In 2022, the “Electricity of France” group (EDF) suffered one of the worst losses in the history of the Paris Stock Exchange Index (CAC 40), which led to a rise in its indebtedness to a record level of 64.5 billion euros at the end of a black year, affected by problems in its nuclear fleet. and its coercive contribution to government measures to reduce the expenditures of the French.
The sales value of the giant electricity company, Electricity de France, increased by 70 percent to reach 143.5 billion euros, driven by higher energy prices. However, the group declined with a very heavy net loss of 17.9 billion, compared to profits of 5.1 billion euros in 2021.
This is one of the largest losses recorded by a group in France following France Telecom (20.7 billion euros) and Vivendi Universal (23.3 billion) twenty years ago.
With the sharp rise in electricity prices, Édérique de France saw the return of a large number of French customers, but it was unable to produce enough power plants and had to buy electricity at high prices in the market.
“The significant increase in sales is driven by electricity and gas prices,” said Luc Raymond, chairman of the board of directors of the group, who took office last fall with enormous challenges facing the company.
However, he added, the gross operating margin was “significantly affected by a decline in nuclear production and the exceptional regulatory measures implemented in France in 2022 in difficult market conditions”.
Raymond stressed that the production of nuclear plants “ranges in the range of 300 and 330 terawatt-hours (in 2023)”, noting that this indicates a “gradual exit from the stress corrosion crisis”, i.e. the problem of micro-cracks that were detected on parts of the pipes, which led to Closure of a number of reactors since the end of 2021.
