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Power company Engie: lower French gas distribution volumes in 2022 due to warmer weather

Illustration shows Electric power transmission pylon miniatures and Engie logo

PARIS (Reuters) - French power company Engie said on Monday that the fact that France had warmer temperatures in 2022 compared to the previous year resulted in lower volumes for its gas distribution activities, as well as lower hydro power production.

"Although nuclear and hydro activities were impacted by this negative volume effect, these assets captured higher prices leading to a positive price effect in FY 2022, which was partly offset by higher Belgian nuclear and French hydro taxes (including inframarginal rent cap)," added Engie in a statement.

(Reporting by Sudip Kar-Gupta and Piotr Lipinski; Editing by GV De Clercq)