CAPEXT investments for the financial year increased by €555 million to €19.3 billion in 2022 compared to €18.8 billion in 2021. Their breakdown between activities remained stable and the proportion of CAPEXT relating to aligned activities increased from 63% in 2021 (proforma data) to 66% in 2022. They were largely made in electricity distribution activities (deployment of network, meters), nuclear activities (particularly the Grand Carénage programme) and renewable energies.
As indicated earlier, the exclusion of the United Kingdom from the taxonomy on nuclear activities affects the ratios of the Group, which has particularly invested significant amounts in connection with the HPC project.
The ratio of aligned investments to eligible investments is very high (95.5%).
| 2022 | 2021 PROFORMA | Variations | ||||
|---|---|---|---|---|---|---|
| Economic activities | Activities* | CAPEX (in millions of euros) | CAPEX ratio | CAPEX (in millions of euros) |
Ratio CAPEX | (in millions of euros) |
| A.1 Aligned activities | ||||||
| Electricity generation from nuclear energy and construction of new nuclear power plants | 4.28, 4.27 | 5 057 | 26 % | 4 618 | 25 % | 439 |
| Electricity distribution | 4.9 | 4 807 | 25 % | 4 636 | 25 % | 171 |
| Electricity generation from wind power and using solar photovoltaic technology, storage | 4.3, 4.1, 4.10 | 2 096 | 11 % | 2 007 | 11 % | 89 |
| Electricity generation from | 4.5 | 367 | 2 % | 296 | 1 % | 71 |
| Other activities | 4.15, 9.3 | 359 | 2 % | 281 | 1 % | 78 |
| Total aligned activities | 12 686 | 66 % | 11 838 | 63 % | 848 | |
| A.2. Eligible non-aligned activities | ||||||
| Electricity generation from fossil gaseous fuels | 4.29 | 505 | 3 % | 324 | 1 % | 181 |
| Other activities | 89 | 0 % | 482 | 3 % | (393) | |
| Total eligible-non-aligned activities | 594 | 3 % | 806 | 4 % | (212) | |
| Total eligible activities | 13 280 | 69 % | 12 644 | 67 % | 636 | |
| B. Non-eligible activities | ||||||
| Nuclear power generation activity | 4 661 | 24 % | 4 692 | 25 % | (31) | |
| Other activities | 1 374 | 7 % | 1 424 | 8 % | (50) | |
| Total non-eligible activities | 6 035 | 31 % | 6 116 | 33 % | (81) | |
| TOTAL CAPEXT | 19 315 | 100 % | 18 760 | 100 % | 555 | |
* Group activities referred to in section 3.8.4.3.
The allocation of CAPEXT does not need to be significantly modified over the next 3 years.
In July 2022, the Group published the 4th version of its Green Bond Framework, currently the Green Financing Framework, covering all its “green” financing. Eligible projects must meet the criteria of the European Taxonomy. Its scope covers categories previously eligible for previous financing frameworks (wind and solar projects, investments in renovating and modernising hydropower assets in mainland France and abroad, energy efficiency projects and biodiversity preservation projects), plus two new categories: distribution networks and nuclear generation assets. Accordingly, on 5 October 2022 the Group issued a €1.25 billion tranche to finance distribution network activities. Most of the funds were allocated in accordance with the look back clause to investments made during the second half of 2021.
Furthermore, this Green Financing Framework was reviewed by an independent third party confirming its compliance with Green Loans market best practices (Loan Syndications and Trading Association’s Green Loan Principles).
The allocation of funds raised via Green Bonds issued by EDF was certified by one of the Statutory Auditors (see section 6.7 of the Universal Registration Document). It is available on the page dedicated to sustainable finance on the EDF website.
