In 2022 reactor production was lowest for 30 years.

Electricite de France returned to profit last year after a record loss in 2022 as the state-owned company benefited from rebounding nuclear output and higher power prices.

The company said it recorded a 2023 net profit of €10bn ($10.7bn), compared to a loss of €17.9bn in 2022.

EBITDA (earnings before interest, taxes, depreciation, and amortisation) was €39.9bn, up from a loss of €4.9bn. Net debt at the end of 2023 was €54.4bn.

The group booked a €7.9bn impairment charge after tax related to its UK operations, including the long-delayed Hinkley Point C nuclear station, Britain’s first new nuclear facility in more than two decades.

“EDF has managed a turnaround in 2023, notably thanks to a rebound of its nuclear output,” chief executive officer Luc Remont said in a statement. “With these good results, EDF has met its financial targets and reduced its financial debt.”

Earlier this month grid operator RTE said French nuclear production increased 41.5 TWh in 2023 rising to 320.4 TWh, after a year in which nuclear production was the lowest since 1992.

Nuclear availability in France fell to a 30-year low in 2022 after stress corrosion problems near welds took a number of reactors offline.

According to a schedule made public last year by regulator ASN, 90% of welds identified as a priority by EDF were to be checked before the end of 2023, and all of them will be checked by the first quarter of 2024.

The problems were first discovered at the Civaux nuclear power station December 2021.

An unconfirmed report said EDF shut down its nuclear reactors for a total of 8,515 days in 2022, an increase of 46.5% from 2021.

RTE data showed nuclear production in France at about 62% on 12 February, followed by hydroelectric with 18% and gas at 11%. Solar accounted for 5% and wind for 3%.

Paris Bullish About Nuclear

International Atomic Energy Agency data puts nuclear’s share of electricity production in France at 62.6% in 2022.

France’s share of generation from its fleet of 56 nuclear plants is about 70% – the highest in the world – and Paris is bullish about the industry’s future.

France has announced plans for six new EPR2 plants – two each at the existing Penly and Gravelines nuclear power station sites in northern France and two at the Bugey nuclear station site in eastern France. Reports have put the cost of the six-unit construction programme at an estimated €52bn.

President Emmanuel Macron announced plans in February 2022 for a “rebirth” of France’s nuclear industry with the possible construction of 14 EPR2 units and operating extensions for older nuclear plants from 40 years to 50 years or more.

The only commercial nuclear power plant under construction in France is the Flamanvlle-3 EPR, which has seen delays and cost overruns.