2023-07-28 16:32:03
EDF finds the smile, TotalEnergies and Engie (ex-GDF) keep it. The three main French energy companies are emerging from an exceptional year 2022, after the shocks to prices due to the outbreak of war in Ukraine. Last year, the first had recorded losses of 17.9 billion euros. The other two had reaped respective profits of 20.5 billion dollars (about 19 billion euros) and 5.2 billion euros.
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Undoubtedly, at the end of the first half of 2023, the most spectacular development can be attributed to EDF. The group presented its results in detail on Thursday, July 27. However, the Stock Exchange no longer obliges him to do so, since he has left it. Since June 8, the State has once again become its sole shareholder. The electrician is delighted with a net result of 5.8 billion euros, where, in 2022, at the same period, he deplored an unprecedented loss of 5.3 billion euros. The very heavy net financial debt remains close to 65 billion euros.
“Throughout the group, we have undertaken in-depth work to improve our efficiency”, declared Luc Rémont, head of EDF for less than a year. The upswing can be explained in particular by still high electricity prices and by the recovery of its nuclear production in France. In the first half of 2023, this was 158 terawatt hours, i.e. 4 more than a year ago at the same period, but almost 24 less than in 2021. The group also highlights another setting. In 2022, the State had forced him to sell off even more electricity than expected to the competition. This measure had caused a shortfall of 6.2 billion euros in the first half of last year.
“Development of renewable activities”
On the hydrocarbon side, the current context is still greatly benefiting the gas and oil sector, two energies responsible for global warming. For its half-year report, also communicated on July 27, TotalEnergies shows 11.5 billion dollars in adjusted net income, that is to say excluding depreciation or other exceptional items.
However, this is 39% less than in the first half of 2022 (but still 77% more than in 2021), when uncertainty over Russian hydrocarbon deliveries dominated. Since then, international prices have fallen, from one half year to the next: minus 26% on average for oil (barrel of Brent from the North Sea) and minus 58% for gas (on the Henry Hub, form in the United States).
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