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Sunday
Jul302017

EDF profits dented by nuclear woes

Earnings at energy giant EDF have plummeted by a fifth in the first half of this year due to ongoing woes in its French fleet of nuclear reactors and lower profits from those in the UK.

The French state-backed group behind the UK’s first new nuclear plant in a generation, Hinkley Point C, has suffered a major setback to its domestic reactors, some of which have been closed for safety checks since October.

French nuclear power output fell by 3.9pc from the first half of last year to 197.2TWh in the six months to June 30, the group said. Despite a 4.2pc rise in UK EDF’s nuclear generation to 32.2TWh, the fleet of reactors were still a drain on earnings due to the weaker market price for electricity.

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