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EDF Group announces results for 2018

Power News - Published on Tue, 19 Feb 2019

Image Source: Yahoo Finance
EDF Energy will provide a breakdown of how each part of its business has performed when it publishes its annual segmental accounts before the end of April this year.

Key points

1. EDF Energy had 4.9 million residential accounts (electricity and gas) at end of December 2018 and installed more than 500,000 Smart Meters over the year.
2. All key milestones were reached at Hinkley Point C - more than 3,600 people are working on the construction site.

3. EDF Renewables UK acquired the 450MW Neart na Gaoithe offshore windfarm development project in Scotland.

4. EDF Renewables UK inaugurated two ground-breaking projects, the 41.5MW Blyth offshore windfarm which uses gravity-based foundations, and the 49MW West Burton B battery storage facility which provides a grid balancing service.

5. EDF Energy’s nuclear power stations delivered lower output of 59.1TWh compared with 2017 (63.9TWh) due to maintenance and inspection outages.

6. Capital expenditure across nuclear generation, coal and customers was more than £540m. Investment in New Nuclear Build (NNB) was £2.3bn.

7. EBITDA for 2018 was GBP 691 million, a reduction of 16.5% on an organic basis[ii]. The drop in earnings in 2018 was due to lower generation output and lower realised prices.

8. EBIT was -GBP 172 million excluding exceptional items.

At the end of 2018, EDF Energy had 3 million residential electricity accounts and 1.9 million gas accounts, a decrease of around 200,000 since the beginning of the year.

EDF Energy remains committed to offering smart meters to all domestic and small business customers who want to benefit from this new technology by 2020. In 2018, EDF Energy installed 515,000 smart meters. More than 1 million smart meters have been installed by us since the programme started.

New products were launched for residential customers to help them take advantage of innovations in energy technology. These include a range of ‘smart home’ products, including domestic battery storage and a home monitoring service, Howz, to support independent living.

EDF Energy announced a partnership with Nuvve Corporation to install up to 1,500 Vehicle to Grid (V2G) chargers in the UK. V2G chargers allow electricity stored in an electric vehicle to be used in a customer’s home or business or to be sent back to the grid, providing savings on energy costs and generating additional revenues.

The contracting division of our technical engineering company Imtech secured projects worth £450m in the UK and Ireland in 2018 and its maintenance arm retained a number of key contracts. Imtech’s Low Carbon Solutions continued to add to its portfolio of energy saving projects for NHS Trusts. Imtech also helped to develop Powershift, a platform which allows businesses to become more efficient by switching off or reducing consumption, or by providing electricity to the grid.

EDF Energy, in partnership with China General Nuclear Corporation (CGN), is constructing the Hinkley Point C power station in Somerset (EDF 66.5%, CGN 33.5%) and is developing further new nuclear projects at Sizewell (EDF 80%, CGN 20%), in Suffolk, and Bradwell (EDF 33.5%, CGN 66.5%), in Essex.

Source :

Posted By : Rabi Wangkhem on Tue, 19 Feb 2019
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