EDF in France reports that its 2018 half-year financial results are up, thanks in large part to its electricity output from hydropower being up 37.6%.
EDF EBITDA (earnings before interest, taxes, depreciation and amortization) for the first half of 2018 was up 18.9% compared to the first half of 2017. EDF says this was mainly driven by the company’s France generation and supply activities, thanks to a sharp increase in nuclear and hydropower generation and improved price conditions on the wholesale markets. In addition, EDF Trading benefited from volatility in commodities markets and more favorable prices.
EDF’s EBITDA was €8.2 billion. Compared with the first half of 2017, its financial expense was up, as was its net income excluding non-recurring items, and its share of net income was down. Operating cash flow was considerably higher, and group cash flow was up.
“The half-year results confirm the rebound announced for 2018, thanks to a solid operational performance and to the continuation of the cost reduction efforts,” said Jean-Bernard Levy, EDF chairman and chief executive officer. “This rebound has been supported by favourable hydrological conditions.”
Hydropower output for the first half of 2018 was 29.3 TWh, up 8 TWh (or 37.6%) from the first half of 2017. EDF says this represents the highest hydro output over a half year in the last 15 years.
Nuclear output was 202.6 TWh, up 5.4 TWh compared to the end of June 2017. EDF attributes this increase to the improved availability of the fleet; the first half of 2017 was marked by several reactor outages.
EDF has a diversified generation mix based on nuclear power, hydropower, “new renewable energies” and thermal energy. The company supplies energy and services to about 35.1 million customers, 26.5 million of which are in France.
For a complete rundown of the financial results, click here.