EDF Energy’s chief sees his pay rise after profits plunge

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De Rivaz was paid £900,000 in 2008, accounts published today showed.

In that period, pre-tax profit fell to £252 million from £305 million a year earlier as gas prices fluctuated wildly.

Revenues jumped to £6.6 billion from £5.8 billion but higher fuel and energy prices, as well as losses on energy derivative contracts, hit the bottom line hard. Despite putting up prices for households, the business actually made a £103 million loss in its electricity and gas supply division compared with a profit of £63 million the previous year.

Profits rose in its networks division, making up some of the shortfall.

EDF Energy is owned by the giant French EDF utility which recently bought nuclear power group British Energy in a deal that makes it Britain's biggest player in nuclear power. It is not stated how much de Rivaz was paid by the parent company during the period.