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France

France

EDF's renewable earnings fall despite increase in output

FRANCE: Utility EDF's renewables division benefited from an increase in power output in 2017, but its operating profit (Ebitda) dropped 12.8% year-on-year.

EDF began installing five 8MW offshore wind turbines using gravity-based foundations near Blyth in the north-east of England in November
EDF began installing five 8MW offshore wind turbines using gravity-based foundations near Blyth in the north-east of England in November

EDF Énergies Nouvelles posted Ebitda of €751 million for 2017, down from €861 million one year earlier.

It had also recorded sales of €1.28 billion, up 8.7% from its 2016 sales figure of €1.17 billion.

But the company stated the fall in its operating profit was due to "lower sales of assets than in 2016". EDF does not provide a figure for sale of its renewable energy assets for 2016 or 2017.

Electricity output from its renewable energy arm increased 10.9% year-on-year, generating 12.6TWh in 2017.

Meanwhile, output from its hydropower facilities grew by 12.5% year-on-year, while its nuclear power plants in France and the UK produced 1.3% and 1.8% less respectively.

EDF’s net installed capacity of wind and solar projects grew by 1.6GW to 8.8GW in 2017. It also acquired a 600MW portfolio of 11 Scottish wind farms, in July.

EDF‘s renewables division also began installing five MHI Vestas 8.3MW offshore wind turbines using gravity-based foundations near Blyth in the north-east of England, and acquired offshore wind operations and maintenance (O&M) firm OWS.

Worldwide, the group has a wind and solar pipeline of 22.5GW — 1.9GW of which is under construction, it stated.

Jean-Bernard Lévy, EDF’s chairman and CEO, said: "We are beginning an unprecedented acceleration in renewable energies at the same time that we are strengthening our commercial initiatives."

The wider group, meanwhile, blamed a decline in nuclear and hydropower output in France and "unfavourable price conditions in almost all geographic areas" as its operating profit (Ebitda) fell 16% last year.

The company’s Ebitda for 2017 was €13.74 billion, down from €16.41 billion in 2016, while its sales fell 2.2% year-on-year from €71.2 billion to €69.63 billion.

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