February 16, 2018 / 6:41 AM / 10 months ago

Lower nuclear output hits EDF 2017 earnings, 2018 rebound seen

PARIS, Feb 16 (Reuters) - French utility EDF said its 2017 core earnings fell 16.3 percent to 13.7 billion euros ($17.18 billion), from 16.4 billion euros in 2016, due to lower-than expected nuclear production caused by reactor outages.

Revenue was down 2.2 percent to 69.6 billion euros while net profit rose 11.3 percent to 3.17 billion euros thanks to capital gains on asset disposals, notably the sale of part of its grid unit RTE.

A Reuters poll of 14 analysts had forecast median earnings before interest, tax, depreciation and amortisation (EBITDA) of 13.8 billion euros and revenue of 68.3 billion euros.

EDF CEO Jean-Bernard Levy said on a call that 2018 would be the year of the rebound for EDF.

EDF forecast French nuclear output of at least 395 terawatt-hours in 2018, compared to 379.1 TWh in 2017. Levy said 2019 output will be lower again because the closure of its Fessenheim nuclear plant will not be fully compensated by its new Flamanville plant, which will be ramping up in 2019. ($1 = 0.7973 euros) (Reporting by Geert De Clercq Editing by Bate Felix )

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below