In a context of war in Ukraine and tensions on the prices of electricity, the energetician underwent a loss of 5.3 billion euros, one of the heaviest in his history.
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War in Ukraine, reactors at the stop, price shield, historic drought: the opposite winds accumulate for EDF in 2022. While the State launched the process of nationalization of the energy company, the latter announced , Thursday, July 28, having undergone one of the heaviest losses in its history in the first half, at 5.3 billion euros. “Is there already in the history of EDF a semester whose figures were also negative? I doubt it a lot,” said his CEO, Jean-Bernard Lévy. “The results of the first semester reflect the difficulties encountered in nuclear production in France and, to a lesser extent, hydroelectric, as well as the effect of the price shield set up in France for 2022,” he added.
In this context of price limitation, intended to preserve household bills, EDF has sold more inexpensive electricity to its competitors, alternative suppliers, as regulations require it. A measure likely to be renewed for 2023 and whose negative impact on the gross operating surplus (EBITDA) in 2022 reaches some 10 billion euros. And this, even if the deputies voted on July 23 in favor of an increase in these prices imposed from 42 to 49.50 euros from 1 er January 2023. “These events impose on the group to buy electricity in a high market price context, “summed up the energy company, 84 % owned by the State.
Under these conditions, the group’s net financial debt amounted to 42.8 billion euros at the end of June, against 43 billion at the end of 2021, despite the capital increase of 3.1 billion euros, at the end of March. Turnover is, on the other hand, in sharp increase (+ 67.2 %), at 66.262 billion euros, supported by the sharp increase in electricity and gas prices in Europe.
“Security issues”
An advertisement has nevertheless enlivened this dark table, EDF having received the green light from the nuclear security authority (ASN) on Wednesday as part of its control program linked to corrosion problems. A decision that confirms the group in its desire to produce in 2022 between 280 and 300 Térawatts-Hour (TWH), then between 300 and 330 TWh in 2023, said Jean-Bernard Lévy. On this subject, EDF plans to control all of its reactors by 2025 by ultrasound to search for possible traces of this problem which led to the stop of 12 reactors out of 56.
The group must prioritize the most sensitive areas of the reactors of 1,450 megawatts (MW) and some of 1,300 MW. “EDF’s strategy is appropriate given the knowledge acquired on the phenomenon and associated security issues,” ASN agreed in its press release of July 27, without claiming a tightened control calendar overall.
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