PARIS (Reuters) – EDF on Friday published organic revenue growth of 34.6% for the first quarter of 2023, thanks to the rise in energy prices and despite a further drop in its nuclear production in France. .

The electrician, in the process of complete renationalisation, specified in a press release that it had recorded sales of 47.8 billion euros at the end of March after having benefited from the increase in the selling prices of electricity and gas, resulting from that of market prices, particularly in France and the United Kingdom.

The production of its French nuclear fleet fell by 7.1%, to 85.2 terawatt-hours (TWh), penalized by the extensions of shutdowns due to checks and repairs of the circuits affected by the phenomenon known as “corrosion under stress “, as well as by the strikes against the pension reform.

EDF however once again maintained its nuclear production target of between 300 and 330 TWh in France in 2023, after the green light from the Safety Authority for its revised plan for dealing with corrosion defects.

The group also confirmed on Friday its 2023 objectives of net financial debt to Ebitda ratios of less than 3 and adjusted economic debt to adjusted Ebitda of less than or equal to 4.5.

Regarding its commercial performance, EDF saw its portfolio of residential electricity customers in France increase by more than 200,000 customers in the first quarter.

The Paris Court of Appeal has announced that it will rule on Tuesday May 2 on an appeal filed by minority shareholders of EDF against the green light from the Autorité des marchés financiers (AMF) for the takeover bid of French State on the group’s securities.

The French State had previously indicated that it would not complete the procedure for the complete renationalization of EDF before the courts rendered its decision on this appeal.

(Report Benjamin Mallet; edited by Kate Entringer)

Copyright © 2023 Thomson Reuters