French energy giant EDF records record losses
France's state-controlled energy giant EDF has reported a record annual loss and massive debt as the fallout from the Ukraine conflict and idling of several nuclear reactors weighed on the company.
EDF's debt ballooned to €64.5 billion in 2022 while losses totalled €17.9 billion.
EDF struggled with a drop in electricity output last year as it had to close several of France's 56 nuclear reactors to fix corrosion problems and a heatwave reduced hydro-power production.
After Russia's invasion of Ukraine sent energy prices soaring, the government required EDF to sell energy at below cost to consumers to help them pay utility bills.
"The 2022 results were significantly affected by the decline in our electricity output, and also by exceptional regulatory measures introduced in France in difficult market conditions," chief executive Luc Remont said in a statement.
EDF's revenue rose by 70 percent to €143.5 billion last year due to the rising energy prices.
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EDF's debt ballooned to €64.5 billion in 2022 while losses totalled €17.9 billion.
EDF struggled with a drop in electricity output last year as it had to close several of France's 56 nuclear reactors to fix corrosion problems and a heatwave reduced hydro-power production.
After Russia's invasion of Ukraine sent energy prices soaring, the government required EDF to sell energy at below cost to consumers to help them pay utility bills.
"The 2022 results were significantly affected by the decline in our electricity output, and also by exceptional regulatory measures introduced in France in difficult market conditions," chief executive Luc Remont said in a statement.
EDF's revenue rose by 70 percent to €143.5 billion last year due to the rising energy prices.
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