Electricity purchase commitments at 31 December 2022 mainly concern EDF and EDF Energy. In the case of EDF many of these commitments are borne by the Island Energy Systems (SEI), which have made commitments to purchase the electricity generated using bagasse and coal.
The change over the year is mainly explained by the €3 billion increase in EDF Energy’s purchase commitments due to the higher electricity price projections for the next 10 years. The €2 billion increase in purchase commitments by EDF, Enedis and Luminus is explained by the extension of certain contracts and the significant rise in energy prices.
In addition to the obligations reported above and under Article 10 of the Law of 10 February 2000, in mainland France, EDF is obliged, at the producer’s request and subject to compliance with certain technical features, to purchase the power produced by co-generation plants and renewable energy generation units (wind turbines, small hydro-electric plants, photovoltaic power, etc.). The additional costs generated by this obligation are offset, after validation by the CRE, by the CSPE. These purchase obligations total 50TWh for 2022 (54TWh for 2021), including 6TWh for co-generation (7TWh fo 2021), 22TWh for wind power (25TWh for 2021), 13TWh for photovoltaic power (11TWh for 2021) and 3TWh for hydropower (4TWh for 2021).
Purchase commitments for other energies and commodities mainly concern purchases of biomass fuel used by Dalkia in the course of its business.
Commitments for purchases of nuclear fuel arise from supply contracts for the nuclear plants intended to cover the EDF group’s needs for uranium and fluoration, enrichment and fuel assembly production services.
Gas purchase commitments are principally undertaken by Edison and EDF. The volumes concerned for both entities at 31 December 2022 are as follows:
| 31/12/2022 | 31/12/2021 | ||||
|---|---|---|---|---|---|
| Maturity | |||||
| (in billions of m3) | Total | < 1 year | 1 to 5 years | > 5 years | Total |
| Edison | 124 | 12 | 48 | 64 | 137 |
| EDF | 56 | 4 | 12 | 40 | 23 |
Edison has entered into agreements to import natural gas from Libya, Algeria, Azerbaijan and Qatar, for a total maximum volume of 11.9 billion m3 per year. The residual terms of these contracts vary between 5 and 22 years.
In 2020, EDF signed a 5-year purchase contract for 3 billion m3 of gas per year from Norway.
In 2017 Edison signed a purchase contract for LNG from the United States (1 million tonnes per year, i.e. 1.4 billion m3 of natural gas, for a 20 – year term). Deliveries under this contract will not begin until 2023.
In 2014, EDF signed a contract for LNG imports from the United States, for an annual supply of 0.7 million tonnes of LNG (1 billion m3 of natural gas per year) over a 20-year period starting from May 2020. In 2020 EDF also signed a 20-year purchase contract for LNG from the United States (1 million tonnes per year, i.e. 1.4 billion m3 of natural gas). Deliveries under this contract are due to begin in 2026.
Some of these contracts contain “take-or-pay” clauses committing the buyer to pay for a minimum volume of gas every year, whether or not it actually takes delivery of that volume.
Under the contract with Terminale GNL Adriatico, Edison also benefits from approximately 80% of the terminal’s regasification capacities until 2034.
Under the contract with the Dunkerque LNG methane terminal, EDF benefits from approximately 61% of the terminal’s regasification capacities until 2037, in return for payment of an annual premium of approximately €150 million. A provision for onerous contracts has been recorded in connection with this contract since 2018.
At 31 December 2022, these commitments mature as follows:
| 31/12/2022 | 31/12/2021 | ||||
|---|---|---|---|---|---|
| Maturity | |||||
| (in millions of euros) | Total | < 1 year | 1 to 5 years | > 5 years | Total |
| Operating guarantees given | 9,648 | 3,259 | 3,711 | 2,678 | 8,693 |
| Operating purchase commitments (1) | 7,611 | 4,294 | 2,685 | 632 | 7,173 |
| Other operating commitments | 197 | 67 | 100 | 30 | 181 |
| OPERATING CONTRACT PERFORMANCE COMMITMENTS GIVEN (2) | 17,456 | 7,620 | 6,496 | 3,340 | 16,047 |
(1) Excluding fuel and energy.
(2) Including commitments given by controlled entities to joint ventures, amounting to €1,912 million at 31 December 2022 (€1,928 million at 31 December 2021).
In the course of its business, the Group provides contract performance guarantees, generally through the intermediary of banks.
Operating guarantees given at 31 December 2022 mainly consist of guarantees given by EDF Renewables in connection with its development projects, Edison and EDF.
The change in these guarantees is essentially explained by new EDF Renewables projects in development (particularly in the United States) and arrangement of new guarantees by Edison in the course of their activities.
