The structure of the dedicated asset portfolio in 2020 and 2019 is as follows (in realisable value):
Composition of dedicated assets
In %
2020 : 33,8 Mds€
Yield assets : 19%
Growth assets : 40%
Fixed income assets : 41%
€31.6bn2019
Yield assets : 19%
Growth assets : 42%
Fixed income assets : 39%
15.1.3Coverage of EDF’s long-term nuclear obligations
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) | 31/12/2020 | 31/12/2019 |
|---|---|---|
| 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 31/12/20201,297 | Provisions for spent fuel management – portion unrelated to the operating cycle as defined in the regulations 31/12/2019 1,152 |
| Provisions for long-term radioactive waste management | Provisions for long-term radioactive waste management 31/12/202013,300 | Provisions for long-term radioactive waste management 31/12/2019 10,531 |
| Provisions for waste removal and conditioning | Provisions for waste removal and conditioning 31/12/2020- | Provisions for waste removal and conditioning 31/12/2019 805 |
| Provisions for nuclear plant decommissioning | Provisions for nuclear plant decommissioning 31/12/202017,489 | Provisions for nuclear plant decommissioning 31/12/2019 16,937 |
| Provisions for last cores – portion for future long-term radioactive waste management | Provisions for last cores – portion for future long-term radioactive waste management 31/12/2020590 | Provisions for last cores – portion for future long-term radioactive waste management 31/12/2019 550 |
| PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS | PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS31/12/2020 32,676 | PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS 31/12/2019 29,975 |
| REALISABLE VALUE OF DEDICATED ASSETS | REALISABLE VALUE OF DEDICATED ASSETS31/12/2020 33,848 | REALISABLE VALUE OF DEDICATED ASSETS 31/12/2019 31,624 |
| REGULATORY COVERAGE RATE | REGULATORY COVERAGE RATE31/12/2020 103.6% | REGULATORY COVERAGE RATE 31/12/2019 105.5% |
At 31 December 2020, by the regulatory calculations provisions are 103.6% covered by dedicated assets. The regulatory caps on the realisable value of certain investments set in the Environment Code were respected at 31 December 2020.
At 31 December 2019, by the regulatory calculations provisions were 105.5% covered by dedicated assets and also respected these regulatory caps on realisable value.
15.2 Provisions nucléaires d’EDF Energy
The specific financing terms for long-term nuclear obligations related to EDF Energy are reflected as follows in the EDF group’s financial statements:
- the obligations are reported in liabilities in the form of provisions amounting to €15,280 million at 31 December 2020;
- in the assets, EDF Energy reports receivables corresponding to the amounts payable under the restructuring agreements by the NLF, for non-contracted obligations or decommissioning obligations, and by the British Government for contracted obligations (or historical liabilities).
These receivables are discounted at the same real rate as the obligations they are intended to finance. They are included in “Financial assets” in the consolidated balance sheet (see note 18.1.3) at the amount of €13,034 million at 31 December 2020 (€13,303 million at 31 December 2019).