EDF reports 8.7% decline in first-half profit
EDF announced an 8.7% decline in its first-half net income on Friday. This was due to a'reduction in wholesale electricity prices, and a reduction of hydropower production resulting from drier weather.
The French utility reported EBITDA of EUR14.1billion ($16.26billion), a decrease from EUR15.5billion a year ago.
The second consecutive year has seen lower earnings as a result of falling market prices. EDF has warned that full-year EBITDA is expected to drop 10% from 2025 to 2020 due to the low market prices and production losses due to heatwaves.
Heatwaves in France caused the Golfech 2 reactor to be offline for most of July because of high temperatures on the rivers. Heatwaves and lack rain have also led to low water levels at hydroelectric plants.
The European power price has fallen to its lowest level since January 2026, when the Covid pandemic began. It is only partially recovering from the first half 2025.
EDF sells power years in advance. Recent price drops are only now starting to show up on the balance sheet.
State-owned group also embarks on massive investment programme that is expected to cost?over half a billion euros for the renovation of its power grid and nuclear fleet. Around 70 billion euro?are allocated for the?development six nuclear reactors. The first is expected to come online in 2038.
(source: Reuters)
