Another big energy firm announces £1billion profit

Burning gas burner. Blue fire with a red flame.

ANOTHER big energy firm has announced bumper profits worth over a billion pounds.

EDF’s annual profits hit £1.12billion in 2022 – compared to a loss of £21million in 2021.

But EDF Energy, the UK’s domestic arm of the French energy giant made a loss in 2021

The boosted profits come as the French energy giant sold its electricity generated at a higher price.

But EDF Energy, the UK’s domestic supply arm, lost £200million last year.

The UK’s arm of the French supplier serves over five million households and forms one of the UK’s “Big Six” energy firms.

Luc Rémont, Chairman and Chief Executive Officer of EDF, said: “The 2022 results were significantly affected by the decline in our electricity output, and also by exceptional regulatory measures introduced in France in difficult market conditions.

“Despite all the challenges, EDF actively focused on service and support for all its residential and business customers and made every endeavour to ensure the best generation fleet availability for the winter period.

“All the Group’s employees deserve praise for their dedication and great resilience in a difficult environment.”