EDF Group 2021 fiscal results highlights for EDF Energy in the UK
Moment EDF Group published its fiscal results for 2021. These results relate to the operations of the entire EDF Group around the world, not just the UK.
EDF Energy Ltd will give an external communication with the breakdown of how each part of its business has performed when it publishes its periodic segmental accounts before the end of April this time.
A summary of results relating to EDF Energy in the UK is below
UK EBITDA-£ 21million in 2021,vs.£ 712m in 2020
UK EBIT-£1.7 billion in 2021,vs.-£ 862m in 2020
Significant losses reflect the ongoing impact of COVID-19, high global gas prices, and unplanned outages at UK nuclear power stations
. Hinkley Point C schedule remains unchanged with the launch of electricity generation listed for June 2026, but COVID-19 continues to have an impact on the design
. Strong operating performance in domestic business with over accounts added and smart metering targets exceeded
.2021 was a corner time for progress on the company’s future operations, with legislation for a new backing model to be used by Sizewell C, the signing of the decommissioning agreement with UK Government, and farther investment delivered in electric vehicles through the table of Podpoint on the London Stock Exchange. By the end of 2021 had installed chargepoints, over 70 on the time before.
The nuclear line produced41.7 TWh in 2021, 4TWh lower than the former time, due to unplanned outages. The misplaced affair had to be bought back at high request prices.
The business verified the end of generation at Dungeness B in 2021 and Hunterston B in January 2022. The nuclear decommissioning arrangements inked between EDF and the UK Government give long term certainty for the Generation business’ important part in UK decommissioning.
Our domestic business gained over client accounts in 2021. We stepped in to take on guests of Green Network Energy, Utility Point, Zog Energy. Despite the ongoing impact of COVID-19 on Guests’ operations in 2021, we exceeded our smart cadence target and we presently rank second among large suppliers in the Citizens Advice conditions.
The major increase in noncommercial energy prices increased costs for our Guests business in 2021. The energy price cap meant that we were unfit to pass on utmost rising costs and as a result our domestic business was loss- timber.
Hinkley Point C
Hinkley Point C made good progress in 2021, passing the “ halfway” mark of construction – the design isc. 52 completed. The schedule for the design remains unchanged with planned electricity generation from Unit 1 in June 2026. Also unchanged is the preliminarily linked threat of‘ high probability’ detainments for Units 1 and 2 of 15 and 9 months independently. Despite assiduity- leading way in addressing COVID-19, the schedule remains under fresh pressure due to the continuing impact of the epidemic in 2021 and other issues.
Progress on point included completion of the 2500m3 concrete table that will support the turbine of Unit 1, and the first sword ring section was successfully lifted on to the reactor structure of Unit 2.
Legislation for the use of the Regulated Asset Base (RAB) model to finance new nuclear is presently going through Parliament. We hope to use the RAB model to finance Sizewell C. The Government also pledged£1.7 bn for large-scale nuclear and lately blazoned£ 100m to support Sizewell C’s farther development.
A decision on the Development Consent Order for Sizewell C is anticipated by the end of May 2022.
EDF Renewables added two battery spots to its growing portfolio at Kemsley and Cowley, which are furnishing important demanded inflexibility to balance electricity force and demand, stabilise the grid and enable mass EV charging.
We entered the GB grid scale solar request, taking investment opinions on three systems and starting construction on one. We also started construction of three solar spots in Ireland alongside our ongoing development of the Codling Offshore Wind Park.
Work got underway erecting the 30 MW West Benhar onshore wind ranch in North Lanarkshire.
To support our intentions growth plans, we successfully grew the headcount of the business by adding another 70 people.