EDF backs British growth with £4bn investment, bolstering economy and jobs

• EDF continued to be a net investor in Britain in 2024, spending £4.3bn on strengthening its energy security and boosting jobs, whilst earning £3bn EBITDA
• Since 2018, EDF has invested double what it has made back into Britain, investing £2 for every £1* it has made
• EDF paid more than £1billion in taxes, including more than £400million through the new Electricity Generator Levy
• Benefits to Britain’s energy security and economy in 2024 include:  
  • EDF remained Britain’s biggest generator of zero carbon electricity⁽¹⁾, with its nuclear fleet providing around 13% of the UK’s total power demand.
  • EDF’s generation helped avoid more than 13m tonnes of carbon, equivalent of taking 6 million cars off the road.  
  • Workers building the Hinkley Point C nuclear power station installed Britain’s first new nuclear reactor for more than 30 years.
  • The company recruited 2,000 people in communities across Britain in 2024 and aims to recruit more than 3,000 roles in 2025, including more than 600 apprentices and graduates.  

Please follow this link to the EDF Group media release relating to the Group’s Annual Results for 2024, which were published this morning. These relate to the consolidated performance of EDF Group and include a summary of EDF’s performance in the UK.  

In the UK, EBITDA was £3billion and net investment was £4.3billion, marking a 16% increase in investment year-on-year and resulted in investment being greater than EBITDA for the seventh year running.  

The growth in net investment reflected greater investment in new nuclear as well as investment in zero carbon homes and maintenance of the existing nuclear fleet. Over the past seven years EDF has invested £2 in the UK for every £1 made in EBITDA*, running existing and building future nuclear and renewables infrastructure and in helping its customers save cash and carbon. EDF anticipates investment to stay at a similar level in 2025.  

The decline in EBITDA was mainly due to lower margins in the Customers business, in a context of increased competition and lower market prices. Operating performance was solid with nuclear production stable at 37.3 TWh.  

Simone Rossi, CEO of EDF in the UK, said: "Thanks to strong performance and EDF Group's ongoing support, we increased investment in homegrown, low carbon British electricity last year – boosting jobs and local economies across Britain. And we are more determined than ever to help Britain achieve net zero – with further investment in jobs and energy security planned this year.”

Highlights for the UK:  

Customers

The supplier continued to be Britain’s biggest supplier of electricity by volume, serving a record number of large business meter points. It also grew its supply to small and medium businesses following the acquisition of Opus Energy’s customer base.

In residential, EDF in the UK completed the migration of its residential and SME business operations to the Kraken platform and its service was recognised by its customers who rated it ‘excellent’ on TrustPilot, after receiving more than 92,000 5-star reviews. In addition, it acquired Chorley-based Contact Solar expanding its electrification offers to customers to include domestic solar PV and battery, following its acquisition of CB Heating, now EDF Heat Pumps, in 2023.

To support its vulnerable customers, EDF set aside £29m to help those most in need over winter, including providing customers with electric goods such as kettles, air fryers and slow cookers via its Warm Winter shop, which helped 14,355 customers last year. EDF also helped 50,000 customers with support including debt advice, income maximisation, energy efficiency advice, debt clearance and financial assistance payments in 2024. This was in addition to the £140m spent on ECO and GBIS schemes in 2024 as well as £49m on the Warm Home Discount.

Hinkley Point C  

Good progress continued at Hinkley Point C in Somerset in 2024, ending with the installation of the first of the power station’s two nuclear reactors in December.  The “reactor pressure vessel” will produce enough energy alone to generate reliable low carbon electricity for 3m homes over more than 60 years.  

Britain's biggest low carbon energy project will hit peak construction during 2025, creating 3,000 more jobs with around 15,000 people working on the site. This will create more opportunities for local people to gain new skills and jobs. The number of apprentices taken on has now passed 1,500 with more to come.  

Nuclear Operations  

The current nuclear fleet has been supporting UK economic growth since 1976. A recent independent report shows the eight stations supported 31,000 jobs a year during the generating phase. There are, on average, an additional 5.3 UK jobs for every EDF job. More than 90% of supply chain spend is made domestically with around 1500 UK-based companies.

In 2024, EDF’s nuclear fleet provided around 13% of the UK’s total power demand retaining EDF’s position as Britain’s biggest generator of zero carbon electricity. Nuclear output was 37.3TWh, matching 2023’s output, and EDF aims to maintain this level until at least 2027. In December 2024, EDF confirmed short extensions for all four generating AGR stations, with Heysham 1 and Hartlepool now due to generate until March 2027 and Heysham 2 and Torness until 2030. This decision helps reduce the UK’s dependence on imported gas by generating up to 45TWh of low carbon power over the extended lifetimes, displacing around 9.3 billion cubic metres of gas.

Renewables  

EDF Renewables UK has continued to grow across all technologies in 2024 and has a clear goal of reaching 10 GW by 2035. Its current operating capacity is 1.7GW.  

With its JV partner ESB, it continued construction of the 450 MW Neart na Gaoithe ( NnG) offshore wind project, 15km off the coast of Scotland which started generating power in October 2024 and will be fully operational in 2025. Development of the Codling offshore wind project continues in the Republic of Ireland with our JV partner, Fred Olsen.

EDF Renewables completed commissioning of three solar sites, Sutton Bridge in Lincolnshire and Burwell in Cambridgeshire in addition to Porth Wen in Anglesey, Wales. A planning application for Springwell DCO solar in Lincolnshire has also been submitted and construction is underway at Trelion in Cornwall.

It also completed commissioning of West Benhar onshore wind farm in north Lanarkshire and construction is underway at Stranoch onshore wind farm in Dumfries and Galloway.

Two battery storage sites at Tye Lane in Suffolk and Sundon in Bedfordshire are now operational and construction continues on other sites at Braintree, Bredbury and Indian Queen's.

EDF Renewables secured planning consent for 235MW as well as Contracts for Difference (CFD) for Longfield Solar in Essex and Heathland onshore wind farm in south Lanarkshire.

Sizewell C

EDF is a minority investor, alongside the Government, in Sizewell C in Suffolk, the next project in the pipeline.  While it is still awaiting a Final Investment Decision due in 2025, £2.5bn has so far been invested in the project with 300 UK suppliers, with a target of 70% of project spend being made in the UK.  

Dalkia

Dalkia UK has delivered another successful and profitable year in 2024; growing to more than 4,000 employees in the UK and continuing to support its clients in their decarbonisation efforts.

For example, Dalkia successfully completed heat decarbonisation projects for two NHS Trusts. At Charing Cross Hospital, London it reduced Scope 1 and 2 emissions by 40% and with Northumbria Healthcare Facilities Management its heat pump and solar PV installation is set to deliver savings of £500,000 per annum, coupled with carbon reduction of 4,225 tCO2e per year, this project also received industry recognition winning Heat Decarbonisation Project of the Year at the edie Net Zero Awards.

Notes / Glossary of terms  

*Net investment based on £ investment for every £1 made in EBITDA, as opposed to EBIT operating profits.  

EDF Renewables’ and Dalkia's accounts are not included in the UK part of the Group release as they are consolidated and presented as part of the EDF Renewables Group and Dalkia respectively. This along with other required consolidation accounting adjustments means that the subsequently published UK Group financial statement values do not always directly correspond to the amounts presented in EDF SA announcements.  

Earnings before interest, tax, depreciation and amortisation (EBITDA)