EDF, Framatome, and Orano report increased financial statements.

EDF, Framatome, and Orano have presented their financial statements for 2023, showing an increase and a healthy outlook expected to continue into 2024. This positive trend comes ahead of a new nuclear program, specifically the construction of 6 to 14 new EPR2 reactors.

The three major nuclear industry players, EDF, Framatome, and Orano, reported a strong 2023 with rising revenues and a busy schedule ahead. EDF highlighted a significant improvement in the situation of France’s nuclear fleet. Orano emphasised its capability to support new nuclear energy prospects. Framatome showcased its ramp-up in production to meet the challenges of the EPR2 program.

EDF: A Nuclear Production Comeback

As the network manager RTE noted in early February, nuclear production is rising. “The Group’s exceptional results are due to very good operational performance with a significant increase of 41.4 TWh in nuclear production in France amidst historically high prices,” EDF explained. The company reported revenues of 139.7 billion euros with a profit of 10 billion euros. These results have enabled a reduction in net financial debt, the operator indicated.

The past year thus contrasts with 2022, when results fell short due to “a sharp decline in nuclear production in France related to stress corrosion cracking and exceptional regulatory measures aimed at curbing price increases for consumers”. This episode has passed with 46 reactors available at the start of January 2024 (50 GW). Moreover, 15 of the 16 reactors most susceptible to stress corrosion cracking were repaired by the end of 2023.

“In 2023, we initiated key actions for our future with significant transformation and efficiency improvement efforts, putting us on track to remain the leading producer of competitive, available, decarbonised energy at all times. I am convinced that all these actions will continue to bear fruit in the coming years,” said Luc Rémont, CEO of EDF. Nuclear production estimates in France are confirmed in the ranges of 315-345 TWh for 2024 and 335-365 TWh for 2025 and 2026.

Orano “Ready to Proceed”

Orano reported revenues of 4,775 million euros (up by 538 million) and a net income of 22 million euros. This result was driven by the downstream sector (Recycling, nuclear packaging and services, Dismantling and services, and Projects), up by +21.1% compared to 2022. “This progress comes from a favourable volume effect for activities (i) of Recycling with increased production at the Melox plant and the conclusion of export contracts and (ii) of Nuclear Packaging and Services,” the industrial cycle company detailed. The share of revenues generated with export clients reached 49.7% in 2023 versus 46% in 2022.

“Thanks to its strong results and notably its continuous debt reduction over the past six years, Orano is ready to support new nuclear energy prospects and address climate and sovereignty challenges,” highlighted Nicolas Maes, CEO of Orano. “The decision to increase our production capacities in enrichment is a concrete example that foresees other development projects in our nuclear core and new activities in nuclear medicine and the battery value chain. Thus, 2024 marks the beginning of a new cycle of development and investment in fields more essential and meaningful than ever.”

Framatome Prepares for Production Ramp-Up

Framatome announced a 9.1% increase in revenue [1]. “Order book entries reached 4,842 million euros in 2023, with significant commercial successes for the service activities to the installed base and the manufacturing of fuel assemblies in Europe and North America,” the company stated.

“Investments have been launched as part of an industrial program to ramp up production in connection with the EPR2 program in France. These investments involve the manufacturing and assembly activities for primary and auxiliary equipment components. They also concern the fuel supply chain, modernising and securing its capacity to undertake new productions, particularly at the Romans-sur-Isère site.” Framatome also highlighted its international presence, notably the British EPR project, but also the replacement of steam generators for Unit 1 of South Africa’s sole nuclear power plant and the delivery of equipment for Angra-3 in Brazil and Bruce Power in Canada. ■