Sales:  €139.7 bn
EBITDA: €39.9 bn
EBIT: €13.2 bn
Net income - Group share: €10.0 bn
Net Financial Debt: €54.4 bn – NFD / EBITDA: 1.36x
Adjusted Economic Debt: €86.3 bn – AED / adjusted EBITDA: 2.26x

The exceptional results of the Group were driven by a very good operational performance, achieving a significant 41.4TWh increase in nuclear generation in France in a context of historically high prices. Coming after the sudden drop in nuclear power output in France in 2022 due to the stress corrosion phenomenon and exceptional regulatory measures to limit price rises for consumers, these results have reduced net financial debt.

In 2023, EDF began key actions for the future
New commercial policy
To give its customers more price visibility and be more competitive, the Group is rolling out a new business policy involving 4 and 5 year ahead auctions on the wholesale market, and medium-term power supply contracts. The Group is also developing long-term industrial partnerships relating to the historic nuclear fleet (nuclear generation allocation contracts).
Supporting customers’ efforts to reduce their carbon footprint:

  • Decarbonising uses: the 12.4 million tonnes of CO2 emissions avoided by its customers reflect the work done by EDF to encourage greater energy sufficiency and electrification of uses. The number of heat pumps installed was up by 30%, and installations of solar panels on rooftops and car park canopies were up by 60%. In electric mobility, the number of charging stations rolled out or managed by EDF rose by 21%.
  • 1.5% growth in the customer portfolio in the G4 countries () by end-2023.

Producing more low-carbon electricity:

  • In 2023 EDF was the world’s number one investor and producer ([ii])in available on demand and constantly available carbon-free electricity, which accounted for 434TW or 93% of its total power output. EDF has one of the lowest carbon intensities in the world at 37gCO2/kWh, down by 26% from 2022.

  • In France, the 41.4TWh increase in nuclear power output to 320.4TWh, in the upper end of the range announced for the year, illustrates EDF’s very good operational performance. This turnaround was achieved by good management of the stress corrosion repairs and reactor outages, thanks to efficiency and reactivity of the teams to improve the fleet availability.
  • 46 reactors were online at the beginning of January 2024, representing total capacity of 50GW.
  • 15 of the 16 reactors most sensitive to stress corrosion were repaired by end-2023, and the last one will be repaired during its 10-year inspection which starts in February 2024. Additionally, the 2023 programme of checks on welds repaired during reactor construction has been completed.
  • EDF successfully launched its first green bond issue dedicated to the financing of the existing nuclear fleet, for a nominal amount of €1 bn.
  • The estimates of nuclear output in France ([iii]) are confirmed at 315-345TWh for 2024 and 335-365TWh for 2025 and 2026.
  • The 6.3TWh increase in hydropower output in France, which reached 38.7TWh ([iv]), is explained by high availability and better hydrological conditions.
  • The 14% increase in wind and solar power output to 28.1TWh was largely due to new installed capacities (including the 2.1GW Al Dhafra plant), bringing total net capacity to 15.1GW. The portfolio of wind and solar projects also increased by 15% to 98GW gross.
  • EDF is continuing to decarbonise its thermal power generation: following conversion of the Port Est oil-fired plant (212MW) to liquid biomass, EDF’s power output in Réunion Island is now 100% renewable.


  • Progress continues on EDF’s new nuclear projects:

  • Flamanville 3: the tests to requalify the entire installation were successfully completed, in preparation for fuel loading in March 2024 ([v]).
  • New nuclear in the United Kingdom:
    • Hinkley Point C:
      • New schedule for the start of power generation by Unit 1 around 3 scenarios: 2029 (around which the project is organised), 2030 (base case) and 2031 (unfavourable scenario) ([vi]).
      • Revised completion cost: £31-34 bn2015 (the unfavourable scenario would entail an additional cost of £1 bn2015).
      • Impairment of €12.9 bn booked on HPC assets and the EDF Energy goodwill ([vii]).
      • Since end-2023, construction is financed by the shareholders on a voluntary basis, and EDF is currently financing all costs.

    • Sizewell C: further preparatory work on the project.

  • EPR2: applications have been filed for approval to build the first pair of EPR2 reactors at the Penly site and Bugey chosen as the site for 2 future EPR2 reactors, after Penly and Gravelines.
  • EPR1200: EDF has been shortlisted to continue the tender process for the construction of 1 to 4 EPR1200 reactors in the Czech Republic.
  • Nuward SMR: joint early review to develop a standardised design with an extended group of European nuclear safety authorities.   


  • The Group has defined new objectives to reduce CO2 emissions, aiming to reach net zero emissions by 2050:

  • A reduction in its scope 1 emissions (compared to 2017) of 60% by 2025, 70% by 2030 and 80% by 2035.
  • Carbon intensity of 30gCO2/kWh by 2030 and 22 gCO2/kWh by 2035.

  • By Moody’s assessment ([viii]), the Group’s CO2 emission reduction target is in line with a +1.5°C global warming scenario.

Expanding the networks to address to the challenges of the energy transition:

  • Connections of renewable energy facilities by Enedis increased by around 120%, and the number of electric vehicle charging points rose by 80%.
  • Investments by Enedis, EDF SEI (Island Energy Systems) and Electricité de Strasbourg were up by 11%, essentially due to the higher number of connections and the energy transition.
  • Electricity supply was restored in 5 days for 95% of customers after the storm Ciarán.
  • EDF SEI has crossed the milestone of one million digital meters installed at end-2023.
  • Enedis recognized first major company of the energy sector to become an “entreprise à mission” in June 2023.

Developing flexibility solutions to meet electricity system requirements, via:

  • pumped-storage hydropower plants like the Hatta plant in the United Arab Emirates through an engineering contract (250MW / 1500MWh of storage), the Vouglans Saut-Mortier plant in France (87MW);
  • significant growth of 0.8GW in the portfolio of storage projects secured (to 1.7GW at end-2023);
  • battery projects (e.g. in the United Kingdom (173MW) and South Africa (257MW));
  • substantial 33% increase in electric vehicle smart charging points operated, mainly by Izi Smart Charge, depending on network constraints.


At its meeting of 15 February 2024, chaired by Luc Rémont, EDF’s Board of Directors approved the consolidated financial statements at 31 December 2023. Luc Rémont, Chairman and Chief Executive Officer of EDF, said: “2023 marks the return of the company’s operational performance at a better level, after a year of industrial difficulties and exceptional regulation unfavourable effects in 2022. With these good results, EDF has met its financial targets and reduced its financial debt. They also reflect the hard work put in by all EDF’s teams to turn generation levels around, and provide appropriate sales offers for customers, and innovative solutions in response to the needs of the electricity system. Finally, 2023 saw the start of key actions for the company’s future, with an intensive focus on change and efficiency improvements so we can remain the leader in carbon-free, competitive electricity production that is available at all times. I am certain that all these steps will continue to bring benefits over the next few years.”

2026 targets ()
Net financial debt / EBITDA: ≤ 2.5x
Adjusted economic debt / Adjusted EBITDA ([ii]): ≤ 4x

() Based on scope and exchange rates as at 1 January 2024 and French nuclear output of 315-345TWh in 2024 and 335-365TWh in 2025 and 2026 by the plants currently in operation.

([ii]) Applying constant S&P ratio methodology. 


() 40.9 M customers counted by point of delivery in France, the United Kingdom, Italy, and Belgium. One customer may have two points of delivery.

([ii]) Enerdata named EDF the world’s largest producer of low-carbon electricity in 2022.

([iii]) Estimated nuclear generation by the plants currently in operation.

([iv]) Excluding the island activities, before deduction of pumped-storage volumes. After deduction of pumped-storage volumes, total hydropower output was 33.0TWh in 2023 (25.0TWh in 2022).

([v]) The risks of deviations in components, equipment or equipment parts delivered by EDF’s service providers and suppliers could, after analysis and provided the deviations are confirmed, lead to justification or correction of deviations and the possibility of a delayed start-up date.

([vi]) See the press release of 23 January 2024. Previously, production by Unit 1 was expected to start in June 2027 and the completion cost was £25-26 bn2015 (see PR of 19 May 2022).

([vii]) See note 10.8 to the 2023 consolidated financial statements.

([viii]) See the Net Zero Assessment report