EDF announced a strong increase in its turnover in the first quarter thanks to the rise in electricity prices, while warning that this would not necessarily translate into the results while nuclear production is limited this year.
Revenue reached 35.6 billion euros (about 36.6 billion francs) in the first three months of the year, up 62% (+61% organically) compared to the first quarter of 2021, the group said in a statement on Wednesday.
‘It is supported by the prices of electricity and gas’, as well as by the brokerage activity (trading).
Gas prices, and electricity in its wake, have soared in recent months against a backdrop of global economic recovery and then the war in Ukraine.
However, EDF warns that “the evolution of turnover will only have a limited impact on Ebitda”, that is to say on the gross operating surplus.
In March, EDF had estimated that this Ebitda would be reduced by 26 billion euros this year due to the measures taken by the government to limit the French electricity bill and the drop in its nuclear production due to corrosion problems. on some reactors.
‘The decline in nuclear production will penalize Ebitda due to the necessary purchases on the wholesale markets in a context of sharp price increases,’ EDF said on Wednesday.
In the first quarter, nuclear production in France reached 91.7 terawatt hours (TWh), or 7.5 TWh less than a year earlier. Hydro generation also declined due to unfavorable conditions.
Regarding the war in Ukraine, EDF specifies that it has ‘no exposure to Russian companies impacted by international sanctions to date’ but suffers from an ‘indirect impact’, in particular due to the volatility of raw materials, rising market prices and tensions in supply chains).
/ATS