EDF’s net debt for 2024 remained stable at €54.3bn.

French energy company EDF has postponed its final investment decision (FID) on six new nuclear reactors in France, originally set for late 2025 or early 2026, due to declining power prices affecting its 2024 earnings. The announcement came from EDF CEO Luc Remont during the company’s annual results presentation. This delay aligns with guidance from the French court of auditors, which recommended waiting until financing is secured and reactor designs are finalized.

In 2022, French President Emmanuel Macron revealed plans for EDF to build six reactors to update the nation’s aging nuclear infrastructure, with construction targeted to start in 2027. EDF, managing Europe’s largest nuclear fleet, now anticipates making the investment decision in the second half of 2026, according to Remont: “A decision was now expected around the second half of 2026.” The project’s estimated cost, based on 2023 figures, stands at €67 billion ($70.12 billion).

EDF reported a drop in core profit for 2024, falling to €36.5 billion ($38.28 billion) from €39.9 billion in 2023, largely due to lower electricity prices. The company highlighted that increased renewable energy integration and reduced demand led to nearly three times more hours with market prices below €10 per megawatt-hour compared to the previous year. EDF forecasts a further decline in earnings before investment, taxation, depreciation, and amortization, projecting a reduction of €7 billion to €9 billion in 2025. Net debt remained steady at €54.3 billion.

Despite the profit dip, EDF’s net income rose to €11.4 billion in 2024, up from €10 billion in 2023, driven by lower impairment charges linked to the UK’s Hinkley Point C project. The company is now seeking new investors for this initiative following the exit of its Chinese partner, CGN. Separately, EDF recorded a €900 million impairment charge on the Atlantic Shores offshore wind farm project in the United States, citing shifts in the American market environment. Its partner, Shell, has similarly adjusted the value of its share in the venture.

The delay in the nuclear project reflects cautious financial planning amid economic pressures and design uncertainties. EDF aims to balance modernization efforts with stable operations, leveraging its extensive experience in nuclear energy while adapting to changing market conditions. The company’s leadership remains focused on ensuring the feasibility of the six-reactor plan, emphasizing the importance of solid funding and technical readiness before moving forward.