At 31 December 2022
| Notional amount to be received at 31/12/2022 | Notional amount to be given at 31/12/2022 Fair value | Fair value | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (in millions of euros) | < 1 year | 1-5 years | > 5 years | Total | < 1 year | 1-5 years | > 5 years | Total | 31/12/2022 |
| Forward exchange transactions | 4,451 | 1,010 | - | 5,461 | 4,405 | 964 | - | 5,369 | 87 |
| Swaps | 25,682 | 9,303 | 15,647 | 50,632 | 25,257 | 8,992 | 14,720 | 48,969 | 1,531 |
| Options | - | 1,693 | - | 1,693 | - | 1,828 | - | 1,828 | 20 |
| CURRENCY DERIVATIVES – HEDGING | 30,133 | 12,006 | 15,647 | 57,786 | 29,662 | 11,784 | 14,720 | 56,166 | 1,638 |
| Forward transactions | 9,979 | 6,281 | 25 | 16,285 | 9,940 | 6,131 | 23 | 16,094 | 149 |
| Swaps | 22,274 | 7,457 | 231 | 29,962 | 22,484 | 7,694 | 225 | 30,403 | (366) |
| Options | - | - | - | - | - | - | - | - | - |
| CURRENCY DERIVATIVES - TRADING | 32,253 | 13,738 | 256 | 46,247 | 32,424 | 13,825 | 248 | 46,497 | (217) |
At 31 December 2021
| Notional amount to be received at 31/12/2021 | Notional amount to be given at 31/12/2021 | Fair value | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (in millions of euros) | < 1 year | 1-5 years | > 5 years | Total | < 1 year | 1-5 years | > 5 years | Total | 31/12/2021 |
| Forward exchange transactions | 3,251 | 652 | - | 3,903 | 3,273 | 629 | - | 3,902 | - |
| Swaps | 23,421 | 6,506 | 17,195 | 47,122 | 23,362 | 6,311 | 16,921 | 46,594 | 406 |
| Options | 553 | 119 | - | 672 | 556 | 113 | - | 669 | 1 |
| CURRENCY DERIVATIVES – HEDGING | 27,225 | 7,277 | 17,195 | 51,697 | 27,191 | 7,053 | 16,921 | 51,165 | 407 |
| Forward transactions | 7,003 | 7,872 | - | 14,875 | 6,982 | 7,772 | - | 14,754 | 84 |
| Swaps | 24,729 | 4,018 | 263 | 29,010 | 24,810 | 4,048 | 257 | 29,115 | (128) |
| Options | - | - | - | - | - | - | - | - | - |
| CURRENCY DERIVATIVES – TRADING | 31,732 | 11,890 | 263 | 43,885 | 31,792 | 11,820 | 257 | 43,869 | (44) |
The notional value of cross-currency swaps shown in this note is also included in the note on interest rate derivatives (see note 18.7.2).
The Group is exposed to price variations on the wholesale markets for energy (electricity, gas, coal, oil products) and the CO2 emissions quota market with a potentially significant impact on the financial statements.
The Group hedges its forecast sales and purchases of electricity, gas, and coal using futures, forwards, options and swaps, essentially through cash flow hedges.
Details of commodity derivatives used for hedging are as follows:
| 31/12/2022 | 31/12/2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Net notional | ||||||||
| (in millions of euros) | Units of measure | < 1 year | 1-5 years | > 5 years | Total | Fair value | Net notional | Fair value |
| Electricity | TWh | (1) | 17 | - | 16 | (3,619) | (31) | (3,808) |
| Gas | Millions of therms | 1,137 | (864) | - | 273 | (4,999) | 943 | (925) |
| Oil products | Thousands of barrels | 5,263 | 6,781 | - | 12,044 | 96 | 14,097 | 166 |
| CO2 | Thousands of tonnes | 2,490 | 1,646 | - | 4,136 | 60 | 7,224 | 333 |
| Other commodities | - | - | - | - | - | - | - | |
| COMMODITY DERIVATIVES – HEDGING | (8,462) | - | (4,234) | |||||
The negative fair value of commodity derivatives used for hedging at 31 December 2022 (€8.5 billion) is mainly explained by the wider contractual market price/ exercise price spread on electricity and gas hedging instruments, due to the rise in commodity prices in 2022.
These factors also explain the difference in the fair value between 2022 and 2021, essentially concerning hedges undertaken for the France – Generation and Supply, United Kingdom and Italy segments.
