EDF sees UK profits rocket to £1.12bn as millions struggle to pay energy bills

17 February 2023 , 07:30

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EDF has revealed its latest profits (Image: AFP via Getty Images)

EDF Energy has revealed its UK profits hit £1.12billion for last year as millions of Brits struggle to heat their homes.

This is up massively compared with a loss of £21million in 2021, due to the rising cost of energy.

But the French firm made huge losses as a whole, with an underlying loss for 2022 of £4.44billion, blaming low nuclear output.

EDF also said its UK arm lost more than £200million, as the cost of buying energy was more expensive than the rates set by the price cap.

EDF has around five million customers in the UK and is the latest major supplier to announce bumper profits in recent weeks.

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It comes as energy bills are due to rise again, heaping more pressure on struggling households.

Luc Rémont is chairman and chief executive officer of EDF (AFP via Getty Images)

The Energy Price Guarantee is set to go up from £2,500 a year on average, to £3,000 a year, from April.

These figures are used to illustrate someone with typical energy use, so your bill could be more or less than this.

Energy prices have soared in recent months following the Russian invasion of Ukraine.

Luc Rémont, chairman and chief executive officer of EDF, said: "The 2022 results were significantly affected by the decline in our electricity output, and also by exceptional regulatory measures introduced in France in difficult market conditions.

"Despite all the challenges, EDF actively focused on service and support for all its residential and business customers and made every endeavour to ensure the best generation fleet availability for the winter period.

"All the Group’s employees deserve praise for their dedication and great resilience in a difficult environment."

Its announcement this morning comes after Centrica, owner of British Gas, yesterday confirmed its operating profits hit £3.3billion last year.

Over the last few weeks, we've also seen Shell announce profits of £32.2billion ($39.9billion) for last year, while BP profits hit $27.7billion (£23billion).

US heavyweight Chevron has revealed record annual profits of £28.6billion while ExxonMobil reported full-year earnings of £45.2billion.

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Levi Winchester