The net values of property, plant and equipment operated under concessions other than French public electricity distribution concessions are as follows:
| (in millions of euros) | 31/12/2021 | Increases | Decreases | Changes in the scope of consolidation | Other movements | 31/12/2022 |
|---|---|---|---|---|---|---|
| Land and buildings | Land and buildings 31/12/20211,641 |
Land and buildings Increases11 |
Land and buildings Decreases(4) |
Land and buildings Changes in the scope of consolidation1 |
Land and buildings Other movements- |
Land and buildings 31/12/20221,649 |
| Fossil-fired & hydropower plants | Fossil-fired & hydropower plants 31/12/202111,934 |
Fossil-fired & hydropower plants Increases295 |
Fossil-fired & hydropower plants Decreases(32) |
Fossil-fired & hydropower plants Changes in the scope of consolidation(70) |
Fossil-fired & hydropower plants Other movements26 |
Fossil-fired & hydropower plants 31/12/202212,153 |
| Other | Other 31/12/2021680 |
Other Increases34 |
Other Decreases(23) |
Other Changes in the scope of consolidation(7) |
Other Other movements2 |
Other 31/12/2022686 |
| Assets in progress (1) | Assets in progress (1)31/12/2021639 |
Assets in progress (1)Increases45 |
Assets in progress (1)Decreases(8) |
Assets in progress (1)Changes in the scope of consolidation(1) |
Assets in progress (1)Other movements10 |
Assets in progress (1)31/12/2022685 |
| Gross value | Gross value31/12/202114,894 | Gross valueIncreases385 | Gross valueDecreases(67) | Gross valueChanges in the scope of consolidation(77) | Gross valueOther movements38 | Gross value31/12/202215,173 |
| Land and buildings | Land and buildings 31/12/2021(997) |
Land and buildings Increases(34) |
Land and buildings Decreases4 |
Land and buildings Changes in the scope of consolidation- |
Land and buildings Other movements1 |
Land and buildings 31/12/2022(1,026) |
| Fossil-fired & hydropower plants | Fossil-fired & hydropower plants 31/12/2021(6,505) |
Fossil-fired & hydropower plants Increases(343) |
Fossil-fired & hydropower plants Decreases29 |
Fossil-fired & hydropower plants Changes in the scope of consolidation27 |
Fossil-fired & hydropower plants Other movements(24) |
Fossil-fired & hydropower plants 31/12/2022(6,816) |
| Other | Other 31/12/2021(492) |
Other Increases(31) |
Other Decreases21 |
Other Changes in the scope of consolidation- |
Other Other movements4 |
Other 31/12/2022(498) |
| Assets in progress (1) | Assets in progress (1)31/12/2021(19) |
Assets in progress (1)Increases- |
Assets in progress (1)Decreases- |
Assets in progress (1)Changes in the scope of consolidation- |
Assets in progress (1)Other movements2 |
Assets in progress (1)31/12/2022(17) |
| Depreciation and impairment | Depreciation and impairment31/12/2021(8,013) | Depreciation and impairmentIncreases(408) | Depreciation and impairmentDecreases54 | Depreciation and impairmentChanges in the scope of consolidation27 | Depreciation and impairmentOther movements(17) | Depreciation and impairment31/12/2022(8,357) |
| NET VALUE | NET VALUE31/12/20216,881 | NET VALUEIncreases(23) | NET VALUEDecreases(13) | NET VALUEChanges in the scope of consolidation(50) | NET VALUEOther movements21 | NET VALUE31/12/20226,816 |
(1) Increases in assets in progress are stated net of the effects of newly-commissioned assets. Assets in progress are detailed in note 10.6.
At 31 December 2022, property, plant and equipment operated under concessions other than French public electricity distribution concessions comprise concession facilities mainly located in France and in Italy (hydropower, excluding public electricity distribution).
| (in millions of euros) | 2022 | 2021 |
|---|---|---|
| Intangible assets | Intangible assets 20222,110 |
Intangible assets 20211,793 |
| Property, plant and equipment used in generation and other tangible assets owned by the Group | Property, plant and equipment used in generation and other tangible assets owned by the Group 202249,700 |
Property, plant and equipment used in generation and other tangible assets owned by the Group 202145,220 |
| Property, plant and equipment operated under concessions other than French public electricity distribution concessions | Property, plant and equipment operated under concessions other than French public electricity distribution concessions 2022668 |
Property, plant and equipment operated under concessions other than French public electricity distribution concessions 2021621 |
| TOTAL ASSETS IN PROGRESS | TOTAL ASSETS IN PROGRESS202252,478 | TOTAL ASSETS IN PROGRESS202147,634 |
At 31 December 2022, intangible assets in progress include notably studies for the EPR 2 and SMR projects, amounting respectively to €1,055 million (€761 million at 31 December 2021), and €142 million.
The EPR 2 project concerns a new pressurised water nuclear reactor that meets the objectives for third-generation reactor safety, aiming to incorporate design, construction and commissioning experience acquired from EPR reactors and the nuclear reactors currently in operation.
On 16 July 2019, the ASN issued an opinion that the safety levels of EDF’s key design options for its EPR 2 were satisfactory. It stated that “the general safety objectives, the safety baseline requirements and the main design options are on the whole satisfactory”.
The EPR 2 will also offer superior operating performance in terms of power (1650MW compared to 1450MW for the most powerful current reactor), output, availability and manoeuvrability.
The draft PPE published on 25 January 2019 by the Ministry for the Ecological and Inclusive Transition stated that the Government, together with the nuclear industry, would conduct a programme of work by mid-2021 to examine the questions of the cost of new nuclear energy production and its advantages and disadvantages in relation to other low-carbon generation methods, the possible financing models, the project management modalities for new reactor projects and public consultation, and matters relating to the management of waste generated by the potential new nuclear fleet, and that based on this information and depending on developments in the energy situation, the Government would make a decision regarding the suitability of launching a renewal programme for nuclear installations.
While awaiting a decision about the EPR2, EDF was authorised by its Board of Directors on 16 December 2020 to continue the project until the end of 2022, with a cost budget of around €1 billion.
In 2021, EDF, working with the French authorities, finalised its contribution to the government-supervised work programme: formal provision of feedback from construction of the first EPRs, and demonstration of the French nuclear sector’s ability to handle an industrial programme to build 3 pairs of reactors (using an adjusted EPR model incorporating experience from the earliest EPR projects in France and internationally).
The analysis conducted covered justification of the need, an action plan to mobilise actors in the nuclear sector, estimation of anticipated costs, analysis of the possible options for the programme’s leadership and funding (and their consequences as regards regulation and changes in the legal framework), pre-identification of certain potential sites, consideration of questions relating to management of the waste produced by a new nuclear fleet and action to be taken, including interaction with the European Commission and public consultation.
In the summer of 2021, the DGEC audited the parts of this analysis relating to the programme and validated the methods used to estimate the schedule and costs.
The French President declared in a speech in November 2021 that France would restart a nuclear programme and build new reactors on French soil. On 10 February 2022 during a visit to Belfort in eastern France, he announced the launch of a programme to construct 6 EPR2 reactors by 2035, and begin studies for an additional 8 EPR2 reactors by 2050. He also observed that it was necessary to aim to have the first new reactor commissioned by 2035, and said that these new EPR2 units will be built and operated by EDF.
No investment decision yet has been made. An appropriate funding and regulation plan for this programme is currently in preparation, and an updated completion cost for the project is expected in the summer of 2023.
Until a decision is made on the EPR2, EDF was authorised by its Board of Directors on 31 March 2022 to continue development work until the end of 2023, and given a budget extension of approximately €0.6 billion.
