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EDF withdraws 2022 earnings guidance after price cap announcement

EDF withdraws 2022 earnings guidance after price cap announcement
EDF withdraws 2022 earnings guidance after price cap announcement   -   Copyright  Thomson Reuters 2022
By Reuters

PARIS – French utility EDF on Thursday said it was withdrawing its 2022 earnings guidance after the government announced the increase in power prices this year would remain capped at 4% and that the group would have to sell more nuclear power to rivals.

EDF said the final impact of the price cap would be an estimated 7.7 billion euros based on January market prices.

EDF said it would consider measures to strengthen its balance sheet and would communicate again on its annual results by Feb. 18 at the latest.