Due to QatarEnergy's force majeure, Edison's operating profit for the first quarter of 2012 has been cut in half.
Italian Edison has lowered its full-year forecast and said that its operating profit for the first quarter of this year was halved when compared with a year ago, mainly due to 'the impact'...of a force majeure declaration by its supplier QatarEnergy.
The Italian utility, Edison, announced on Tuesday that QatarEnergy had cancelled 12 LNG cargoes it expected from Edison. This extended force majeure until early July.
The Italian company is a subsidiary of the French energy group EDF. It has a long-term agreement with QatarEnergy for a gas supply of 6.4 billion cubic meters (bcm) per year. This represents 10% of Italy's annual gas consumption.
Edison's core earnings for 2026 are expected to be lower than the previously announced range between 1.2 billion and 1.4 billion euro.
In March, QatarEnergy CEO and State Minister for Energy Affairs, said that Iranian attacks had knocked down 17% of Qatar's LNG-export capacity. This posed a threat to supplies in Europe and Asia.
The company's earnings before interest and tax (EBIT), which were 203 million euro in 2025, fell to 118.70 millions euros due to the net fair value change in its forward commodity contracts. This was primarily a result of the unwinding hedges after QatarEnergy’s force majeure.
The?reported Net Profit of the group fell to 41 million Euros from 139 millions euros in the first three months of last year.
(source: Reuters)
