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25% drop in UK profits for EDF Energy

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EDF Energy

EDF Energy has reported a 25% fall in profits at it’s UK operations.

The French-owned company said it made pre-tax profits of £649 million in the UK last year compared to £863 million in 2013, “reflecting challenging market conditions”.

 

The figure includes a one-off charge of £136 million relating to the fall in value of gas generating and storage assets, it added.

EDF’s earnings fell after Heysham 1 & Hartlepool power stations suffered unplanned outages early in 2014 which resulted in a drop in nuclear output to 56.3TWh in 2014 but the company expects it to rise this year.

EDF Energy Chief Executive Vincent De Rivaz said: “Despite challenging market conditions, EDF Energy increased its investment in the UK. Customers will benefit from this long term approach with more low carbon electricity for the future. Our spending on research and development has underpinned our ability to safely extend the lives of our nuclear power stations.”

The supplier saw an increase in customer accounts last year – 194,000 more compared to the previous year while the group’s pre-tax profits rose 7.3% to €17.3 billion (£12.8bn).

EDF announced a 1.3% cut in gas prices last month, which came into effect yesterday.

 

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