Universal Registration Document 2022

Introduction

lImpact of financed Eligible Projects

The tables below show the main impacts associated with the projects that received Green Bond financing:

  • for renewable energy power generation and biodiversity conservation projects:
    • the electricity generation capacity built under each project,
    • the estimated CO2 emissions avoided as a result of injecting this additional electricity generation into the electricity; and
    • the additional electricity generation expected from each project,
  • for distribution network projects:
    • the number of kilometres of lines installed,
    • the number of charging infrastructure connections,
    • the number of new meters installed, and
    • the renewable capacity connected.

Renewable energy electricity generation projects:

These impacts are presented in aggregate: gross data correspond to the aggregate impact of every project that received financing from the Green Bond in question; while the net values correspond to the sum total of the impact of each Eligible Project weighted by the share of project investment amount financed by the Green Bond in question.

    Total capacity of projects financed at 31 December 2022 (in MW) Expected output (in TWh/year) Estimated CO2 emissions avoided (in Mt/year)
    Gross (1) Net (2) Gross (1) Net (2) Gross (1) Net (2)
Green Bond no. 1 November 2013   1,529 976 6.0 4.1 2.21 1.55
Green Bond no. 2 October 2015   1,107 815 4.6 3.3 2.53 1.83
Green Bond no. 3 October 2016 EDF Renewables 1,450 962 5.3 3.5 2.42 1.61
EDF Hydro 903 903 0.2 (3) 0.2 (3) 0.01 (3) 0.01 (3)
Green Bond no. 4 January 2017 EDF Renewables + Luminus 137 86 0.4 0.26 0.17 0.12
EDF Hydro + Luminus 142 133 0.1 0.05 0.01 0.01
Green Bond no. 5 – September 2020 EDF Renewables +EDF ENR +Luminus 1,762 1,412 4.7 (4) 3.6 (4) 1.86 (4) 1.35 (4)
EDF Hydro 123 123 0.03 0.03 0.001 0.001
Green Bond no. 6 October 2021 EDF Renewables 1,511 895 3.4 2.3 1.33 0.88
EDF Hydro 430 422 0.02 0.02 0.001 0.001
TOTAL   9,076 6,727 24.75 17.32 10.54 7.36

(1) Sum of the gross impacts of each project that received Green Bond financing.

(2) Sum of the impacts of each project weighted by the project investment amount financed by the Green Bond in question.

(3) Only related to the expected additional generation resulting from development investments, including half of the expected additional generation of the Romanche-Gavet project.

(4) Not including acquisitions.

Biodiversity conservation projects

The above impacts are established using the methodological principles below:

  • generation capacity of financed projects: installed capacity at the end of the construction of each Eligible Project as defined in the project’s investment memorandum and updated as appropriate during the construction phase or at project commissioning;
  • expected output: generation forecast (the “P50”) taken into account when the investment decision of each Eligible Project is made;
  • avoided CO2 emissions: the average emission factor per kWh of the electric system is estimated on the basis of the energy mix of the electric system and

LCA emission factors of each generation technology. The emission factor of the project corresponds to the LCA emission factor of the project’s production chain. The energy mixes are those published by the United States Environmental Protection Agency (EPA, eGRID 2018) for large power networks in the United States, Statistics Canada (2019) for the networks and provinces of Canada, and the International Energy Agency (IEA 2019) for other countries. LCA emission factors of each technology correspond to the median values established by the Intergovernmental Panel on Climate Change (IPCC) and published in its fifth assessment report (2014). The detailed methodology is available on request at the EDF group head office. It is important to note that (i) there is no single standard defining a methodology for calculating avoided CO2 emissions and (ii)  the expected output and, therefore avoided, CO2 emissions are estimated forecast data and not actual data.