Cold winter bolsters revenue at French power provider EDF

Marion Dakers
ENERGY producer EDF yesterday said the cold weather across Britain and Europe at the start of the year has helped push its first quarter sales up 12.1 per cent to €23.4bn (£19.8bn).

The jump in revenues was also fuelled by EDF’s acquisition of Italian power provider Edison, which completed almost a year ago. The company reported organic sales growth of 4.7 per cent.

In the UK, sales also rose 4.7 per cent, to €2.7bn in the quarter, and would have been higher but for the pound’s fall against the euro eroding some of the growth.

The company’s eight British nuclear power stations posted an 11.3 per cent rise in output compared to a year ago, generating 1.6 terawatt hours of power.

EDF remains in talks with the government over plans for a new plant at Hinkley Point.

The firm stuck to its guidance for the full year, with organic earnings set to grow between zero and three per cent and returns to shareholders worth between 55 and 65 per cent of net income.

EDF boss Henri Proglio said: “Our sales growth in the first quarter once again proved the relevance of the group’s integrated and diversified business model.”