Why does EDF expect a 10% drop in full-year 2026 EBITDA?

EDF expects a 10% drop in full-year 2026 EBITDA due to two primary factors cited in the body: persistently low wholesale electricity market prices, which have hit their lowest level since the start of the Covid pandemic in January 2026 and only partially rebounded compared to early 2025, and successive summer heatwaves that curtailed nuclear power output — notably through the long shutdown of Chooz 2 due to low river levels and the outage at Golfech 2 due to high river temperatures — while also reducing hydroelectric generation from lower water levels.

What major investments is EDF undertaking to adapt to climate-related challenges, and how are they prioritized?

EDF is investing €8.7 billion specifically to adapt its nuclear fleet, hydroelectric plants, and grid assets for higher and hotter temperatures over the coming decade; it is also pursuing a broader, massive investment programme costing over half a trillion euros to renovate its power grid and nuclear fleet, with around €70 billion earmarked for developing six new nuclear reactors — the first of which is expected online by 2038 — and CEO Bernard Fontana emphasized maintaining financial discipline on these adaptations despite potential budgetary pressures.

EDF Expects Lower Full-Year Earnings Due to Heatwave, Low Prices

Jul 30, 2026

EDF forecasts a 10% drop in 2026 EBITDA driven by heatwaves curtailing nuclear and hydro output alongside persistently low wholesale electricity prices. The utility plans €8.7 billion in adaptations to its fleet to withstand future temperature extremes.

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