Financial performance
Sales: €47.8bn, +34.6% organic growth vs. end-March 2022.
The strong increase in Group sales is essentially explained by an increase in electricity and gas sale prices in the first quarter of 2023, resulting from higher market prices, in particular in France and in the United Kingdom. It is reduced by the tariff shield in France, which is compensated in EBITDA. Furthermore, the increase was offset by a lower gas consumption. The increasing performance of EDF Trading contributed to the growth in sales.

Operational performance
Nuclear output totalled:

  • 85.2TWh in France, or 6.5TWh less than in the 1st quarter of 2022. This decrease is explained by a lower nuclear fleet availability, mainly due to outages for the controls and repairs on the pipes affected by the stress corrosion phenomenon, and to the impacts of social movements. The estimate of nuclear output in France for 2023 remains in the range 300-330TWh.
  • 9TWh in the United Kingdom, down by 2.4TWh from the 1st quarter of 2022, after the closing of Hinkley Point B in August 2022 and because of a busier maintenance programme in 2023.

Renewable output totalled:

  • 9.2TWh () of hydropower in France. The 0.2TWh decline vs. the 1st quarter of 2022 was due mainly to still low hydropower conditions.
  • 7.8TWh (excluding hydropower in France), up by 0.4TWh compared to the 1st quarter of 2022. This increase was essentially driven by the new renewable capacity commissioned in 2022. As of the end of March 2023, the Group had 13.4GW net of installed renewable capacity and 7.3GW gross capacity under construction.

Volumes transported by ENEDIS came to 98.5TWh, down by 5.7TWh compared to the 1st quarter of 2022, due to a lower consumption.

The residential electricity customer portfolio in France increased by more than 200,000 customers in the 1st quarter of 2023. The group achieved a +55% growth in customers with a Tempo option ([ii]) compared to end-March 2022.

Carbon intensity came to 46gCO2/kWh. The 8gCO2/kWh decline vs. the 1st quarter of 2022 was due mainly to the decline in 1st quarter of 2023 of thermal output in mainland France and Brazil (CCGT of EDF Norte Fluminense).


  • Stress corrosion: the ASN considered appropriate the schedule proposed by EDF in March 2023 related to the evolution in the stress corrosion control strategy, taking into account the elements identified on the weld repaired at Penly 1 ([iii])
  • Delivery of the reactor pressure vessel of Hinkley Point C unit 1
  • Creation of NUWARD, a subsidiary to support the development of the SMR and its transition from the conceptual design phase to the basic design phase


  • EDF winner of the Manche Normandie offshore project tender in France (1GW), in partnership


  • Final shutdown of EDF’s last coal-fired power plant in the United Kingdom, West Burton A, on 31 March 2023


  • Announcement of €96bn investment perspectives by 2040 under the Grid Development Plan. Acceleration of annual investments from €4.4bn in 2022 to €5bn by 2032 ([iv]), driven by the connections of renewable energy plants and electric vehicles charging infrastructures

Simplified public tender offer  

  • Pending the 2 May ruling by the Court of Appeal on the action filed by minority shareholders. The French state currently holds 95.94% of EDF share capital


  •  Conversion in equity of 40% of OCEANE convertible bonds by the French state for c. €960m

2023 objectives confirmed ([v])
Net financial debt / EBITDA: ≤ 3x
Adjusted economic net debt / Adjusted EBITDA ([vi]): ≤ 4.5x

() Hydropower output excluding the island activities and before deduction of pumped-storage consumption. Total cumulative hydropower output net of pumped-storage consumption amounted to 7.5TWh in the first quarter of 2023 (vs. 7.5TWh in the first quarter of 2022).
([ii]) Option that encourages customers to reduce their energy consumption during peak periods and allows them to take advantage of low tariffs during the rest of the year.
([iii]) See press release of the ASN of 25 April 2023
([iv]) Figures in 2021 euros
([v]) Assuming the scope and exchange rates at 1 January 2023, a constant regulatory and tax environment, the financing of the 15% tariff cap by the CSPE (public service contribution), French nuclear output of 300-330TWh, and the current power generation schedule.
([vi]) Applying constant S&P methodology.