Electricite de France (EDF) reported a disastrous loss for the year of €17.9 billion (around $19 billion) in 2022, driving the utility’s total debts to €64.5 billion.

It was a stark turnaround from 2021 when the power giant reported a profit of €5 billion. The losses rank as the third largest in corporate history in France, and the worst seen in over twenty years. The losses came despite revenues surging 70%, coming in at €144 billion due to the rises in global energy prices.

The state-owned electricity company suffered two major blows in 2022. First it endured a record number of outages at its reactors which left it forced to buy additional electricity on the open market as prices were soaring. Then was forced to abide by an energy price-cap imposed by the French government in an effort to help businesses and households cope with skyrocketing energy costs.

Even as EDF was forced to sell power at limited prices, its reduced production capacity due to its offline reactors meant it had to buy its electricity at record high prices from other producers to make up its shortfall.

As energy prices surged in 2022, the company spent €121 billion buying fuel and energy, an amount totaling 3 times its 2021 expenditures. In 2022, for the first time in more than 40 years, France became a net importer of energy.

In July, the French government moved to nationalize the utility, taking full control of it to support the company and preserve the nations’ energy sovereignty amid the growing concerns over climate change, and the rapidly changing geopolitical situation surrounding the war in Ukraine.

However a lawsuit by the shareholders and employees of EDF, who argued the terms of the nationalization were unacceptable, put the process on hold. Currently 96% of EDF shares are held by the French government.