Environmental, Europe, Finance

What do EDF’s annual results say about hydro?

EDF has released its 2018 annual results, with double-digit growth in EBITDA and largely positive cash flow. How does hydro fit in?

According to EDF, electricity output from its hydropower France group was 46.5 TWh, or 25.4 percent higher than in 2017. Considering the company’s total EBITDA was up 11.3%, I’d say that’s a pretty favorable contribution.

This technology provided the largest growth in electricity output, with EDF Renewables output increasing 15% to 15.2 TWh and nuclear France output growing 3.7% to 393.2 TWh. Nuclear United Kingdom electricity output dropped 7.5% to 59.1 TWh.

EDF said its CO2 emissions in 2018 were at their lowest historic level, decreasing 30.5% for the group.

With regard to international development, EDF pointed to the completion of the construction of the 400-MW Sinop dam project in Brazil and launch of the 420-MW Nachtigal Dam Project in Cameroon.

“The rebound in our results in 2018 has occurred and is in line with our forecasts,” said Jean-Bernard Levy, EDF’s chairman and chief executive officer. “We have achieved all our financial objectives and are exceeding all the targets of our performance plan. We have stabilized our net financial debt, strengthened our balance sheet, reached a record for generation in renewable energies, succeeded in overhauling the French nuclear sector and strengthened our supply business through several significant innovations.”