EDF's UK wing returns to profit

French energy outfit EDF's UK division returned to profit in 2022 as it offloaded its electricity at a higher premium throughout the year.

EDF said on Friday that underlying profits cane to £1.12bn in 2022, a marked improvement on the loss of £21.m recorded in 2021, principally due to the improved performance of its nuclear electricity generators.

However, the company's UK consumer arm reported a loss of more than £200.0m in the year, citing the cost of buying energy for customers at a higher level than prices set under the energy price cap.

EDF Group as a whole posted a full-year underlying loss of €4.99bn, highlighting to a "decline in nuclear output" and the impact of "exceptional regulatory measures" to limit price increases for consumers, the latter of which cost the company €8.2bn - which all but wiped out the €8.7bn it made from "market price rises" passed on to customers.

As of 1000 GMT, EDF shares were up 0.084% at €11.87 each.

Reporting by Iain Gilbert at Sharecast.com