Modulation of nuclear reactors weighs on EDF's profitability

On Monday 16 February, EDF published its report on the modulation of its nuclear fleet. EDF considers that modulation has a significant impact on the profitability of the fleet. Modulation is expected to reduce the fleet's production by 33 TWh in 2025, or nearly 9% of nuclear production. While this is far from the 50 TWh loss in production recorded in 1994, the loss in production could rise by an additional 10 TWh by 2028. The decline in electricity consumption, which has still not returned to its pre-health crisis level, combined with the increase in renewable production and improved availability of the nuclear fleet, is forcing the nuclear fleet to modulate. EDF does not quantify the overall cost of this adjustment, but mentions an additional cost of €360 million per year linked to increased maintenance operations and accelerated wear and tear on certain parts directly related to the adjustment.