| Notional amount to be received at 31/12/2019 | Notional amount to be given at 31/12/2019 | Fair value | |||||||
|---|---|---|---|---|---|---|---|---|---|
(in millions of euros) | < 1 year | 1-5 years | > 5 years | Total | < 1 year | 1-5 years | > 5 years | Total | 31/12/2019 |
| Forward exchange transactions | Forward exchange transactions Notional amount to be received at 31/12/2019 1,843 | Forward exchange transactions Notional amount to be given at 31/12/2019 1,357 | Forward exchange transactions Fair value - | 3,200 | 1,838 | 1,526 | - | 3,364 | 3 |
| Swaps | Swaps Notional amount to be received at 31/12/2019 19,619 | Swaps Notional amount to be given at 31/12/2019 6,566 | Swaps Fair value 17,367 | 43,552 | 19,006 | 6,268 | 16,892 | 42,166 | 874 |
| CURRENCY DERIVATIVES – HEDGING | CURRENCY DERIVATIVES – HEDGING Notional amount to be received at 31/12/2019 21,462 | CURRENCY DERIVATIVES – HEDGING Notional amount to be given at 31/12/2019 7,923 | CURRENCY DERIVATIVES – HEDGING Fair value 17,367 | 46,752 | 20,844 | 7,794 | 16,892 | 45,530 | 877 |
| Forward transactions | Forward transactions Notional amount to be received at 31/12/2019 4,220 | Forward transactions Notional amount to be given at 31/12/2019 3,280 | Forward transactions Fair value - | 7,500 | 4,187 | 3,262 | - | 7,449 | 29 |
| Swaps | Swaps Notional amount to be received at 31/12/2019 14,203 | Swaps Notional amount to be given at 31/12/2019 6,387 | Swaps Fair value 198 | 20,788 | 14,328 | 6,536 | 198 | 21,062 | (214) |
| CURRENCY DERIVATIVES – TRADING | CURRENCY DERIVATIVES – TRADING Notional amount to be received at 31/12/2019 18,423 | CURRENCY DERIVATIVES – TRADING Notional amount to be given at 31/12/2019 9,667 | CURRENCY DERIVATIVES – TRADING Fair value 198 | 28,288 | 18,515 | 9,798 | 198 | 28,511 | (185) |
The notional value of cross-currency swaps shown in this note is also included in the note on interest rate derivatives (see note 18.7.2).
The Group is exposed to price variations on the wholesale markets for energy(electricity, gas, coal, oil products) and the CO2 emissions quota market with a potentially significant impact on the financial statements.
The Group hedges its forecast sales and purchases of electricity, gas, and coal using futures, forwards, options and swaps, essentially through cash flow hedges.
Details of commodity derivatives used for hedging are as follows:
| 31/12/2020 | 31/12/2019 | |||||||
|---|---|---|---|---|---|---|---|---|
| Net notional | ||||||||
| (in millions of euros) | Units of measure | < 1 year | 1-5 years | > 5 years | Total | Fair value | Net | Fair value |
| Electricity | Electricity
TWh | Electricity 31/12/2020 (9) | Electricity 31/12/2019 (15) | - | (25) | 35 | (49) | 393 |
| Gas | Gas
Millions of therms | Gas 31/12/2020 1,083 | Gas 31/12/2019 1,048 | - | 2,131 | 102 | 2,253 | (398) |
| Oil products | Oil products
Thousands of barrels | Oil products 31/12/2020 3,062 | Oil products 31/12/2019 6,548 | - | 9,610 | 18 | 13,637 | 2 |
| CO2 | CO2
Thousands of tonnes | CO2 31/12/2020 4,501 | CO2 31/12/2019 3,424 | - | 7,925 | 76 | 26,666 | 44 |
| Coal | Coal
Millions of tonnes | Coal 31/12/2020 (1) | Coal 31/12/2019 - | - | (1) | - | (416) | 72 |
| COMMODITY DERIVATIVES – HEDGING | COMMODITY DERIVATIVES – HEDGING
| COMMODITY DERIVATIVES – HEDGING 31/12/2020 8,636 | COMMODITY DERIVATIVES – HEDGING 31/12/2019 11,005 | - | 19,640 | 231 | 42,091 | 113 |
Details of commodity derivatives used for trading are as follows:
| 31/12/2020 | 31/12/2019 | ||||
|---|---|---|---|---|---|
| (in millions of euros) | Units of measure | Net notional | Fair value | Net notional | Fair value |
| Electricity | Electricity 31/12/2020TWh | Electricity 31/12/2019 (174) | (380) | (17) | 824 |
| Gas | Gas 31/12/2020Millions of therms | Gas 31/12/2019 (6,803) | 310 | (7,826) | 76 |
| Oil products | Oil products 31/12/2020Thousands of barrels | Oil products 31/12/2019 24,301 | 58 | 14,290 | 8 |
| CO2 | CO2 31/12/2020Thousands of tonnes | CO2 31/12/2019 3,355 | (55) | (41,604) | (128) |
| Coal and freight | Coal and freight 31/12/2020Millions of tonnes | Coal and freight 31/12/2019 1 | (7) | 2 | (12) |
| Other commodities | Other commodities 31/12/2020
| Other commodities 31/12/2019 - | 8 | - | (75) |
| COMMODITY DERIVATIVES – TRADING | COMMODITY DERIVATIVES – TRADING31/12/2020
| COMMODITY DERIVATIVES – TRADING 31/12/2019 20,680 | (66) | (35,155) | 693 |
These instruments mainly include contracts included in EDF Trading’s portfolio.
