Universal Registration Document 2022

Introduction

Consolidated financial statements at 31 December 2022 FINANCIAL STATEMENTS

  • Disposals:
    • Edison signed an agreement to sell its stake in North Reggane to Repsol and Wintershall Dea (see the Edison press releases of 5 May 2022 and 29 June 2022, and note 3.1);
    • EDF completed the sale of its interest in the Sloe CCGT plant (870MW) in the Netherlands (see the Group press releases of 27 September 2022 and 25 January 2023, and note 3.1);
    • EDF Trading sold its north American retail business to bp (see the EDF Trading press release of 12 September and 30 November 2022, and note 3.1);
    • Imtech, a Dalkia group company in the United Kingdom, signed an agreement with Duke Street for the sale of its subsidiary Suir Engineering (see the Dalkia press releases of 14 November 2022 and 1 February 2023, and note 3.1).
  • Financing operations:
    • EDF signed agreements for €10.25 billion of banking facilities (see the Group press release of 16 March 2022, and note 18.3.2.1);
    • EDF announced a successful capital increase of over €3.150 billion, maintaining preferential subscription rights (see the Group press release of 5 April 2022, and note 14.1);
    • EDF group launched a capital increase reserved for members of the EDF group Savings Plan and the EDF International Group Savings Plan (see the Group press release of 12 May 2022, and notes 7 and 14.1);
    • EDF and the European Investment Bank (EIB) announced the signing of an €800 million loan contract to finance the energy transition of the power distribution network managed by Enedis (see the Group press release of 19 May 2022, and note 18.3.2.1);
    • EDF announced the issue of a senior multi-tranche bond, including a green tranche, for a nominal amount of €3 billion euros on 5 October 2022 (see the Group press release of 5 October 2022, and note 18.3.2.1);
    • EDF and Crédit Agricole CIB signed a €1 billion financing agreement specifically for the maintenance of French power plants (see the Group press release of 18 November 2022, and note 18.3.2.1);
    • EDF signed agreements for €2.1 billion of additional banking facilities (see the Group press release of 29 November 2022, and note 18.3.2.1);
    • EDF announced an issue of hybrid notes for a nominal amount of €1 billion and its intention to exercise its option to redeem outstanding USD hybrid notes with a January 2023 redemption option (see the Group press releases of 30 November 2022 and 21 December 2022, and notes 14.4 and 18.3.2.1);
    • EDF announced an issue of senior multi-tranche bond issue for a nominal amount of €2 billion and £950 million (see the Group press release of 19 January 2023).
  • Renewable energies:
    • EDF won a maritime zone in New York bight to develop offshore wind energy (see the Group and EDF Renewables press releases of 1 March 2022, and note 12.3);
    • EDF Renewables commissioned four solar power plants, including two floating plants, in Israel (see the EDF Renewables press release of 8 June 2022, and note 12.3);
    • A consortium consisting of EDF, KEPCO and Kyushu Electric Power Co. finalised the financing of a strategic power transmission project with ADNOC and TAQA in the United Arab Emirates (see Group press release of 26 September 2022, and note 12.3);
    • France’s first offshore wind farm at Saint-Nazaire is now fully operational (see the EDF  Renewables press releases of 13 April, 22 September and 23 November 2022, and note 12.3).
  • Planned operation on the Group’s capital:
    • Trading of the Group’s equity securities was suspended (see the Group press release of 13 July 2022);
    • An ad hoc committee was set up (see the Group press release of 19 July 2022);
    • An independent expert was designated (see the Group press release of 27 July 2022);
    • EDF’s Board of Directors issued a positive reasoned opinion on the draft simplified public tender offer filed by the French State (see the Group press release of 27 October 2022);
    • The simplified public tender offer for the equity securities of EDF opened (see the Group press release of 23 November 2022);
    • The Paris Commercial Court issued its decision (see the Group press releases of 10 November 2022 and 19 December 2022);
    • The timetable of the simplified tender offer for the equity securities of EDF was updated (see the Group press release of 26 January 2023);
    • The result of the simplified public tender offer for the equity securities of EDF was published (see the Group press release of 8 February 2023 and notes 14.1 et 22.2.1);
    • EDF OCEANEs due 2024: a new conversion/exchange ratio was set following the result of the French State’s simplified public tender (see the Group press release of 8 February 2023 and notes 14.5 and 18.3.2.2).
  • Other significant events:
    • Exceptional measures were announced by the French Government (see the Group press release of 13 January 2022, and note 5);
    • EDF issued a statement concerning the decision made by the French Competition Authority (see the Group press release of 22 February 2022, and note 17);
    • Following publication of the decree and orders relating to the additional allocation of 20TWh of ARENH volumes for 2022, an update of the impact on the 2022 EBITDA outlook was released (see the Group press release of 14 March 2022, and notes 5 and 17.2);
    • An appeal was filed concerning the allocation of additional ARENH electricity volumes for 2022 (see the Group press release of 9 August 2022 and 27 October 2022, and note 5.1.1);
    • The Council of State issued its decision on the application for cancellation of the additional allocation of 20TWh of electricity for the ARENH system in 2022 (see the Group press release of 5 February 2023, and note 5.1.1).

The main significant events and transactions for the Group in 2021 were the following:

  • Nuclear developments:
    • EDF decided to move Dungeness B into the defueling phase (see the EDF Energy press release of 7 June 2021, and note 7);
    • Reactors of the Civaux and Chooz nuclear power plants: replacements and preventive checks on parts of the piping of a safety system (see the Group press release of 15 December 2021, and note 23 to the consolidated financial statements at 31 December 2021);
    • AGR (Advanced Gas-cooled Reactor) lifetime reviews were carried out (see the EDF Energy press release of 15 December 2021, and note 10.8 to the consolidated financial statements at 31 December 2021).
  • Disposals:
    • Edison completed the sale of Edison Norge to Sval Energi for a value of $374 million (see the Edison press release of 25 March 2021, and note 3.1.2);
    • Edison completed the sale of Infrastrutture Distribuzione Gas (IDG) to 2I ReteGas for a value of €150 million (see the Edison press release of 30 April 2021, and note 3.1.2);
    • Dalkia completed the sale of its subsidiary Dalkia Wastenergy to Paprec (see the Dalkia press release of 28 July 2021, and note 3.1.2);
    • EDF completed the sale of its interest in CENG (see the Group press release of 9 August 2021, and note 3.1.2);
    • EDF completed the sale of the West Burton B CCGT gas power station to EIG (see the EDF Energy press release of 31 August 2021, and note 3.1.2);