EDF, the French state-owned energy giant, managed to offset the soaring costs of its nuclear project in the UK after it returned to a profit in 2023.
Along with providing energy for its French citizens, EDF also runs all of the UK’s existing nuclear stations, something which is weighing on the €54 billion it has in net debts.
It revealed how despite having invested £3.6 billion into its UK projects it has only earned £3.4 billion, from which it was forced to pay £600 million in British tax.
A €7.9 billion impairment has also been taken because of the UK operations, most of which has been caused by the increasing costs of building the Hinkley Point C reactor in Somerset.
Net profits at EDF reached €10 billion (£8.6 billion) in 2023, improving on the €17.9 billion loss suffered in 2022 when it was forced to shut down several reactors for repairs.
In 2023, most of these reactors came back online, helping French nuclear production to rise by around 41 terawatt-hours to 320.4 TWh.
This increased output, which EDF says will continue to grow in 2024, was also supported by a rise in electricity prices.