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EDF loses 200,000 customers as earnings tumble

Written by: Danielle Levy
EDF energy saw 200,000 customers switch to different providers in what proved to be a challenging year for the business.

The energy provider saw earnings fall by 15.4% year-on-year over the 12 months to 31 December to €783m (£607.9m), in spite of raising prices on two occasions during the year.

It is set to raise prices by 10% from April for those on standard variable rate tariffs, after energy regulator Ofgem increased its price cap.

EDF attributed the earnings drop to a downturn in nuclear power generation and lower realised prices for nuclear power.

Over the 12-month period, EDF Energy said it had lost 200,000 residential electricity accounts, falling to 3m at the end of the year and 1.9m gas customers.

On the plus side, sales increased by 3.9% over the period to €9 billion.

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