ALBAWABA - Électricité de France (eDF) reported Friday a record loss of 17.9 billion euros ($19 billion) in 2022.
The losses are the third biggest in French corporate history and the worst in more than two decades, Forbes Middle East tweeted.
#ADNOC gas planning IPO of 3 billion shares & EDF suffers biggest loss in France’s corporate history, on the #DailyBrief with @RamiaFarrage— Forbes Middle East (@Forbes_MENA_) February 17, 2023
#Forbes #UAE #HongKong #US #Shenzhen #Mercedes #China #Billionaires #ElonMusk #JeffBezos@ADNOCGroup @ADX_AE @edfenergy pic.twitter.com/W2EfFim8sK
A price cap on energy for French consumers, coupled with the closure of many of eDF's nuclear power stations for repairs irked the state-controlled power company's finances.
EDF, France’s state-controlled power company, lost around $19 billion last year after outages at its nuclear reactors https://t.co/BWL1Yr6W9H— The Wall Street Journal (@WSJ) February 17, 2023
EDF said its debt climaxed to €64.5 billion ($68.7 billion).
EDF's losses in France is in sharp contrast to the company's business in the United Kingdom, where a profit of 1.26 billion Euros ($1.34 billion) was generated last year from supplying electricity and gas to an estimated 5 million British households.
France responded to Russia's invasion of Ukraine a year ago by imposing a tariff "shield" for consumers. The French government restricted energy firms to a 4 percent increase in prices in 2022, followed by 15 percent in 2023.
Practically, this meant eDF sold power to consumers in France, where it commands a majority of 80 percent of the country's electricity market, at a loss.
But in Britain, consumers paid far higher energy bill.