EDF Energy cites investments for lower operating profits in 2015

Heysham Nuclear Power Station
Heysham Nuclear Power Station | Courtesy of Wikimedia Commons

U.K. nuclear power firm EDF Energy released its annual financial results for 2015 this week.

The company said that over the course of 2015, its operating profit totaled approximately $951 million, down approximately 15 percent from 2014. The company attributed this to its aggressive investment program, including its $1.86 billion invested into its existing power plants and into the development of the Hinkley Point C plant project in Somerset.

Four of the company’s reactor units in the U.K. -- Heysham 1 and Heysham 2 in Lancashire, Hartlepool in Teesside and Torness in East Lothian -- saw their planned closure dates pushed back through government policies, and the company said these plants' performance played a large role in driving financial performance.

Heysham Unit 1 and Hartlepool facilities are now set to close in 2024, and Heysham Unit 2 and Torness are now set to close in 2030, attaining extensions of five and seven years, respectively. The company said these plants supply approximately a fourth of residential electricity in the U.K.

“Our continuing investment, our expertise and the professional relationship we have with the safety regulator means we can safely prolong the operating life of our nuclear power stations,” EDF Energy CEO Vincent de Rivaz said. “Their excellent output shows that reliability is improving whilst their safety and environmental performance is higher than ever.”

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