Universal Registration Document 2022

1.2.3 Significant events of the year

Significant downturn in results in a context of french power output shortfall and high market prices

Luc Rémont appointed Chairman and Chief Executive Officer of EDF on 23 November 2022

SIMPLIFIED PUBLIC TENDER OFFER

• See in section 1.3.2 "Simplified tender offer for EDF equity securities".
• Closing of the French State tender offer on 3 February 2023 ⁽¹⁾ : 95.82% of shares, 96.53% of voting rights, and 99.96% of OCEANE bonds now held by the French State.
• Decision of the Court of Appeal expected during the first half 2023 on the action for annulment of the AMF’s clearance decision on the tender offer filed on 2 December 2022 by representatives of minority shareholders.

NUCLEAR

• 43 of EDF’s 56 reactors are operational at 17 February 2023 (versus 30 reactors at 1 November 2022).
• Stress corrosion: see in section 1.4.1.1.2.1 "Handling of stress corrosion detected on the auxiliary circuits of a number of nuclear reactors".
• Flamanville 3: adjusted schedule, with a new nuclear fuel loading target for Q1 2024, and completion cost estimated at €13.2bn ⁽²⁾.
• Hinkley Point C: review of schedule and costs: start of power generation by unit 1 expected in June  2027, and project completion costs estimated at £25-26bn₂₀₁₅ ⁽³⁾. Unit 1 reactor vessel head completed.
• Sizewell C: UK government’s decision to take a 50% stake alongside EDF by the time of the FID ⁽⁴⁾, with an investment of close to £700M. The project is eligible for the Regulated Asset Base (RAB) funding model .⁽⁵⁾
• NUWARD™ SMR: design submitted for pre-assessment by the ASN, in collaboration with the Czech and Finnish safety authorities, for international harmonisation of safety standards.
• Phase 2 of the Grand Carénage industrial refurbishment programme launched (2022-2028); estimated cost around €33bn ⁽⁶⁾.
• Excell plan: perpetuation of actions taken to reach the highest industrial standards.
• ARENH:
  • Decree for an additional 20TWH allocation of ARENH volumes in 2022 published on 12 March 2022 ⁽⁷⁾.
  • Appeal filed on 9 August before the Council of State, claiming an indemnity from the State of an estimated €8.34bn at that date.
  • The Conseil d’État rejected EDF’s appeal concerning the cancellation of the allocation of 20TWh of electricity additional ARENH for 2022 ⁽⁸⁾.
• Signature of an exclusive agreement with GE to acquire part of GE Steam Power’s nuclear activities ⁽⁹⁾ outside North and South America.
• Nuclear activities included in the European taxonomy: 
  • Recognition of the role played by nuclear power, echoing the views of the IPCC, the IEA and many countries.
  • EDF’s new Green Financing Framework ⁽¹⁰⁾ includes nuclear projects, in line with the Taxonomy.

RENEWABLES

• 12% growth in the wind and solar power project portfolio, to 85GW gross including the successful bids for the New York Bight offshore wind power project developed in partnership (1.5GW), 3 solar + storage projects in New York (1GW), and signature of a PPA for a solar project in Rajasthan (450MW).
• High level of capacity under construction: 7.1GW gross.
• Commissioned capacities up by +16% at 3.6GW gross, including the Saint- Nazaire offshore wind farm (480MW); first MWh produced by the world’s largest solar power plant, Al Dhafrah in the United Arab Emirates (2GW); 4 solar power plants in Israel (54MW), 2 of them floating plants. +10% increase in net installed capacity to 13.2GW.
• Partnership agreements signed for development and construction of the Mpatamanga hydropower plant in Malawi (350MW).
• Launch of a new industrial plan for 100% low carbon hydrogen, to become a European leader in production of low carbon hyrdogen and develop 3GW gross of electrolytic hydrogen projects worldwide by 2030.
• Approval by the European Union of McPhy’s gigafactory at Belfort (1GW/year) as an IPCEI ⁽¹¹⁾ compatible with French State aid.