In France, Electricite de France’s (EDF) third quarter sales growth came out at 1.4%. The first major effect of the application of the transition tariff and the decrease in volume sold on the wholesale markets (due in particular to lower availability of nuclear facilities) slowed down this performance. These factors should weigh on earnings before interest, taxes, depreciation and amortization (EBITDA) growth in France in the second half of 2007.
In the UK, EDF Energy posted sales of E6.2 billion, representing organic growth of 6%, including 2.9% generated in the third quarter. The nine month growth is primarily due to the impact over the first months of the year of the tariff increases for electricity and natural gas, which came into effect in the second half of 2006, and also the higher number of customer accounts (up 3% on the same period last year).
In Germany, group sales totaled E5 billion, representing organic growth of 9.3%, including 6.8% generated in the third quarter. Electricity sales were up 17%, reflecting higher volumes sold on wholesale markets and with industrial clients, and higher average wholesale prices than for the same period in 2006.
The company said that as a result of the performance, EBITDA growth in 2007 should be in line with the objective of EBITDA’s multi-annual growth of 3% to 6%.
