The key financial indicators published for Taishan (on a 100% basis) are as follows:
| (in millions of euros) | 31/12/2020 | 31/12/2019 |
|---|---|---|
| Non-current assets | Non-current assets 31/12/202011,303 |
Non-current assets 31/12/201912,183 |
| Current assets | Current assets 31/12/2020897 |
Current assets 31/12/2019618 |
| TOTAL ASSETS | TOTAL ASSETS31/12/202012,200 | TOTAL ASSETS31/12/201912,801 |
| Equity | Equity 31/12/20203,744 |
Equity 31/12/20193,882 |
| Non-current liabilities | Non-current liabilities 31/12/20206,022 |
Non-current liabilities 31/12/20197,467 |
| Current liabilities | Current liabilities 31/12/20202,434 |
Current liabilities 31/12/20191,452 |
| TOTAL EQUITY AND LIABILITIES | TOTAL EQUITY AND LIABILITIES31/12/202012,200 | TOTAL EQUITY AND LIABILITIES31/12/201912,801 |
| Sales | Sales 31/12/20201,027 |
Sales 31/12/2019783 |
| Net income | Net income31/12/2020(41) | Net income31/12/201944 |
| Dividends paid | Dividends paid 31/12/2020- |
Dividends paid 31/12/2019- |
EDF owns 30% of Taishan Nuclear Power Joint Venture Company Limited (TNPJVC), which was set up to build and operate two EPR nuclear reactors in Taishan, in the province of Guangdong in China. Comprising two 1750MW EPR reactors, Taishan nuclear power plant is the biggest cooperation project between China and France in the energy sector. CGN holds a 51% stake and Yudean a 19% stake.
Following the start of commercial operation by the first reactor on 13 December 2018, the second reactor began commercial operation on 7 September 2019. 2020 saw the first shutdown for refuelling of Taishan 1, from 29 June to 24 September 2020.
On 20 March 2019, the NDRC (National Development and Reform Commission) attributed regulated tariffs to the first three third-generation nuclear projects in China, one of which is Taishan. The tariff attributed to Taishan was set at RMB435/ MWh until the end of 2021, with retroactive effect to the date the first unit was commissioned (13 December 2018). The indexing mechanisms applicable from 2022 were not set out in this decision and are still currently unknown.
On 14 June 2021, a build-up of noble gases was detected in the primary circuit of reactor 1 at the Taishan plant. The Chinese ministry for ecology and the environment stated that this was due to five unsealed fuel rods. Following an initial analysis of the situation, on 30 July 2021 the operator of the Taishan plant decided to shut down reactor 1 to assess the situation in more detail, prevent it from progressing, and take remedial action. Defueling operations were completed on 22 August 2021. As stated in the Group’s press release of 12 January 2022, inspections carried out on the fuel assemblies of Taishan reactor 1 following the technical issue encountered during its second operating cycle showed mechanical wear on certain assembly components. This phenomenon has already been encountered in several reactors in the French nuclear fleet. EDF and Framatome are currently contributing to preparation of the documentation to safely restart Taishan reactor 1, and assisting TNPJVC in its examination.
Taishan’s net electricity output in 2021 was affected by this unscheduled 5-month outage for reactor 1 during the second half of 2021, and by the scheduled outage of reactor 2 which underwent its first full inspection during the second quarter. Apart from these outages, availability was very high.
The net value of the investment in Taishan in the financial statements includes a level of prudence relating to the tariff projections from 2022, and updates to certain operational assumptions relating to the above information.
The other investments held by EDF SA are included in dedicated assets (see note 15.1.2).
The other investments held by EDF Renewables are mainly located in North America, and to a lesser degree in Europe, China and Brazil.
Other investments in associates and joint ventures principally concern:
In 2021, €(219) million of impairment was booked in respect of investments in associates and joint ventures, principally concerning associates of EDF Renewables (€(149) million). This impairment primarily relates to wind power assets in the USA following the major weather event of February 2021 in Texas, photovoltaic plants in France due to revision of purchase obligation tariffs introduced for certain facilities by the French Finance Law for 2021 (see note 10.8.2), and an offshore wind farm currently being built off the coast of Scotland, following construction difficulties with the foundations. Some impairment was also booked on unlisted assets owned by EDF SA (EDF Invest), included in dedicated assets.
In 2020, €(189) million of impairment was booked in respect of investments in associates and joint ventures concerning various specific assets: certain coal-fired plants in China, investments held by Framatome in entities operating in sectors greatly impacted by the Covid-19 pandemic, and certain unlisted assets owned by EDF SA (EDF Invest) included in dedicated assets (see note 15.1.2).
