The decrease in Dalkia’s EBITDA is principally explained by gas price caps for cogeneration plants subject to purchase obligations, and early discontinuation of these technologies due to a timing change in the winter tariff.
Framatome’s “Installed Base” business unit saw sustained growth in North America, but fuel sales were down in the United States fell.
Order intake amounted to approximately €3.7 billion at 31 December 2022, a slight improvement from 2021 driven particularly by the Fuel and Installed Base business units in North America.
EBITDA for the United Kingdom segment was up thanks to higher nuclear power output, leading to additional volume sales in a high-price environment, whereas 2021 generation levels had made purchases necessary at high prices.
Supply activities were affected by energy price rises being partially passed on to residential customers, despite substantial raises of the tariff cap. The commercial and industrial customer segment essentially benefited from portfolio growth.
Operating expenses were down in 2022, notably due to the changes in the employee pension scheme decided in 2021.
In Italy, EBITDA in the electricity generation activities were up, boosted by the good availability of CCGT (combined cycle gas turbines) and high market prices, and the introduction of Italy’s capacity market. However, renewables output was down, essentially due to low water levels.
The gas business benefited from higher sales volumes, especially on the wholesale markets. A gain on the disposal of Infrastrutture Distribuzione Gas was booked in 2021, with no equivalent in 2022.
Supply activities were affected by electricity and gas price rises that were not fully passed on to residential customers.
EBITDA was down in Belgium (1), essentially as a result of lower nuclear power output, purchases at very high prices, and the three-yearly review of nuclear provisions. Service activities are growing, and supply activities are stable.
EBITDA was up in Brazil, thanks to the 16% raise in November 2021 and the 5% raise in November 2022 to the price of the Power Purchase Agreement (PPA) attached to EDF’s Norte Fluminense plant, plus a favourable foreign exchange effect between the Brazilian real and the euro.
EBITDA for the gas activities benefited from reviews of long-term contracts (with no cash effect) given the increase in medium and long-term US-Europe spreads. Sales volumes also rose significantly, as more use was made of the Dunkirk methane terminal in a context of very high wholesale prices.
EDF Trading’s EBITDA was improved by benefited from a good business performance in a period of very high volatility across all commodity markets.
The Group’s consolidated EBIT for 2022 amounted to -€19,363 million, down by €24,588 million or an organic decrease of €24,632 million.
| (in millions of euros) | 2022 | 2021 | Variation | Variation (%) |
|---|---|---|---|---|
| EBITDA | EBITDA2022(4,986) | EBITDA202118,005 | EBITDAVariation(22,991) | EBITDAVariation (%)-127.7 |
| Net changes in fair value on Energy and Commodity derivatives, excluding trading activities | Net changes in fair value on Energy and Commodity derivatives, excluding trading activities 2022(849) |
Net changes in fair value on Energy and Commodity derivatives, excluding trading activities 2021(215) |
Net changes in fair value on Energy and Commodity derivatives, excluding trading activities Variation(634) |
Net changes in fair value on Energy and Commodity derivatives, excluding trading activities Variation (%)n.a |
| Net depreciation and amortisation* | Net depreciation and amortisation* 2022(11,079) |
Net depreciation and amortisation* 2021(10,789) |
Net depreciation and amortisation* Variation(290) |
Net depreciation and amortisation* Variation (%)2.7 |
| (Impairment)/reversals | (Impairment)/reversals 2022(1,762) |
(Impairment)/reversals 2021(653) |
(Impairment)/reversals Variation(1,109) |
(Impairment)/reversals Variation (%)169.8 |
| Other income and expenses | Other income and expenses 2022(687) |
Other income and expenses 2021(1,123) |
Other income and expenses Variation436 |
Other income and expenses Variation (%)-38.8 |
| EBIT | EBIT2022(19,363) | EBIT20215,225 | EBITVariation(24,588) | EBITVariation (%)N.A |
* Including net increases to provisions for replacement of concession assets.
The net changes during 2022 in fair value on Energy and Commodity derivatives, excluding trading activities, increased significantly by €634 million between 2021 and 2022, in a context of high volatility on the commodity markets.
Net depreciation and amortisation was €290 million higher than in 2021. In the France – Generation and supply segment, the increase (+€103 million) essentially concerned the nuclear activities.
At Enedis, the €191 million rise in depreciation and impairment essentially relates to the “FACE” decree on lower recoveries of amortisation of grantor financing for concession assets located in towns that were transferred from the urban to the rural regime.
Impairment recognised in 2022 amounted to -€1,762 million, an increase of 169.8% from 2021, including -€1,447 million in the United Kingdom, principally goodwill impairment of -€1,176 million.
Other income and expenses amounted to -€687 million for 2022, including -€676 million in the France – Generation and supply segment, principally due to additional costs incurred for repair work on penetration welds at the Flamanville 3 EPR (€638 million).
(1) Luminus and EDF Belgium.
