At 31 December 2019, by the regulatory calculations provisions are 105.5% covered by dedicated assets. The regulatory limit on the realisable value of certain investments (decree 2007-243) has no effect at 31 December 2019.
At 31 December 2018, by the regulatory calculations provisions were 98.3% covered by dedicated assets. The regulatory limit on the realisable value of certain investments (decree 2007-243) also had no effect at 31 December 2018.
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 38.2.5), 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 28.5.1), 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 long-term nuclear obligations concerned by the regulations for dedicated assets related to nuclear generation are included in EDF’s 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 31/12/20191,152 | Provisions for spent fuel management – portion unrelated to the operating cycle as defined in the regulations 31/12/20181,067 |
| Provisions for long-term radioactive waste management | Provisions for long-term radioactive waste management 31/12/201910,531 | Provisions for long-term radioactive waste management 31/12/20189,846 |
| Provision for removal and conditioning of waste | Provision for removal and conditioning of waste 31/12/2019805 | Provision for removal and conditioning of waste 31/12/2018751 |
| Provisions for nuclear plant decommissioning | Provisions for nuclear plant decommissioning 31/12/201916,937 | Provisions for nuclear plant decommissioning 31/12/201815,985 |
| Provisions for last cores – portion for future long-term radioactive waste management | Provisions for last cores – portion for future long-term radioactive waste management 31/12/2019550 | Provisions for last cores – portion for future long-term radioactive waste management 31/12/2018518 |
| PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS | PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS31/12/201929,975 | PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS31/12/201828,167 |
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.
At 31 December 2019, dedicated assets registered an overall performance of €1,857 million, comprising €1,238 million in financial result and €619 million in exceptional result. This is principally explained by dividends and interest received (€823 million), reversals of provisions on bonds and investment funds due to favourable market trends (€433 million), and gains on sales of investment securities (€619 million).
