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UK: Increase in EDF profits prompts call for greater transparency in prices

11:53 14 February 2013

EDF Energy chief executive Vincent de Rivaz

EDF Energy chief executive Vincent de Rivaz

ENERGY giant EDF prompted calls for greater transparency in pricing today as it posted a 7.5% increase in UK profits, just two months after an average 10.8% increasing its charges to 3.7million British households.

The French-owned group, which has plans to build a new nuclear power station at Sizewell, said that its £1.7billion profits haul in the UK had been driven by its generation arm, with its residential electricity and gas retail business remaining loss-making.

But Adam Scorer, director of policy at Consumer Focus, called for greater transparency between prices and profits in the utility sector.

“Greater transparency about industry costs and company profits is going to be critical if consumers are to have confidence in an energy market where prices just seem to go one way,” he said.

Revenues at EDF’s UK arm rose 6.4% to 9.7bn euros (£8.4bn) last year. The group said the increase in UK profits reflected a leap in generation output last year, including its best performance from nuclear operations in seven years and a 37% jump from its coal-fired plants, with rising wholesale prices also contributing.

The generation arm, which accounts for around 95% of UK earnings, has for some time been offsetting losses at its residential UK business, which fell into the red during 2011.

EDF added that it re-invested £1.3bn into its services and nuclear and coal stations last year, up £200m on 2011.

Vincent de Rivaz, EDF Energy chief executive, 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.”

EDF announced in December it was extending the lifespan of its Hunterston and Hinkley Point nuclear plants by seven years to 2023.

The group is currently in talks with the UK government over investment for a new multi-billion pound nuclear reactor at Hinkley Point in Somerset, which is expected to cost around £7bn, with a similar development planned at Sizewell.

Energy group Centrica, which owns British Gas and a 20% interest in EDF’s eight existing nuclear power stations in the UK, recently announced that it would not be taking up an option to take a 20% stake in the Hinkley Point and Sizewell new-build proejcts.

Results for the wider EDF group showed the firm made 16.1bn euros (£13.8bn) in profits last year, up 7.7% on 2011.

1 comment

  • There is only one word for it ! GREED......GREED........GREED Fueled by Thatchers PRIVATISATION !

    Report this comment

    freedomf

    Thursday, February 14, 2013

Stock image. Despite road signs saying the road is shut, businesses along the B1113 are open for business. The road closure is not in affect for more than seven miles from the point of closure at the roundabout for the Old Neton Road between Stowupland and Stowmarket.

Business owners in mid Suffolk have claimed road works scheduled to run until September will affect trade numbers over the summer months.

Rooney Anand, chief executive of Greene King

Pubs and brewing group Greene King today reported a 60% increase in annual pre-tax profits after a “transformational” year which saw it become the UK’s largest operator of directly managed pubs.

Sizewell C

The vote to leave the European Union has posed fresh doubts over the likelihood of a new nuclear power plant in Suffolk.

The Greene King name is set to appear on more pubs.

The Greene King name will be appearing on even more pubs as a result of streamlining in the enlarged group’s portfolio of brands.

James Dix, finance director at Stansted Airport.

Stansted Airport has announced a series to changes to its senior management team, following the recent appointment of new chief executive Andrew Cowan.

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