Strong performance from renewables helped balance other struggles for energy giant EDF across the world in 2019, the latest financial results show.
The French major’s earnings before interest, tax, depreciation and amortisation (EBITDA) were £684 million (US$891 million) last year, compared with £685 million (US$893 million) in 2018, while its operating profit was down by £294 million (US$383 million).
The company linked the downturns to a reduction in nuclear power generation following outages at two sites, and the introduction of the cap on residential tariffs for electricity and gas. These “unfavourable” factors were somewhat counterbalanced by growth in capacity revenue, which stood at €309 million (US$335 million) in 2019.
“We are forging ahead in all renewable energies, moving ahead with our commercial offensive in France and making strong progress with the implementation of our Solar, Electricity Storage and Electric Mobility plans and we are investing in nuclear existing assets and projects,” EDF CEO Jean-Bernard Lévy said in a prepared statement.
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