Électricité de France reports record loss in 2022

Published February 17th, 2023 - 02:26 GMT
EDF reports record loss in 2022
An EDF (Electricite De France) employee stands at the entrance of the EDF's coal-fired powerplant of Cordemais, during a gathering to protest against the abandonment of the Ecocombust project which consists of replacing coal by densified biomass pellets,Cordemais, western France, on July 13, 2021. (Photo by Sebastien SALOM-GOMIS / AFP)

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.

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 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.

You may also like


Sign up to our newsletter for exclusive updates and enhanced content