French utility EDF suffered both a drop in sales and profit in the first half of the year as its nuclear electricity generation was hit by a number of plants being out of service during the period. The state-controlled group, which earlier this year launched a €4bn capital raise to shore up its stretched balance sheet, posted a 3.7 per cent decline in net income to €2bn while sales were down 2.6 per cent to €35.7bn. Earnings before interest taxes and amortisation – the measure the company uses for its full year targets – dropped 21.8 per cent, or 20.6 per cent on an organic basis, to just under €7bn, although the company reaffirmed its 2017 target of Ebitda in the range of €13.7bn-€14.3bn. Nuclear output in its home market was 3.9 per cent lower during the period to 197.2 terawatt hours while hydropower generation was also down 16.5 per cent due to what the company described as “unfavourable” conditions.
FT 28th July 2017 read more »
Telegraph 28th July 2017 read more »
Ipswich Star 28th July 2017 read more »
EDF Energy is today announcing changes to its leadership team as it proceeds along the path of EDF Energy 2020. This is the company’s action plan to ensure that EDF Energy delivers its contribution to the EDF Group CAP2030 strategy. Following good progress by the company on implementing the EDF Energy 2020 action plan, EDF Energy CEO Vincent de Rivaz has today announced the following changes to the Executive responsibilities for its Generation and New Nuclear Build activities: Nuclear Development Managing Director – Humphrey Cadoux-Hudson; Hinkley Point C Managing Director – Stuart Crooks; Generation Managing Director – Brian Cowell.
Nasdaq 27th July 2017 read more »