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EDF Energy announces half year profits of £471m

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EDF Energy

UK energy supplier EDF Energy has announced operating profit for the first half of this year at £471m.

The company increased earnings before interest, tax, depreciation and amortisation (EBITDA) to £903m up 3 per cent on the first half of 2012.

Investments have been made of £560m in EDF’s existing nuclear and coal stations, new generation capacity, gas storage and customer supply business.

It also clarified that it had “paid £200 million in corporation tax, investment in our employees’ pension schemes and other similar commitments”, following unproven claims of tax avoidance earlier this month levelled at the company earlier this month in the House of Commons by Tory MP Charlie Elphicke.

The company said that sales were higher due to an increase in wholesale prices and the higher volumes of gas supplied by it’s B2C business due to the cold winter. They said that this “was partly offset by lower output from our nuclear fleet than in the first half of 2012 and that it was “expected due to planned maintenance in the first six months of this year”.

EDF Energy issued a statement which said “Since the beginning of the year, we have invested £560m back in our business, which will help keep the lights on in future with reliable, secure and low carbon energy. We have also succeeded in restraining our operational costs. We have continued to deliver on our commitment to fair prices by offering the lowest standard variable prices of the main suppliers for 26 out of 28 weeks this year.”

Negotiations are still underway with the government to agree on a strike price for Hinkley Point C proposed nuclear plant. The chancellor George Osborne recently showed his backing for the project in a letter to EDF Energy’s parent company EDF Group to express his support.

Owner’s of the UK arm of the energy suppliers EDF Group announced that it had increased it’s profit before tax to 9.7 billion euros (£8.4 billion) up 6.9%, smashing analyst expectations of between flat profit growth of 3%.

In the USA, EDF Group has also agreed with it’s partner Exelon on an exit strategy from their joint venture CENG, which currently operates five nuclear plants in the States with a total capacity of 3.9 GW.




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