EdF expects a loss of 32 billion euros due to the failure of nuclear reactors
Losses at heavily indebted French utility EdF are piling up. Due to the failure of its nuclear reactors and the resulting decrease in electricity volumes, the board of directors canceled its forecast for the sixth time this year on Thursday and announced for 2022 minus 32 billion euros on. In September he had announced a loss of 29 billion euros. EdF operates a total of 56 nuclear reactors, some of which were found to be corroded last year. Several reactors were shut down for maintenance and no longer produced electricity. The situation was made worse by weeks of strikes that delayed repair work.
The company, which is on the verge of nationalization, confirmed that nuclear power production would be at the lower end of a previously announced range of 280 to 300 terawatt hours – a 30-year low. In addition, there is the burden of the national electricity price ceiling introduced in France at the beginning of the year, which EdF claims to cost a further ten billion euros. Last year, the group had achieved an operating result (Ebitda) of 18 billion euros.
EdF is now trying to complete the repairs to the reactors in time for the winter. The board stated that work on six reactors affected by corrosion problems had been completed and that work on four reactors was still ongoing. These should also be completed by the end of the year. Five other reactors were still being checked.