French energy giant EDF announced on Friday a remarkable turnaround, swinging from a €17.9 billion loss in 2022 to a net profit of €10 billion in 2023. This impressive shift was largely fueled by a significant increase in nuclear power output.
“In France, the 41.4TWh surge in nuclear power output to 320.4 TWh, at the upper end of our projections for the year, showcases EDF’s exceptional operational performance,” stated a company spokesperson.
This success was attributed to the effective management of stress corrosion repairs and reactor outages, highlighting the team’s efficiency and responsiveness in enhancing fleet availability.
Looking ahead, EDF has set its sights on a target of 315-345 TWh for this year. The company also highlighted that at the beginning of January 2024, 46 reactors were online, boasting a total capacity of 50GW.
“By the end of 2023, 15 of the 16 reactors most vulnerable to stress corrosion had been repaired, with the final one scheduled for repair during its 10-year inspection starting in February 2024. Additionally, the 2023 programme of checks on welds repaired during reactor construction has been successfully completed,” EDF reported.
Furthermore, EDF confirmed its estimates for nuclear output in France at 315-345 TWh for 2024 and 335-365 TWh for 2025 and 2026. The company also holds ownership of the Hinkley Point C power plant in the UK, which has encountered challenges.
EDF disclosed a €12.9 billion impairment charge on the project, which is now expected to be completed by 2031 at an estimated cost of around €39 billion. Despite these setbacks, EDF remains optimistic about its future prospects, underlining its commitment to sustainable energy practices.
(Source: Euro News | Bloomberg | WSJ)
