EDF Group results for 2014

edf energy 150EDF Energy will provide a detailed breakdown of how each part of its business has performed when it publishes its annual segmented accounts later this year.

The key points relating to EDF Energy’s performance are:

• Operating Profit (EBIT) for EDF Energy in 2014 was £649m. This is 25% lower than in 2013 (£863m) and reflects challenging market conditions. The figure includes a one-off charge of £136m relating to the reduction in value of gas generating and storage assets, meaning underlying profitability was 10% lower1

• This figure was impacted by the precautionary decision in August 2014 to shut down Heysham 1 and Hartlepool nuclear power stations to allow a detailed programme of boiler inspections to take place. These stations have now been safely returned to service

• Performance of the rest of the nuclear stations was very strong, in particular:
o Heysham 2 achieved over 10.4TWh output, a record for any advanced gas cooled reactor power station in a single year
o Hinkley Point B generated its highest output in 10 years with no unplanned stoppages in 2014
o Excellent safety performance with the lowest ever number of “lost-time incidents” recorded in the nuclear stations’ operational history

• In 2014, EDF Energy officially opened a new gas power station at West Burton in Nottinghamshire, and its first offshore windfarm at Teesside

• Further progress has been made on plans to build a new nuclear power station at Hinkley Point in Somerset with the approval of agreements between the UK Government and EDF by the European Commission.

• EDF and the UK Government are working hard to finalise all agreements on Hinkley Point C and are making significant progress in all areas with the shared objective of finalising documents in the coming weeks. This will allow a final investment decision to be possible in the next few months. EDF is also making progress in discussions with future investment partners in the project. In particular, progress is being made with Chinese partners on all aspects of their nuclear industrial co-operation in the UK, which is part of the wider partnership between EDF and Chinese companies.

• EDF Energy’s residential customer business has taken steps to reduce operating costs through increased efficiency and is now close to breaking even. It had on average 194,000 more customer accounts during 2014 than during 2013 and now has an industry-leading 40% of customers on fixed tariffs with no exit fees

• Investment in digital means that 42% of our customers now deal with their accounts online

• As part of our commitment to openness and education, we have welcomed 90,000 people to our nuclear visitor centres

• Progress on sustainability with all the nuclear power stations now holding the Wildlife Trust Biodiversity Benchmark for management of the biodiversity on nuclear sites

• In 2014, 83% of EDF Energy employees said they strongly believe in the company’s ambitions, which include leading the decarbonisation of the UK electricity sector and being the best and most-trusted energy company
Please follow this link to the EDF Group media release relating to the worldwide Group’s Annual Results for 2014. These relate to the performance of the entire EDF Group, and include a summary of EDF Energy’s performance in the UK.

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