EDF pleased with 2012 figures

14 February 2013

EDF has reported strong results for 2012 that "underscore the solidity of its integrated and diversified business model," it said.

Total earnings for the French utility in 2012 were some €16.1 billion ($21.4 billion), representing growth of over 7.7%. From this the company secured net income of €3.3 billion ($4.4 billion), itself up 5.3%.

The company's main business area remains nuclear power generation in France and during 2012 this saw a dip to 404.9 TWh, down 16.2 TWh on an outstanding performance in 2011. The drop was due to some "technical incidents and additional controls and works," said EDF, also noting the passage of six reactors through ten-year inspections.

Next year will see a further seven of these lengthy safety checks, but EDF said it expects to get generation levels back towards those seen in 2011 thanks to "strengthened management of planned outage durations."

Tour EDF (Alessandro Prada) 460x120

EDF's headquarters in Paris La Défense (Image: Alessandro Prada)

In the UK, EDF Energy's nuclear fleet produced more power than in any of the last seven years, boosting pre-tax earnings in that country to €2.0 billion ($2.6 billion). The forthcoming lifespan extension of Hinkley Point B and Hunterston B to 2023 contributed €225 million ($300 million) to this through reduced depreciation costs.

Decommissioning fund

EDFs balance sheet shows that in 2012 it added €2 billion ($2.6 billion) to provisions for the management of used reactor fuel and eventual dismantling its 58 reactors. The company now has assets of €39.1 billion ($52.1 billion) set aside for this work.

New nuclear build continues to drain EDF's resources. The end of a nuclear cooperation agreement with Enel saw EDF take full control of Flamanville 3 and buy out Enel's investment to the end of 2012. Representing 12.5% of costs, the €613 million ($817 million) EDF paid to Enel puts a figure of €4.9 billion ($6.5 billion) on the project to date. A further €1.1 billion ($1.4 billion) is expected to go on the construction before operation in 2016 - about four years after initially planned. On that schedule, the EPR unit could produce 1650 MWe until around 2076.

EDF is paying a total dividend of €1.25 ($1.66) per share for 2012, which translates into €1.9 billion ($2.6 billion) in earnings for the French state, owner of 84% of the company. EDF also noted that it paid €1.5 billion ($2.0 billion) in tax during 2012, about €250 million ($333 million) more than in 2011 thanks to an increased tax rate.

Researched and written
by World Nuclear News

Filed under: France