Withdrawals from dedicated assets in 2019 totalled €442 million, equivalent to payments made in respect of the long-term nuclear obligations to be covered during the year (€403 million in 2018).
Because of changes (other than regulatory modifications) in the assumptions used to calculate long-term nuclear provisions, the required allocation to dedicated assets for 2018 amounted to €1,337 million. The administrative authorities authorised EDF to spread this allocation as follows: €540 million in 2019 and 2020, and €257 million in 2021. Allocations to dedicated assets in 2019 thus totalled €540 million in realisable value (€387 million in 2018) (see note 48.5), and took the form of shares rather than cash. At 1 January 2020, the outstanding required allocation for 2018 amounts to €797 million. In accordance with the letter received on 12 February 2020 (see note 32.1.5.1), this allocation must be made in 2020, but no allocation is required in respect of 2019.
Over a 10-year horizon, disbursements will be made to the following extent (at year-end economic conditions, i.e. in 2019 euros):
Over a 50-year horizon, disbursements will be made to the following extent (at year-end economic conditions, i.e. in 2019 euros):
The Group’s long-term nuclear obligations in France concerned by the regulations for dedicated assets related to nuclear generation are included in the EDF group’s consolidated financial statements at the following values:
| (in millions of euros) | 31/12/2019 | 31/12/2018 |
|---|---|---|
| Provisions for spent fuel management – portion unrelated to the operating cycle as defined in the regulations | Provisions for spent fuel management – portion unrelated to the operating cycle as defined in the regulations 31/12/2019 1,152 | Provisions for spent fuel management – portion unrelated to the operating cycle as defined in the regulations 31/12/2018 1,067 |
| Provisions for long-term radioactive waste management | Provisions for long-term radioactive waste management 31/12/2019 10,531 | Provisions for long-term radioactive waste management 31/12/2018 9,846 |
| Provisions for waste removal and conditioning | Provisions for waste removal and conditioning 31/12/2019 805 | Provisions for waste removal and conditioning 31/12/2018 751 |
| Provisions for nuclear plant decommissioning | Provisions for nuclear plant decommissioning 31/12/2019 16,937 | Provisions for nuclear plant decommissioning 31/12/2018 15,985 |
| Provisions for last cores – portion for future long-term radioactive waste management | Provisions for last cores – portion for future long-term radioactive waste management 31/12/2019 550 | Provisions for last cores – portion for future long-term radioactive waste management 31/12/2018 518 |
| PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS | PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS 31/12/2019 29,975 | PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS 31/12/2018 28,167 |
Under the new strategic allocation for dedicated assets which increased the portion of unlisted assets from one quarter to one third, in December 2018 EDF SA acquired EDF International’s minority interest in Nam Theun Power Company (NTPC), a hydroelectric dam in Laos, part of which was allocated to dedicated assets at that date in the EDF Invest subgroup. The rest was allocated during 2019. In December 2019 EDF SA acquired an investment in solar power plants (Catalina Solar, Switch) and wind farms (MiRose, Red Pine) in the United States from EDF Renewables US, and some of this investment was allocated to dedicated assets in the EDF Invest subgroup during 2019.
The total realisable value of assets allocated to dedicated assets in 2019 is €540 million.
Positive changes in the fair value of the dedicated asset portfolio (investment funds, equities) amounting to €2,545 million were recognised in the financial result in 2019 (see note 16.3), compared to negative changes amounting to €(989) million in 2018.
Positive changes in the fair value of the bonds in the dedicated asset portfolio amounting to €162 million were recognised in OCI in 2019 (see note 39.2), compared to negative changes amounting to €(60) million in 2018.
The dedicated assets of Framatome and Cyclife France (formerly SOCODEI) relating to Basic nuclear facilities (INB) in France have realisable values of €92 million and €54 million respectively and the degree of coverage of provisions according to the regulations is 110.1% for Framatome and 113.4% for Cyclife France (calculated using EDF group discount and inflation rates for nuclear provisions in France – see note 32).
These two entities’ long-term nuclear obligations in France concerned by the regulations for dedicated assets are included in the EDF group’s consolidated financial statements at the amounts of €83 million for Framatome and €48 million for Cyclife France (see note 33).
