French energy giant EDF says sales fell 7% in the first three months of the year in the face of stiff competition, a mild winter and lower energy prices. The figures come ahead of Wednesday’s AGM where investors will quiz management over their plans for the Hinkley Point nuclear plant in the UK.
BBC 10th May 2016 read more »
EDF on Tuesday reported a 6.7 percent fall in first-quarter sales due to increasing competition, record low wholesale power prices and mild winter weather. In France, where the corporate and municipal power market was opened to competition at the start of the year, the energy company’s revenue fell more than 600 million euros to 12.1 billion euros (10 billion pounds), with 278 million due to higher competition, the rest to lower prices and warm weather. Revenue in Britain fell 13.2 percent to 2.93 billion euros as the company lost market share.
Reuters 10th May 2016 read more »
Record low wholesale power prices and increasing domestic competition led French utility EDF to report a drop in sales in the first quarter. The state-controlled group, which is debating whether to build a controversial £18bn nuclear project in the UK, said that sales were down 7 per cent to €21.4bn in the first three months of the year. In France, the company said that sales were down 4.8 per cent in organic terms “due to the impacts of increased competition in a historically low price environment and mild weather.” In the UK, there was an organic decrease in sales of 9.8 per cent as the group suffered from a lower number of residential customer accounts on power and gas sales.
FT 10th May 2016 read more »