Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Electric Power

EDF sees Eur1 billion impact from coronavirus, offset by higher prices

Coal | Electric Power | Renewables | LNG | Natural Gas | Coronavirus

Price transparency a key factor in expanding hydrogen trade flows in Asia

Electric Power

Platts Market Data – Electric Power

Electric Power | Renewables | LNG | Infrastructure Utilities

Caribbean Energy Conference, 21st

Oil | Crude Oil | Refined Products | Shipping

Hin Leong founder OK Lim charged in Singapore court for abetment of forgery for cheating

EDF sees Eur1 billion impact from coronavirus, offset by higher prices

Highlights

French nuclear down 30 TWh in H1, only 13 TWh attributable to corona

ARENH reform talks ongoing amid "hope for positive outcome"

2 GW solar project in Abu Dhabi, French offshore wind progress

London — The coronavirus crisis has had an estimated Eur1 billion ($1.18 billion) impact on EDF, the French utility said July 30, mainly due to lower nuclear output and a drop in demand for electricity.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

On the plus side, EDF benefited from higher prices in the UK and France as well as better hydro conditions, it said.

The utility forecast 2020 EBITDA in a range of Eur15.2 billion-Eur15.7 billion.

French nuclear output in the first six months of 2020 fell 14.6% to 174 TWh. Of the 29.7 TWh year-on-year drop, around 13 TWh were attributable to coronavirus restrictions, affecting EBITDA by Eur253 million, it said.

On July 2, EDF lifted its 2020 French nuclear output target to a range of 315-325 TWh after cutting it April 16 to 300 TWh from 375 TWh due to longer maintenance and coronavirus-related restrictions on movement.

Discussions on a reformed ARENH price mechanism relating to French nuclear output were continuing between the French government and the European Commission with "no certainty of success at this stage," EDF management said adding that it was hoping for a positive outcome.

A successful outcome would "lead to a reorganization of the group's activities in order to strengthen its capacity to invest in the energy transition," it said.

EDF supplied 61 TWh to domestic competitor suppliers in H1 under the ARENH. The mechanism allows these suppliers to purchase 100 TWh a year at Eur42/MWh from EDF's nuclear fleet.

Three suppliers called for "force majeure" in April as power prices plunged below the ARENH offtake rate, with a Paris court ruling in favor of the suppliers. EDF has appealed the latest ruling.

Energy transition wins during the period included the world's largest solar project (2 GW Al Dhafra in Abu Dhabi, EDF in joint venture with China's Jinko Solar) and a construction start for the 500 MW Fecamp offshore wind farm in French waters, EDF in a joint venture with Enbridge and wpd.

Commissioning of the wind farm is expected in 2023, while the 500-MW Saint Nazaire project remains on track for a 2022 start.

The offshore wind projects have an investment volume of around Eur2 billion each.

France's power export net balance rose 2% on year to 31.8 TWh for the first six month despite significant changes to demand, supply and pricing structure with net exports to Italy, Spain and Great Britain down 4 TWh, but up 4.4 TWh to Switzerland and CWE (Germany/Belgium), it said.

EDF is Europe's largest power generator and operates the French nuclear fleet with 61 GW capacity.