Consolidated sales were up by 4.0% corresponding to an organic increase of 3.5%.
| (in millions of euros) | 2019 | 2018 | Variation | Variation | Organic growth |
|---|---|---|---|---|---|
| Sales | Sales201971,317 | Sales201868,546 | SalesVariation2,771 | SalesVariation+4.0 | SalesOrganic growth+3.5 |
*The published figures for 2018 have been restated due to the impact of presenting the E&P operations as discontinued operations.
Sales amounted to €71,317 million in 2019, up by €2,771 million (+4.0%) from 2018. Excluding the effects of exchange rates (+€151 million) and changes in the scope of consolidation (+€198 million), consolidated sales showed organic growth of 3.5%.
The following table shows sales by segment, excluding inter-segment eliminations.
| (in millions of euros) | 2019 | 2018 | Variation | Variation | Organic growth |
|---|---|---|---|---|---|
| France – Generation and supply activities (2) | France – Generation and supply activities (2)201927,870 | France – Generation and supply activities (2)201826,096 | France – Generation and supply activities (2)Variation1,774 | France – Generation and supply activities (2)Variation+6.8 | France – Generation and supply activities (2)Organic growth+6.5 |
| France – Regulated activities (3) | France – Regulated activities (3)201916,087 | France – Regulated activities (3)201816,048 | France – Regulated activities (3)Variation39 | France – Regulated activities (3)Variation+0.2 | France – Regulated activities (3)Organic growth+0.2 |
| EDF Renewables | EDF Renewables 20191,565 | EDF Renewables 20181,505 | EDF Renewables Variation60 | EDF Renewables Variation+4.0 | EDF Renewables Organic growth+2.9 |
| Dalkia | Dalkia 20194,281 | Dalkia 20184,189 | Dalkia Variation92 | Dalkia Variation+2.2 | Dalkia Organic growth+1.6 |
| Framatome | Framatome 20193,377 | Framatome 20183,313 | Framatome Variation64 | Framatome Variation+1.9 | Framatome Organic growth+0.6 |
| United Kingdom | United Kingdom 20199,574 | United Kingdom 20188,970 | United Kingdom Variation604 | United Kingdom Variation+6.7 | United Kingdom Organic growth+5.9 |
| Italy | Italy 20197,567 | Italy 20188,077 | Italy Variation(510) | Italy Variation-6.3 | Italy Organic growth-8.1 |
| Other international | Other international 20192,690 | Other international 20182,411 | Other international Variation279 | Other international Variation+11.6 | Other international Organic growth+10.9 |
| Other activities | Other activities 20192,728 | Other activities 20182,601 | Other activities Variation127 | Other activities Variation+4.9 | Other activities Organic growth+6.8 |
| Eliminations | Eliminations 2019(4,422) | Eliminations 2018(4,664) | Eliminations Variation242 | Eliminations Variation-5.2 | Eliminations Organic growth-5.2 |
| GROUP SALES | GROUP SALES201971,317 | GROUP SALES201868,546 | GROUP SALESVariation2,771 | GROUP SALESVariation+4.0 | GROUP SALESOrganic growth+3.5 |
(1) The published figures for 2018 have been restated due to the impact of presenting the E&P operations as discontinued operations.
(2) Generation, supply and optimisation in mainland France, and sales of engineering and consulting services.
(3) Regulated activities comprise distribution in mainland France, which is carried out by Enedis(1), EDF’s island activities and the activities of Électricité de Strasbourg. In mainland France, distribution network activities are regulated via the network access tariff TURPE (tarifs d’utilisation des réseaux publics d’électricité).
Sales by the France – Generation and supply activities segment amounted to €27,870 million, an organic increase of €1,691 million (+6.5%) from 2018.
Downstream market conditions had a positive effect estimated at +€757 million on sales. The negative effect of market share erosion was outweighed by positive price effects for electricity and capacity, as well as by growth in revenues from gas supply activities. The changes in the non-delivery component of regulated sale tariffs(2) had a positive impact of around +€588 million due to higher electricity prices and capacity prices.
The increase in the price of energy savings certificates led to an estimated +€132 million increase in sales, with no equivalent effect on the margin.
Resales of electricity subject to purchase obligations saw a negative change of -€112 million, mainly caused by declining market prices in the second half of the year (with a neutral effect on EBITDA because expenses relating to purchase obligations are compensated by the CSPE mechanism).
The volumes sold under the ARENH mechanism and the balance of purchases and sales on the wholesale markets (excluding purchase obligations and long-term contracts) had an estimated -€50 million negative impact on sales.
A number of other factors contributed to the favourable change in sales, including long-term contracts and structured sales.
Nuclear output totalled 379.5TWh in 2019, down by 13.7TWh from 2018. This decrease is notably explained by the nuclear plant fleet’s lower availability in 2019: there were more shutdown extensions than in 2018 as a large number of 10-year inspections were scheduled.
Hydropower output stood at 39.7TWh(3), a decrease of 14.7% compared to 2018 (-6.8TWh) caused by the fact that hydrological conditions were very favourable in 2018 and unfavourable in 2019 (see section 5.1.2.4 “Weather conditions: temperatures and rainfall”).
Thermal generation facilities were used slightly less than in 2018. Their output declined by -1.1TWh to 9.9TWh.
Sales volumes to final customers (a market segment that includes local distribution companies and excludes foreign operators) were down by -20.3TWh, including -15.6TWh reflecting the impact of losses of customers.
EDF was a net seller on the wholesale markets to the extent of 62.9TWh. The -15.8TWh decline in net sales on these markets compared to 2018 is mainly explained by the lower level of nuclear and hydropower generation.
(1) Enedis is an independent EDF subsidiary as defined in the French Energy Code.
(2) Tariff changes in 2019: from 1 August 2019: +1.47% excluding taxes on blue tariffs for residential customers and +1.34% excluding taxes on blue tariffs for non-residential customers (incorporating an indexed adjustment of +3.04% to the TURPE 5 distribution tariff); from 1 June 2019: +7.7% excluding taxes on blue tariffs for residential and non-residential customers. Tariff changes in 2018: +0.7% on blue tariffs for residential customers, +1.6% on blue tariffs for non-residential customers from 1 February 2018, and -0.5% on blue tariffs for residential customers and +1.1% on blue tariffs for non-residential customers from 1 August 2018 (incorporating an indexed adjustment of -0.21% to the TURPE 5 distribution tariff at 1 August 2018).
(3) After deduction of pumped volumes, hydropower production for 2019 stood at 33.4TWh (39.2TWh for 2018).
