Energy giant EDF announces £1.7billion profits just two months after household bills hike
Energy giant EDF has announced £1.7 billion in annual profits – a 7.5% increase – just two months after hitting 3.7 million British households with a hike in bills.
But the French-owned business, which regulator Ofgem identified as the most complained about of the "big six" energy firms at the end of last year, insisted its division which supplies gas and electricity to domestic consumers had continued to make losses and was being propped up by its power-generation business.
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Revenues at EDF's UK arm rose by 6.4% to 9.7 billion euros –equivalent to £8.4 billion – in 2012.
EDF, which received 8,072 complaints for each 100,000 customers in the final quarter of the year, also increased its prices in a move which saw household bills rise by 10.8% on average in early December.
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But it said profits were driven by its nuclear and coal-powered energy-generation arm, which accounts for around 95% of its UK earnings. It said this division had been offsetting losses at its UK domestic energy supply business, which fell into the red by £124 million in 2011.
EDF added it re-invested £1.3 billion into its services and nuclear and coal stations, up £200 million on 2011. The group is currently in talks with the UK government over investment for its nuclear reactor at Hinkley Point, which is expected to cost around £7 billion.
EDF chief executive Vincent de Rivaz said: "Our financial performance last year enabled us to make significant investments in both our existing power stations and our plans for new nuclear stations in the UK, which will help keep the lights on in future with reliable, secure and low carbon energy."
5 Comments
by eu_blues
Saturday, February 16 2013, 12:16PM
“Energy giant EDF announces £1.7billion profits just two months after household bills hike
This is Cornwall
You just wait when Smart Metering starts.... You haven't seen anything yet! £1.7billion will be like putting a toe in the ocean.”
by Mice470
Friday, February 15 2013, 10:17AM
“EDF may well have made "...significant investments .." but the £1.7bn profit is of course after this has been paid. The domestic supply division is no doubt run at a loss to minimise tax payable.”
by Regennotdegen
Thursday, February 14 2013, 5:12PM
“A total disgrace.”
by Thelonius2
Thursday, February 14 2013, 3:09PM
“Scum”
by CallingtonFox
Thursday, February 14 2013, 3:07PM
“The utilities should never have been privatized in the first place; I will never believe that they could not have been run on a not for profit basis along with adding on increases in prices, when needed, purely to fund infrastructure and development. How can it be right that such essential services should be in private hands, and not even British ones at that?”