EDF Energy Announces an Increase in Profits to the Dismay of Consumers

EDF LogoIt’s no secret now that more and more consumers are falling into fuel poverty. Despite this fact, energy companies across the UK continue to raise prices. These companies want consumers to believe that they are raising prices to fight off increasing wholesale prices. However, when energy companies announce profits as high as what EDF Energy recently did, they lose consumer trust.

According to EDF Energy, which is a France-based company, they have just recently seen profits of €3.3 billion. This is up nearly 5% when compared to last year. As one could imagine, profits for the company were up in the UK as well. A lot of this had to do with the fact that its nuclear energy generating business is on the rise. This is huge news for EDF since their nuclear energy plants provide them with about 95% of their total UK earnings.

It should come as no shock, after seeing the numbers posted above, that EDF Energy is the most complained about energy provider in the UK. This energy company provides energy to some 3.7 million consumers in the UK. Complaints about the company reached a high after it announced that it would increase bills by 10.8% last December.

If people are looking for the least complained about energy company in the UK, they need to look no further than Scottish Power, which is a company currently owned by Iberdrola. Of course, it should be noted that Iberdrola reported an increase in profits on Thursday as well. However, this company only reported a profit of €2.8 billion in 2012.

Despite all of this, EDF Energy is not going to make any excuses for its earnings. In fact, the company admitted that it was happy with the fact that its nuclear power business performed strongly last year in the UK. EDF Energy went on to say that this was the highest electricity output they have seen from their nuclear generating business in the past seven years.

Oddly enough, it was not just nuclear power that saw an increase in the UK last year. Reports also show that UK-based coal-fired plants saw an increase in generated power by 37%. This is bad news considering the fact that the UK has been trying to get away from using dirty energy like coal to replace it with green energy.

Of course, it was not all good news for EDF Energy. Despite the increase in profits, the company said that its residential energy and gas sector continues to remain in the red. This came despite the fact that the company supplied about 20% more gas to homes last year due to the extremely cold weather.

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