EDF recorded a historic loss in 2022, despite a boom in customers

Voltage drop for the main French electricity supplier. EDF recorded a historic loss of 17.9 billion euros in 2022, increasing its debt to an equally record level of 64.5 billion euros. EDF suffered a black year, weighed down by the setbacks of its nuclear fleet. but also its forced contribution to the “tariff shield” introduced by the government to avoid an explosion in French bills.

Its turnover increased by 70%, to 143.5 billion euros, driven by rising energy prices, but the group went into the red with a very heavy net loss. With the general surge in electricity prices, EDF saw many French customers return, but the operating margin suffered from purchases at exorbitant prices on the market to cover their needs.

“Despite a strong increase in turnover supported by electricity and gas prices, EBITDA is strongly penalized by the drop in nuclear production as well as the exceptional regulatory measures put in place in France for 2022, in difficult market conditions”, commented the new CEO of the group, Luc Rémont. Ihe government said on Friday that it was counting on him to “restore all of EDF’s electricity production as soon as possible”.