ITALY
- Strategic repositioning of Edison: reorganisation of renewable assets (1) and refocus on core businesses.
INNOVATIONS
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Commissioning of 50 MW of batteries in the United Kingdom as part of the ESO (2) project
- Inauguration of the first hydrogen production and distribution plant by Hynamics at Auxerre, France
INTERNATIONAL
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Signature of a development agreement for a 240 MW hybrid floating solar project on the Nam Theun 2 reservoir in Laos
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Finalisation of financing for an innovative project combining solar power and gas, with development of Chile’s largest solar power plant so far (480 MW)
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Construction of the Nachtigal hydro powerplant (420 MW) in Cameroon: progress on civil engineering and electromechanical work (more than half completed). Industrial commissioning planned for 2024
PHASE-OUT OF COAL-FIRED PLANTS IN EUROPE
- France: closure of Le Havre coal-fired power plant on 31 March 2021 (3)
- United Kingdom: closure of the West Burton plant planned for September 2022, two years before the deadline set by the UK government
ACHIEVEMENTS AND ENVIRONMENTAL AND SOCIAL TARGETS
- Carbon intensity: 48gCO2/kWh in 2021 vs 51gCO2/kWh in 2020, level around 5 times lower than the European average for utilities
- Gender equality: women accounted for 29.8% of Management Committee members at Group’s entities in 2021 vs 28.7% in 2020, in line with Group targets
- EDF listed on “CAC 40 ESG”, the Euronext index of 40 socially responsible companies
* €3 billion disposal plan and €500 million cost savings plan achieved
To offset the impacts of the health crisis on the Group’s financial situation, cost savings and disposal plans were launched mid-2020 with a view to reducing operating expenses by €500 million between 2019 and 2022 (4), and generating approximately €3 billion in disposals between 2020 and 2022 (5). At end-2021, an estimated €543 million in cost savings had been achieved compared to 2019. Asset disposals signed or completed at 31 December 2021 had a favourable effect of around €3.0 billion on net debt and around €3.7 billion on the Group’s economic debt (6). These disposals are consistent with Group strategy and have helped to refocus on core businesses and to withdraw from carbonised activities (mainly the sales of the E&P business and of the IDG gas distribution network). Both plans have exceeded their targets one year ahead of schedule.
** Extension to 50 years of the depreciation period of 1,300MW reactors in France
The Group changed the depreciation period of its 1,300MW PWR plants in France on 1 January 2021, as the technical, economic and governance conditions had been met. Since then, the provisions related to nuclear production decrease by €1,016 million. This decrease is largely taxed and generated a tax disbursement of €184 million. The impact of the 50-year depreciation period extension on net income - Group share for this year is + €405 million (see note 1.4.1 to the 2021 consolidated financial statements).
(1) Purchase of remaining shares in the E2i holding company and investment by a new financial partner. Edison retains control of the new platform.
(2) Energy Superhub Oxford, with 100% renewable energies.
(3) The coal-fired plant in Le Havre has been shut down and mothballed (multi-year guaranteed shutdown) since end-March 2021.
(4) Sum of personnel expenses and other external expenses. At constant scope, accounting standards, exchange and pensions discount rates, and excluding inflation. Excluding sales costs of energy service activities and nuclear engineering services of Framatome and in particular projects such as Jaitapur.
(5) Signed or completed disposals: impact on Group’s economic debt (Standard and Poor’s definition).
(6) Net economic debt according to Standard and Poor’s definition.