Energy supplier EDF posted a huge profit from its UK business in 2022 as it took full advantage of soaring electricity prices.
In stark contrast to its French business, underlying profits from EDF's UK arm, which supplies around a sixth of the country’s power, soared to £1.12bn from a loss of £21mln in 2021, which it attributed to its nuclear power stations and higher prices.
Five nuclear power stations in the UK are run by the French group, which also has a large number of wind farms, and that combination meant it was able to sell electricity at inflated prices in the UK without having to buy similarly expensive gas to generate it.
The retail business, however, lost £200mln, which it said was due to the energy price cap and buying at levels above the capped level.
Elsewhere, EDF reported huge losses from its troubled nuclear station estate in France.
Group underlying losses in 2022 rose to €4.99bn (£4.44bn), blamed on "the decline in nuclear output" and "the impact of the exceptional regulatory measures to limit price increases for consumers in 2022".
EDF said the French cap on electricity bills cost it €8.2bn (£7.3bn) in the year or almost all the €8.7bn (£7.8bn) gain it made from "market price rises passed on to customers".
New chief executive Luc Rémont added: "Our priority right now is improving EDF's financial position, and I am confident that the benefits of the actions taken will begin to show in 2023."
Rémont added that the firm will invest £13bn in the UK in the next three years, largely at the Hinkley Point C nuclear plant in Somerset, which is due to open in 2027.
The company currently is 84%-owned by the French state but will shortly be fully nationalised due to its weak financial position and poor performance at home.
Sharon Graham, general secretary of UK trade union Unite, said: “It’s clear that the energy crisis is causing absolute misery for consumers in the UK while creating bumper profits for companies like EDF.
“Energy companies are raking in these record profits on the backs of people who can barely pay their bills.”