The years follow one another and are very far from being the same. In 2023, the year in which the State took over 100% of the capital, EDF made a net profit of 10 billion euros. Of the “exceptional results”, welcomes the French electrician, Friday February 16. That is to say its best performance for at least two decades – almost double the previous record, 5.6 billion euros in 2006 and 2007. Exceptional, the 2022 financial year was also exceptional, but for opposite reasons: a historic loss of 17.9 billion euros.
“EDF has recovered”, now declares its CEO, Luc Rémont. “He owes it first of all to a very strong mobilization of the entire group. » The French nuclear fleet produced 320 terawatt hours (TWh) in 2023, compared to 279 in 2022, the lowest year since 1988. This increase in power is explained by the repair of some of its fifty-six reactors, after corrosion detected on pipes. At the end of 2023, fifteen of the sixteen units most sensitive to this phenomenon were back on their feet, specifies the company, which achieved a turnover of nearly 140 billion (− 2.6% over one year). At the same time, hydraulics have also progressed, after a year of severe drought in 2022.
Another difference: due to the price shield, a government device to help households, EDF had to, in 2022, sell off more of its nuclear production to the competition (120 TWh instead of 100). This increase caused a significant shortfall, even though the low availability of French power plants caused the price of electricity to panic in 2022. The megawatt hour went on average to 276 euros that year, on the wholesale market. Almost three times more expensive than in 2023 (97 euros), according to RTE, national manager of the electricity transmission network.
“Reducing debt is the priority objective”
With this record result, EDF has begun to absorb part of its net financial debt. In 2022, this increased from 43 billion to 64.5 billion euros. At the end of 2023, it fell to 54.4 billion euros. “By reducing this debt, we are going halfway in the opposite direction, underlines Mr. Rémont. Reducing debt is the priority objective in the short term, to be in the best possible shape when embarking on our investment journey. »
Rough course: the government has set the objective of at least six new nuclear reactors, while continuing the deployment of wind power (on land or, now, at sea) and solar power, which will also require adapting infrastructure of the electrical network. “Electrification is both necessary and desired in the face of decarbonization challenges”, recalls the leader.
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