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ENERGY

Consumers fearful of rising energy costs

The cost of gas and electricity are the biggest financial worries for Germans, with nine of out 10 people concerned about the rising cost of energy, a poll published Friday has found.

Consumers fearful of rising energy costs
Photo: DPA

The poll taken by surveying firm Emnid for the Frankfurt investment firm Deutsche Vermögensberatung (DVAG) also reveals that 55 percent of people are worried about the rising cost of health insurance and 42 percent about the cost of groceries.

The survey also probed other fears occupying the German population beyond their personal finances: roughly two-thirds were worried each about public debt, military conflict and contaminated food products – the latter a reflection of the recent dioxin farm feed scandal.

On the happiness side of the ledger, 78 percent of respondents to the new poll said they were most pleased by the prospect of seeing their close friends, 72 percent by the idea of a holiday and 68 percent by pleasant family occasions. Less than half – 44 percent – cited positive career developments as a major source of happiness.

Meanwhile inflation hit a two-year high in January, rising to an annual consumer-price figure of 1.9 percent from 1.7 percent in December.

A recent survey by pollsters GfK found that, despite the booming economy and anticipated wage increases, 70 percent of people expected to have no more money in their pocket this year than last. Another 14 percent expected to have more take-home pay but figured it would be eaten up by rising prices. Just 5.9 percent expected to have more money at the end of each month.

The Local/djw

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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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