EDF profit falls 4.4% as heatwaves hit output

French electricity group EDF forecast lower profitability in 2026, citing lower prices and the effect of heatwaves on production, after January-June net profit fell 4.4% to 5.2 billion euros ($5.9 billion).

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

The wholly state-owned operator is preparing a large investment programme in France's nuclear facilities. EDF is due to build six new EPR2 pressurised-water reactors at an estimated cost of about 72.8 billion euros.

Recent heatwaves have forced EDF to shut down some reactors and reduce electricity generation from hydroelectric dams, contributing to the lower profitability forecast.