EDF makes £8.5bn profit as France tells UK to pay more for nuclear projects [Yahoo! Finance]
CENTRICA PLC S/ADR (CPYYY)
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Source: Yahoo! Finance
EDF, the French state-owned power giant, returned to profit last year following its massive losses in 2022. It came despite ballooning costs for its UK nuclear project at Hinkley Point C in Somerset. Annual results published on Friday show EDF recorded a net profit for 2023 of €10bn (£8.5bn), compared to a €17.9bn loss a year earlier after several reactors had to be shut down for repairs and as the energy crisis gripped the world. The healthy profit comes amid a row between Britain and France over who should pay for the ballooning cost of Hinkley Point C. Last month, EDF revealed that Hinkley is likely to be delayed until 2029 or even 2031, and the price could hit as much as £46bn in today's money. That compares with the initial budget of £18bn and a scheduled opening in 2025. EDF has said many of the extra costs were caused by the UK government insisting on expensive extra safety measures after the 2011 Fukushima nuclear disaster. Such issues have led to new tensions with
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