Nonetheless, EDF said its revenue from gas activities in the first quarter increased sevenfold compared to the previous year. It reached EUR 2.74 billion “in a context of a sharp rise in gas prices on the wholesale markets”.
The group’s overall turnover for the first three months of the year increased by 61%, amounting to EUR 35.5 billion. The public electrician attributed the rise in electricity and gas prices and to the “good performance of EDF Trading”.
However, EDF warned that a drop in its nuclear electricity production would affect its earnings before interest, taxes, depreciation and amortization (Ebitda) “due to the necessary purchases on the wholesale markets in a context of sharply rising prices”. . He did not provide a figure for Ebitda.
The group was a net buyer of electricity in the January-March period due to lower nuclear and hydro generation, he added.
Drop in nuclear production
French nuclear production fell by 7.5%, or 7.5 TWh, year-on-year to 91.2 TWh during the period “due to lower availability of nuclear energy, mainly due to of the impact of finding indications of stress corrosion cracking,” the company said.
In the United Kingdom, on the other hand, EDF’s nuclear production amounted to 11.4 TWh, up 0.9 TWh compared to the first three months of 2021, thanks to better availability of the nuclear fleet.
At the same time, EDF’s hydraulic production in France fell by 31.5%, or 4.3 TWh, to 9.4 TWh, due to drier weather conditions.