Purchase commitments for other energies and commodities mainly concern purchases of biomass fuel used by Dalkia in the course of its business.
Commitments for purchases of nuclear fuel arise from supply contracts for the nuclear plants intended to cover the EDF group’s needs for uranium and fluoration, enrichment and fuel assembly production services.
Gas purchase commitments are principally undertaken by Edison and EDF. The volumes concerned for both entities at 31 December 2021 are as follows:
| 31/12/2021 | 31/12/2020 | ||||
|---|---|---|---|---|---|
| Maturity | |||||
| (in billions of m3) | Total | < 1 year | 1 to 5 years | > 5 years | Total |
| Edison | 137 | 13 | 48 | 76 | 124 |
| EDF | 23 | 2 | 7 | 14 | 26 |
Edison has entered into agreements to import natural gas from Russia, Libya, Algeria, Azerbaijan and Qatar, for a total maximum volume of 13.4 billion m3 per year. The residual terms of these contracts vary between 1 and 23 years.
The contract with Algeria was renewed in 2019 for 1 billion m3 per year until 2027. The long-term contract for gas from Russia terminated in 2019 and Edison signed a new contract for 1 billion m3 for 2020, 2021, then for 2022.
EDF has entered into an import contract for LNG from the United States, concerning an annual supply of 0.7 million tonnes of LNG (1 billion m3 of natural gas per year) for a 20-year period from May 2020.
In 2020, EDF signed a new 5-year contract for 3 billion m3 from Norway.
Some contracts contain “take-or-pay” clauses committing the buyer to pay for a minimum volume of gas every year, whether or not it actually takes delivery of that volume.
Under the contract with Terminale GNL Adriatico, Edison also benefits from approximately 80% of the terminal’s regasification capacities until 2034.
Under the contract with the Dunkerque LNG methane terminal, EDF benefits from approximately 61% of the terminal’s regasification capacities until 2037, in return for payment of an annual premium of approximately €150 million. A provision for onerous contracts has been recorded in connection with this contract.
Edison has signed a contract for LNG supplies from the United States (1 million tonnes per year). Deliveries under this contract will only start in 2023.
At 31 December 2021, these commitments mature as follows:
| 31/12/2021 | 31/12/2021 | ||||
|---|---|---|---|---|---|
| Maturity | |||||
| (in millions of euros) | Total | < 1 year | 1 to 5 years | > 5 years | Total |
| Operating guarantees given | 8,693 | 3,019 | 2,270 | 3,404 | 9,185 |
| Operating purchase commitments (1) | 7,173 | 4,069 | 2,433 | 671 | 7,720 |
| Other operating commitments | 181 | 46 | 73 | 62 | 246 |
| OPERATING CONTRACT PERFORMANCE COMMITMENTS GIVEN (2) | 16,047 | 7,134 | 4,776 | 4,137 | 17,151 |
(1) Excluding fuel and energy.
(2) Including commitments given by controlled entities to joint ventures, amounting to €1,928 million at 31 December 2021 (€1,714 million at 31 December 2020).
In the course of its business, the Group provides contract performance guarantees, generally through the intermediary of banks.
Operating guarantees given at 31 December 2021 mainly consist of guarantees given by EDF Renewables in connection with its development projects, Edison and EDF.
The change in these guarantees is essentially explained by the termination of the Group’s guarantee covering the differential between the value of UK pension obligations under the Trustees’ method and under IAS 19, following renegotiation leading to new agreements signed on 31 December 2021 and applied from January 2022. It also results from new EDF Renewables projects in development (particularly in the United States) and arrangement of new guarantees by Edison and Framatome in the course of their operational activities.
