EDF’s sales up 6.9% in the nine months of 2013

07/11/2013 00:59 Electricity Market

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French utility Electricite de France (EDF), the largest electricity generator in Europe and the biggest producer of nuclear power worldwide, registered an increase of 6.9 percent in its nine-month sales amid power prices increases.

The giant said that its sales to 55.2 billion euros ($74.6 billion) from January through September partly encouraged by cold weather and higher tariffs in France. A tariff increase increased its revenues by 500 million euros. However, the revenues were also boosted by sales in Italy, which now fully reflect EDF's acquisition of electricity producer Edison. EDF, Europe's biggest utility by market capitalization, saw its share price increasing 87 percent this year after the French government agreed to reimburse EDF for a 4.9 billion euro shortfall in renewables subsidies and gave the green light to increase prices by 5 percent in 2013 and 2014.

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