Overcast

Overcast

max temp: 12°C

min temp: 10°C

ESTD 1874 Search

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.

shares

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.

shares

1 comment

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

    Report this comment

    freedomf

    Thursday, February 14, 2013

Greene King apprentice Tamara-Leigh Kirkham.

Greene King has been named VQ Large Employer of the Year for 2015, in recognition of its support for members of its workforce undertaking vocational qualifications (VQs).

Sizewell A and B

Staff at the redundant Sizewell A nuclear power station will have to wait to find out if their jobs are safe from planned redundancies.

The opening of Precision Marketing's new headquarters in Bury St Edmunds.

An expanding marketing services firm celebrated the official opening of its new head office in Bury St Edmunds yesterday.

Abby Curtis who is opening Pump and Grind coffee shop in Great Colman Street with Tom Kerridge

The business team behind a new cafe have said they are disappointed they will not able to serve alcohol when opening for the first time on Saturday.

Arlingtons new art exhibition, Liz and Ken Ambler at the launch

Music, art, wine and a great deal more

Steven and Debbie Morgan pictured when they took over The Royal Oak earlier this year

Firefighters were called to a pub last night following a water leak which caused flooding.

Rachel Pearlman, Zoe Bradbury, Jack Northcott and Jordan Keeble of Ginger Nut Media team  at the OXO Tower in London, after being awarded as the best level of support during Advanced Apprenticeships.

A digital advertising firm is celebrating after scooping an award for its supportive training regime.

Royal Mail has seen a rise in annual profits.

Royal Mail today reported a rise in underlying annual profits as a squeeze on costs helped offset a lower than expected performance from its parcel business.

Bury Council Building Angel Hill.

The new chairman of Bury Town Council has said he intends to make the authority relevant after claiming it has done “almost nothing” for the last few years.

Tesco  Group Chief Executive Dave Lewis

Tesco paid £4.1 million to new boss Dave Lewis in his first six months after he was brought in from consumer goods group Unilever to turn around the embattled supermarket.

Most read

Most commented

Topic pages