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EDF (France) posts a €10bn profit in 2023, as nuclear and hydro output recover

EDF has released its 2023 results, in which the company posts a €10bn net profit. EDF recovered in 2023 after having experienced a €17.9bn loss in 2022. The group's EBITDA recovered from -€5bn in 2022 to over €39.9bn in 2023, notably thanks to the gradual recovery of nuclear power generation in France, the high-price environment in Europe and the absence of regulatory measures of the kind introduced in 2022.

At end-2023, EDF’s total net installed capacity (including shares in associates and joint venture) reached nearly 123 GW, with 55% of nuclear, 18% of hydro, 12% of renewables, 9% of gas, 3% of fuel oil and 2% of coal. The group's global power generation increased by 8% to 467.6 TWh, including 78% of nuclear (363.4 TWh, a 11% rise in nuclear power generation year-on-year), 15% of renewables (+18%, notably thanks to a 60% growth in hydropower generation), 6% of gas (-22%) and 1% of fuel oil. 

In France, nuclear generation increased by 41 TWh (+15%) to over 320 TWh. EDF’s hydro output in mainland France reached 38.7 TWh in 2023 (+19%), while the group’s wind and solar output stood at 28.1 TWh in 2023 (+14% compared to 2022). 

The company’s number of customers increased by 1.5% in 2023 to 40.9 million in France, the United Kingdom, Italy and Belgium.