EDF Energy has reported an increase in Group profits, and an 8.5% increase in UK EBITDA, despite an 8% drop in sales in the UK for the past year.
The drop in UK sales has been put down to the relatively mild winter, meaning less energy was consumed, and a drop in business energy volumes due to increased competition.
Increased profits were put down to shifts in the wholesale price of gas and electricity and more nuclear capacity from the company.
EDF Energy has 37 million customers across the world and produces 630.4 tera watt heures of energy to supply these consumers.
Suppliers should “pass on the benefits of lower wholesale prices”
Commenting on the results, Ann Robinson, Director of Consumer Policy at uSwitch, said: ‘On the back of the profits announced today, we would urge EDF Energy to relieve the pressure on its UK household customers by passing on the benefits of lower wholesale prices.
‘It previously cut its gas prices by 5% on the 7th of February and now is the time to go even further.
‘Over eight in ten UK households (83%) have been cutting down or rationing their energy use this winter because of the high cost of energy. Any further price cut would give much-needed help to the millions who are struggling to afford their bills.’
Earlier this year EDF Energy was one of the Big Six energy firms targeted by protestors as part of the Winter Warm-Ups concerned with the cost of power.
An increase in profits is not likely to be popular after companies have been criticised for diminutive price decreases in comparison to previous price rises and the fall in wholesale costs.