French Utility EDF Expects $29 Billion Earnings Hit From Lower Nuclear Output

By Mauro Orru

Electricite de France SA said Thursday that it expects a hit of roughly 29 billion euros ($28.94 billion) to earnings this year due to lower nuclear output in France, as Europe grapples with an energy crisis unleashed by Russia's invasion of Ukraine.

The French utility raised the estimated hit to earnings before interest, taxes, depreciation, and amortization to around EUR29 billion from about EUR16 billion in March.

Nuclear output in France this year is expected at the lower end of a 280 terawatt hour to 300 terawatt hour range. For 2023, nuclear output should range from 300 terawatt hours to 330 terawatt hours.

EDF said it would review its targets for 2023 after the French government announced a cap to the increase of regulated electricity tariffs at 15% for 2023.

Write to Mauro Orru at [e-mail]; @MauroOrru94

(END) Dow Jones Newswires

09-15-22 0334ET