In its interim financial results, EDF said business to consumer activity benefited from the “positive effect of cold weather on gas sales”, but suffered from the decrease in the number of client accounts, a reduction of 266,000 (4.7 per cent) compared with the end of June 2014.
It pointed out that, adjusted for the positive impact of €138 million of the exchange rate effects, EBITDA (earnings before interest, taxes, depreciation, and amortisation) remained stable in organic terms.
EDF said its stable results were “supported in particular by good nuclear operating performance”, with UK nuclear power generation in the first half of 2015 “broadly stable”, at 30.3TWh.
The firm said the impact of operating at a lower load at the Heysham 1 and Hartlepool plants was mostly compensated for by the “good operating performance of the fleet”, although the decrease in realised prices for nuclear power did have an impact on the performance of the first half of the year.
Speaking to investors, EDF group chief financial officer Thomas Piquemal said the group was “making very solid, very good progress” on Hinkley Point C. He said conversations the group has had with Chinese and British government officials make it “very optimistic” that plans will move forward “very quickly” after the summer break.
EDF chairman and chief executive Jean-Bernard Lévy said the group remained “very committed to nuclear” which “brings our clients very cheap and reliable power”.
However, he added, “we also see the need for renewables and we would like to allocate more money towards renewables.”
“This half-year has witnessed a good operational performance, as highlighted in particular by the highest level in nuclear power generation in France for a first half of the year since 2011. The Group’s development in renewables continues to progress,” said Lévy.
“The months to come will be devoted to the deployment of CAP 2030 as it participates to the energy transition and to the expected commitments expected for COP21.”
On the whole, EDF Group reported an EBITDA of €9,147 million, up 3.6 per cent from €8,833 million recorded in 2014 H1.