The structure of the dedicated asset portfolio in 2022 and 2021 is as follows (in realisable value):
This graph shows the structure of the dedicated asset portfolio in 2022 and 2021 is as follows (in realisable value).
2022
Yield assets: 26 %
Growth assets: 36 %
Fixed income assets: 38 %
2021
Yield assets: 21 %
Growth assets: 41 %
Fixed income assets: 38 %
15.1.3 Coverage of EDF’s long-term nuclear obligations
The Group’s long-term nuclear obligations in France concerned by the regulations for dedicated assets related to nuclear generation are included in the EDF group’s consolidated financial statements at the following values:
| (in millions of euros) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| Provisions for spent fuel management – portion unrelated to the operating cycle as defined in the regulations | Provisions for spent fuel management – portion unrelated to the operating cycle as defined in the regulations 31/12/2022 1,607 |
Provisions for spent fuel management – portion unrelated to the operating cycle as defined in the regulations 31/12/20211,726 |
| Provisions for long-term radioactive waste management | Provisions for long-term radioactive waste management 31/12/2022 12,475 |
Provisions for long-term radioactive waste management 31/12/202114,233 |
| Provisions for nuclear plant decommissioning | Provisions for nuclear plant decommissioning 31/12/2022 17,094 |
Provisions for nuclear plant decommissioning 31/12/202117,730 |
| Provisions for last cores – portion for future long-term radioactive waste management | Provisions for last cores – portion for future long-term radioactive waste management 31/12/2022 473 |
Provisions for last cores – portion for future long-term radioactive waste management 31/12/2021587 |
| PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS | PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS 31/12/2022 31,649 |
PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS31/12/202134,276 |
| REALISABLE VALUE OF DEDICATED ASSETS | REALISABLE VALUE OF DEDICATED ASSETS 31/12/2022 33,904 |
REALISABLE VALUE OF DEDICATED ASSETS31/12/202137,454 |
| REGULATORY COVERAGE RATE | REGULATORY COVERAGE RATE 31/12/2022 107.1% |
REGULATORY COVERAGE RATE31/12/2021109.3% |
At 31 December 2022, by the regulatory calculations provisions are 107.1% covered by dedicated assets. The potential regulatory caps on the realisable value of certain investments set in the Environment Code were not applicable at 31 December 2022. At 31 January 2023, nuclear provisions (as measured at 31 December 2022) were 109.7% covered by dedicated assets, in line with the noticeable positive developments on the financial markets in January 2023.
At 31 December 2021, by the regulatory calculations provisions were 109.3% covered by dedicated assets. Again, the regulatory caps were not applicable.
15.2 EDF Energy’s nuclear provisions
The specific financing terms for long-term nuclear commitments related to EDF Energy are reflected as follows in the EDF group’s financial statements:
- the obligations are reported in liabilities in the form of provisions amounting to €15,148 million at 31 December 2022;
- in the assets, EDF Energy reports receivables corresponding to the amounts payable under the restructuring agreements by the Nuclear Liabilities Fund (NLF), for non-contracted obligations or decommissioning obligations, and by the British Government for contracted obligations (or historical liabilities).
These receivables are discounted at the same real rate as the obligations they are intended to finance. They are included in “Financial assets” in the consolidated balance sheet (see note 18.1.3) at the amount of €14,000 million at 31 December 2022 (€15,986 million at 31 December 2021).