On 25 February 2022, EDF Renewables and Shell New Energies US LLC (Shell), equal partners in the Atlantic Shores Offshore Wind LLC (Atlantic Shores) consortium, won development rights for a 32,112 hectare offshore area in the New York Bight, between Long Island and the New Jersey coast. After completing the development phase, the consortium will be able to build and operate an offshore wind project with an estimated capacity of 1.5 gigawatts (GW) for a period of 33 years.
EDF and its partner won one of six proposed lease areas to host offshore wind projects in an auction held by the Bureau of Ocean Energy Management (BOEM) from 23-25 February 2022.
On 13 April 2022, EDF Renewables, EIH SARL (owned by Enbridge Inc. and CPP Investments), the joint owners of the Saint-Nazaire offshore wind farm, and GE Renewable Energy, the wind turbine supplier, announced the erection of France’s first offshore wind turbine, 12km off the coast of the Guérande peninsula in the Loire-Atlantique department.
The Saint-Nazaire offshore wind farm was commissioned progressively over the second half of the year. It has total capacity of 480MW and is expected to generate the equivalent of 20% of the Loire-Atlantique department’s total annual electricity consumption.
On 8 June 2022, EDF Renewables announced the commissioning of four new solar farms in Israel, with a total 54MW of installed capacity. These new facilities are part of the Israeli government’s target to increase the share of renewable energy in the country’s energy mix to 30% by 2030. It also contributes to the EDF group’s Cap 2030 strategy, which aims to double its net renewable energy capacity from 28GW to 60GW between 2015 and 2030.
On 26 September 2022, a consortium composed of EDF, KEPCO and Kyushu Electric Power Co., world leaders in the energy sector, announced the financial closing of a transmission project in the United Arab Emirates alongside Emirati companies ADNOC (Abu Dhabi National Oil Company) et TAQA2 (Abu Dhabi National Electricity Company) for a total amount of $3.8 billion. The project consists in building and operating a high-voltage, direct current (HVDC-VSC) subsea transmission system, a first-of-its-kind in the Middle East and North Africa region.
This strategic project is expected to reduce the carbon footprint of ADNOC’s offshore operations by more than 30%, replacing existing offshore thermal plants with low carbon power sources available on the Abu Dhabi onshore power network.
The consortium, which will hold a combined 40% stake in the project, was selected in December 2021 by ADNOC and TAQA to develop and then operate the 3.2GW innovative transmission system for 35 years.
The construction started in 2022 and the project’s commercial operation is scheduled for 2025.
Changes in net working capital during 2022 are as follows:
| (in millions of euros) | Notes | 31/12/2021 | Monetary changes | Non-monetary changes | 31/12/2022 |
|---|---|---|---|---|---|
| Inventories and work-in-process | Inventories and work-in-process Notes13.2 |
Inventories and work-in-process 31/12/2021(16,197) |
Inventories and work-in-process Monetary changes(1,894) |
Inventories and work-in-process Non-monetary changes430 |
Inventories and work-in-process 31/12/2022(17,661) |
| Trade receivables net of provisions | Trade receivables net of provisions Notes13.3 |
Trade receivables net of provisions 31/12/2021(22,235) |
Trade receivables net of provisions Monetary changes(3,643) |
Trade receivables net of provisions Non-monetary changes1,034 |
Trade receivables net of provisions 31/12/2022(24,844) |
| Trade payables | Trade payables Notes13.4 |
Trade payables 31/12/202119,565 |
Trade payables Monetary changes4,524 |
Trade payables Non-monetary changes(805) |
Trade payables 31/12/202223,284 |
| Compensation receivable for Public Energy Service charges (CSPE payable) | Compensation receivable for Public Energy Service charges (CSPE payable) Notes13.3.4 |
Compensation receivable for Public Energy Service charges (CSPE payable) 31/12/2021294 |
Compensation receivable for Public Energy Service charges (CSPE payable) Monetary changes5,780 |
Compensation receivable for Public Energy Service charges (CSPE payable) Non-monetary changes- |
Compensation receivable for Public Energy Service charges (CSPE payable) 31/12/20226,074 |
| Other receivables and payables (1) | Other receivables and payables (1)Notes13.3.4 and 13.5 |
Other receivables and payables (1)31/12/20216,050 |
Other receivables and payables (1)Monetary changes3,538 |
Other receivables and payables (1)Non-monetary changes(581) |
Other receivables and payables (1)31/12/20229,007 |
| Other components of working capital (2) | Other components of working capital (2)Notes
|
Other components of working capital (2)31/12/2021(648) |
Other components of working capital (2)Monetary changes(4) |
Other components of working capital (2)Non-monetary changes535 |
Other components of working capital (2)31/12/2022(117) |
| NET WORKING CAPITAL | NET WORKING CAPITALNotes
|
NET WORKING CAPITAL31/12/2021(13,171) | NET WORKING CAPITALMonetary changes8,301 | NET WORKING CAPITALNon-monetary changes613 | NET WORKING CAPITAL31/12/2022(4,257) |
(1) Excluding receivables and payables on acquisition/disposal of assets and investment subsidies.
(2) The other components of working capital includes CO2 emission rights and green certificates presented in intangible assets in the balance sheet, and derivatives related to operations.
Non-monetary changes include the effect of changes in the scope of consolidation, foreign exchange effects, changes in fair values and the effect of reclassifications. The variation in non-monetary changes in 2022 is mainly explained by the €0.5 billion change in the fair value of operating derivatives.
