French utility EDF loses 1 billion euro due to strikes

French utility EDF has warned drawn-out strikes at its nuclear reactors and hydro-electricity plants have cost it 1 billion euros ($1.10 billion) in lost output and that it is reviewing hiring plans for the year, three sources said.

According to Report, two of the sources, who were briefed by two EDF executives in separate conversations last week, told Reuters they were informed that EDF management had asked all divisions to see which hires could be postponed to next year.

An EDF spokesperson told Reuters that a moratorium had been imposed on hirings. The spokesperson did not elaborate on the reason and declined to comment on the strikes' financial impact on the group, which is in the process of being fully nationalised.

The financial hit incurred from the industrial action follows a record loss in 2022 when the utility was bedevilled by reactor outages, and comes as the company's new chief executive draws up a plan to ramp up nuclear production and lighten the group's heavy debt load.