EDF's earnings fall but profits rise
It’s that time of the year when the bile rises as we learn about the profits of the energy companies who flog us so much highly-priced gas and electricity, forcing us to stay in because we’re skint and therefore use more of their wretched ‘energy’. Caught in a trap we are.
Today is the turn of EDF to reveal to a flabbergasted world that they’ve made a profit of £1.6 billion in 2011, up from £1.4 billion the previous year. Weirdly though, their revenues dropped from £7.7 billion to £7.1 billion in the same period, meaning that although they raked in less money, more of it was turned into profit.
Meanwhile, we imagine that the bills of EDF customers rose during that period. Weird isn’t it? The French energy giants say that earnings were boosted by increased nuclear output and a drop in wholesale gas prices. Bizarre.
But EDF have said: “In 2010, one of the coldest winters in living memory, we froze our prices. Last year, we were the last of the major suppliers to raise our prices and did so by the lowest amount.” Aww, you can’t not love them can you?