EDF withdraws 2022 earnings guidance after price cap announcement

© Reuters. FILE PHOTO: A flag with the company logo of Electricite de France (EDF) and a French flag fly next to the EDF power plant in Bouchain, near Valenciennes, France, September 29, 2021. REUTERS/Pascal Rossignol

PARIS (Reuters) – French utility EDF (PA:) 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.

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