Thursday, 24 February 2011

Electricite de France profits fall 74% on downturn

French utility Electricite de France (EDF) has reported a 74% drop in net profit, saying demand for gas and electricity has not returned to levels seen before the economic downturn.

In 2010, EDF earned 1.02bn euros (£857m), down from 3.90bn euros the year before.

The firm said that although electricity prices were on the rise, they remained low in Europe.

The energy situation meant EDF made provisions amounting to 2.9bn euros.

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