Universal Registration Document 2021

The following table shows sales by segment, excluding inter-segment eliminations:

(1) Generation, supply and optimisation in mainland France, and sales of engineering and consulting services.

(2) Regulated activities comprise distribution in mainland France, which is carried out by Enedis, EDF’s island activities and the activities of Électricité de Strasbourg. In mainland France, distribution network activities are regulated via the network access tariff TURPE (tarifs d’utilisation des réseaux publics d’électricité). Enedis is an independent EDF subsidiary as defined in the French Energy Code.

5.1.3.1.1.1 France – Generation and supply

Sales by the France – Generation and supply segment amounted to €33,182 million in 2021, up by €4,281 million (+17.0%) from 2020.

The “energy” portion of sales increased by €250 million, comprising a positive volume effect of €1,106 million driven largely by the 25.3TWh rise in nuclear power output, and a negative price effect of €856 million due to electricity purchases required to make up for output shortfalls at the end of 2021, which were made at very high prices.

Downstream market conditions had a positive effect estimated at €385 million on the change in sales. This increase primarily results from the reinvoicing of capacity guarantee purchases to final customers (+€519 million), despite the negative impact of loss of market shares (-€221 million).

Resales of electricity subject to purchase obligations were up by €2,656 million, mainly due to a rise in spot and forward market prices throughout the year, partly offset by a decline in volumes following the very windy year of 2020 (the effect on EBITDA was neutral because expenses relating to purchase obligations are compensated by the CSPE mechanism).

The results of sales subsidiaries and aggregators, and gas sales, also contributed +€1,530 million to the increase in sales.

Electricity generation

Nuclear power generation in France produced 360.7TWh in 2021, 25.3TWh more than in 2020. This increase is principally explained by better plant availability and much lower modulation of generation than in 2020, when demand was lower due to the Covid-19 pandemic. The fuller schedule for maintenance outages was offset by a lower number of unscheduled outages, unforeseen contingencies and prolongations.

Gross hydropower output stood at 41.8TWh ⁽¹⁾, down by 2.6TWh from 2020. This decrease is mainly explained by unfavourable hydrological conditions in 2021, although they had been better than historical averages in 2020 (see section 2.4 “Weather conditions: temperatures and rainfall”).

Thermal generation plants were used to produce 10.5TWh, an increase of 1.7TWh compared to 2020.

Sales volumes to final customers (a market segment that includes the local distribution firms and excludes foreign operators) rose slightly by 0.3TWh, including +9.7TWh attributable to weather effects.

EDF was a net seller on the wholesale markets to the extent of 69.5TWh, an increase of 15.6TWh from 2020 despite periods of energy purchases during the year. The higher nuclear and fossil-fired power output was partly counterbalanced by lower hydropower output and lower volumes of purchase obligations. There was also an increase in sales to the ARENH scheme.

5.1.3.1.1.2 France – Regulated activities

Sales in 2021 by the France – Regulated activities segment amounted to €17,564 million, an increase of €1,336 million (+8.2%) compared to 2020.

For Enedis ⁽²⁾, the €1,138 million rise in sales was principally driven by colder weather in first-half 2021 than the mild weather of first-half 2020 (+€426 million), a favourable price effect (+€489 million) principally due to developments in the indexed adjustment to the TURPE 6 distribution tariff ⁽³⁾ and higher income from connections (+€159 million) following the impact of the Covid-19 pandemic in 2020.

Électricité de Strasbourg and SEI’s sales rose by €202 million.

5.1.3.1.1.3 EDF Renewables

The EDF Renewables segment’s sales totalled €1,767 million and registered an organic increase of €194 million (+12.3%) compared to 2020.

Sales of energy produced saw organic growth of 5.3% thanks to the increase in the volume output of wind and solar power, due to new facilities commissioned during the second half of 2020 and in 2021. The spell of extremely cold weather in Texas in the first quarter had no significant impact on EDF Renewables’ sales but affected EBITDA because the company had to purchase energy at very high prices in order to honour its contractual commitments. 

The distributed solar power business in the United States registered sales growth, reflecting the dynamic business environment in this sector (with no significant impact on EBITDA).

5.1.3.1.1.4 Dalkia

Sales by Dalkia amounted to €5,196 million for 2020, an organic increase of €1,006 million (+23.9%) compared to 2020.

This growth reflects the significant increase in gas prices (with no impact on EBITDA), the resumption of business activity (after work was suspended and services to industry and buildings were significantly scaled back in early 2020 due to the Covid-19 pandemic), and dynamic sales activity in France (in industrial refrigeration), and in the United Kingdom. Dalkia’s sales also benefited from slightly colder-than-normal weather conditions in 2021 compared to the milder year of 2020.

(1) After deduction of pumped-storage hydropower volumes, hydropower production stood at 35.9TWh for 2021 (38.5TWh for 2020).

(2) Enedis is an independent EDF subsidiary as defined in the French Energy Code.

(3) Indexed adjustments to the TURPE 5 distribution tariff: +2.75% at 1 August 2020 and 0.91% at 1 August 2021.