EDF profits dip on lower prices, heatwave effect

French electricity giant EDF, eying a massive investment programme in France's nuclear facilities, Friday forecast a drop in 2026 profitability on lower prices and the effect of heatwaves on production.

The wholly state-owned operator, a French instrument for decarbonising the economy and helping to mitigate climate change, saw January-June net profit fall 4.4 percent to 5.2 billion euros ($5.9 billion).

Sales also fell by 3.3 percent to 57.45 billion euros, despite a significant increase in nuclear power generation in France.

Already heavily indebted, EDF is the driving force behind the revival of France's nuclear industry and is due to build six new EPR2 pressurised water reactors for a cost of some 72.8 billion euros.

Recent heatwaves have hit production in forcing EDF to shut down some reactors and reduce electricity generation from hydroelectric dams, leading to the lower profitability forecast.