In the U.K., EDF’s nuclear fleet produced 41.7 terawatt-hours of power in 2021, down by 4 TWh on the previous year. EDF plans to start electricity generation at its Hinkley Point C nuclear plant in southwest England in 2026. The company said on Friday that the pandemic “continues to have an impact on the project.” 

EDF Energy was compelled to help out as a swathe of energy suppliers collapsed in the U.K., getting paid 168 million pounds to take on more than 200,000 domestic customers from failed providers. In total, the company added more than 650,000 residential accounts last year, it said.