The French energy giant’s UK arm recorded bumper earnings of £1.12bn compared with a £21m loss the year before, driven by the vastly improved performance of its nuclear electricity generators.
- Feb 17, 2023, 10:30 AM CST
Unlike generators which rely on gas to produce power, it has benefitted from higher electricity prices across wholesale markets.However, its consumer supplier business lost more than £200m during the same trading period, with EDF blaming the losses on the cost of buying energy for customers – which was higher than the prices set under the energy price cap.British Gas owner Centrica unveiled £3.
Overall, the UK business recorded an operating loss of almost £1bn once these factors were taken into account. That cost the group £7.3bn over the year – which essentially scrubbed out the £7.8bn it made from market price rises.
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