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ENERGY

German electricity prices set to rise this summer

It's a good thing Germans don't tend to use air conditioners, because in addition to the rising cost of petrol, natural gas and food, residents can also expect an increase in electricity costs in the coming year.

German electricity prices set to rise this summer
Photo: DPA

Some 39 German electricity providers will raise prices in June and July, according to online price comparison portal TopTarif on Thursday in Berlin. Costs will likely go up by an average of 5 percent. Southern Germans can expect the biggest increases, with prices in Passau leading the way at 8 percent.

The average increase means that a family of four that uses 3,500 kilowatt hours of electricity will pay an extra €48 per year.

TopTarif also reported that some providers said they would reduce prices in the coming two months, however. Among them were Mark-E Aktiengesellschaft, Stadtwerke Lüdenscheid and Rheinische Energie AGSo.

On Tuesday, German daily Bild reported that up to 67 gas companies are expected to increase prices by up to 17 percent between June and July.

BUSINESS

France’s EDF hails €10billion profit, despite huge UK nuclear charge

French energy giant EDF has unveiled net profit of €10billion and cut its massive debt by increasing nuclear production after problems forced some plants offline.

France's EDF hails €10billion profit, despite huge UK nuclear charge

EDF hailed an “exceptional” year after its loss of €17.9billion in 2022.

Sales slipped 2.6 percent to €139.7billion , but the group managed to slice debt by €10billion euros to €54.4billion.

EDF said however that it had booked a €12.9 billion depreciation linked to difficulties at its Hinkley Point nuclear plant in Britain.

The charge includes €11.2 billion for Hinkley Point assets and €1.7billion at its British subsidiary, EDF Energy, the group explained.

EDF announced last month a fresh delay and additional costs for the giant project hit by repeated cost overruns.

“The year was marked by many events, in particular by the recovery of production and the company’s mobilisation around production recovery,” CEO Luc Remont told reporters.

EDF put its strong showing down to a strong operational performance, notably a significant increase in nuclear generation in France at a time of historically high prices.

That followed a drop in nuclear output in France in 2022. The group had to deal with stress corrosion problems at some reactors while also facing government orders to limit price rises.

The French reactors last year produced around 320.4 TWh, in the upper range of expectations.

Nuclear production had slid back in 2022 to 279 TWh, its lowest level in three decades, because of the corrosion problems and maintenance changes after
the Covid-19 pandemic.

Hinkley Point C is one of a small number of European Pressurised Reactors (EPRs) worldwide, an EDF-led design that has been plagued by cost overruns
running into billions of euros and years of construction delays.

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