French utility giant EDF announces record losses for 2022


EDF has announced yearly losses for 2022 of nearly 18 billion euros and debts of 64.5 billion euros, due in part to exceptional numbers of repairs to its fleet of nuclear reactors and a resulting drop in electricity production, a French government cap on energy prices for consumers, and EDF's legal obligation to sell electricity at a loss to smaller utility firms.  

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Energy prices may have jumped to unprecedented highs, but for France's state-controlled power company EDF 2022 was a miserable year with record annual losses of 17.9 billion euros, reports BBC News.