EDF further reduces its financial forecasts because of its drop in production

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The EDF group announced on Thursday that it had revised the financial impact of the drop in its electricity production to 29 billion euros for the 2022 financial year against 24 billion euros previously announced in July. This new estimate is based on the downward revision of nuclear production for 2022 located “at the bottom of the 280-300 TWh (terawatt-hour) range and 2022 futures prices (of electricity) as of September 13”, a indicated in a press release the EDF group.

A historic low for nuclear production

“The estimate of the impact of the drop in production on the Ebitda (equivalent to the gross operating surplus) of the group for 2022 is reassessed at around -29 billion euros”, detailed the group. The impact of the drop in the group’s nuclear production was estimated at 24 billion euros at the end of July. The group’s nuclear production in 2022 should experience a historic low due to the exceptional unavailability of part of its nuclear fleet with 26 of its 56 reactors shut down, according to figures released by management on Wednesday.

Management assured Wednesday that the missing reactors would restart for the passage of winter 2022, announced as tense in terms of energy security. At the origin of this situation, the delay in ten-year maintenance, due to the Covid, and the discovery last winter of corrosion problems, forcing EDF to undertake an almost general inspection.

A debt that could peak at more than 60 billion euros

For 2023, EDF maintains its nuclear production targets at 300-330 TWh, against 340-370 TWh previously. For 2024, EDF’s nuclear electricity production is still likely to be affected by the continuation of major maintenance, with an estimate of between 315 and 345 TWh, according to initial forecasts published by the group on Tuesday.

While the government has just announced an extension of the tariff shield with an increase in electricity and gas tariffs capped at 15%, the group has indicated that its objectives “at the end of 2023 will be subject to a review. once the terms of the regulation (of electricity tariffs) for 2023 are specified.

Weighed down by a debt that could peak at more than 60 billion euros at the end of 2022, the electrician has seen its financial situation in recent months further weighed down by the government’s decision at the start of the year to make it sell more electricity. market to its competitors to protect household bills.

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