Energy
EDF Swings Back to Profit as French Nuclear Power Output Rebounds
- Net financial debt fell by €10.1 billion from a year earlier
- Utility under pressure due to rising cost of reactor projects
Electricite de France SA swung back to profit last year after a record loss in 2022 as the state-owned company benefited from rebounding nuclear output and higher power prices.
The dramatic reversal provides some relief for the debt-laden utility. The company needs to cope with the ballooning cost of its Hinkley Point C nuclear project in the UK, and the prospect of soaring capital expenditure to build new atomic plants in France.