The UK arm of the French state-owned energy behemoth EDF has profited from rising electricity tariffs.
In its 2022 annual results, EDF (Électricité de France) reported higher UK earnings despite a loss.
Its UK core profits surged to £1.12bn from just £21m the year before.
EDF runs windfarms and five nuclear power stations in Scotland and England. Nuclear performance and higher prices have led to “excellent operational performance,” EDF said.
Somerset’s Hinkley Point nuclear station is being built by the business.
The UK energy supply side lost more than £200m.
The energy price cap was cited as a reason because consumer energy purchases were more expensive than cap prices.
The energy price guarantee capped annual home electricity and gas bills at £2,500.
EDF provides power and gas to five million UK households.
During nuclear reactor outages, the group lost money. Production, maintenance, and the French electricity price cap caused a record €17.9bn (£15.9bn) loss.
Notwithstanding the closures of Hunterston B in January and Hinkley Point B in August, UK nuclear output rose due to a reduced maintenance programme and high fleet capabilities.
EDF joins other energy corporations in making huge profits.
Centrica made record profits reported on Thursday due to strong nuclear performance and high wholesale gas prices.
Last month, Shell announced its biggest ever earnings and will pay UK taxes for the first time since 2017.
It has prompted proposals for tougher taxation on firms who profited from high energy costs after the Ukrainian war. Prices soared across the board, causing a cost of living issue.
