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SALES AND
HIGHLIGHTS
THIRD QUARTER
Appendices
2
Disclaimer This presentation does not constitute an offer to sell securities in the United States or any other jurisdiction.
No reliance should be placed on the accuracy, completeness or correctness of the information or opinions contained
in this presentation, and none of EDF representatives shall bear any liability for any loss arising from any use
of this presentation or its contents.
The present document may contain forward-looking statements and targets concerning the Group’s strategy, financial position or
results. EDF considers that these forward-looking statements and targets are based on reasonable assumptions as of the present
document publication, which can be however inaccurate and are subject to numerous risks and uncertainties. There is no assurance
that expected events will occur and that expected results will actually be achieved. Important factors that could cause actual results,
performance or achievements of the Group to differ materially from those contemplated in this document include in particular the
successful implementation of EDF strategic, financial and operational initiatives based on its current business model as an integrated
operator, changes in the competitive and regulatory framework of the energy markets, as well as risk and uncertainties relating to the
Group’s activities, its international scope, the climatic environment, the volatility of raw materials prices and currency exchange rates,
technological changes, and changes in the economy.
Detailed information regarding these uncertainties and potential risks are available in the reference document (Document
de référence) of EDF filed with the Autorité des marchés financiers on 14 April 2015 and in the EDF EMTN base prospectus dated 1
July 2015 as supplemented on 22 September 2015, which are available on the AMF's website
at www.amf-france.org and on EDF’s website at www.edf.com.
EDF does not undertake nor does it have any obligation to update forward-looking information contained in this presentation
to reflect any unexpected events or circumstances arising after the date of this presentation.
3
Consolidated sales P. 4
Debt ratings P. 7
Strategy and investments P. 9
Regulation P.14
EDF Énergies Nouvelles P.17
France P.20
International P.26
Markets P.31
Table of contents
SALES AND
HIGHLIGHTS
THIRD QUARTER
Appendices
Consolidated sales
5
9M 2015 sales by reporting segment
(1) Scope effect linked to the transfer of upstream gas portfolio management in the French segment to the “Other activities” segment, with no impact at the Group level
Consolidated sales Debt ratings International France Regulation EDF EN Markets Strategy &
investments
In millions of euros TOTAL
GROUP France
United Kingdom
Italy Other
International Other
activities
9M 2013 sales restated for IFRS 10&11 52,116 29,095 6,991 9,366 4,497 2,167
Forex 363 - 389 - (45) 19
Scope 505 (111)(1) (5) 50 - 571
Organic growth (653) 139 (57) (224) (494) (17)
9M 2014 sales published 52,331 29,123 7,318 9,192 3,958 2,740
IFRIC 21 Impact - - - - - -
9M 2014 sales restated 52,331 29,123 7,318 9,192 3,958 2,740
Forex 921 - 816 (1) 19 87
Scope 1,642 (176)(1) - 7 48 1,763
Organic growth (1,119) (249) (381) (607) 60 58
9M 2015 sales 53,775 28,698 7,753 8,591 4,085 4,648
6
Organic growth in Group sales by segment
(1) Organic change at constant scope and exchange rates
(2) 2012 tariff catch-up relating to the impact of the regularisation of regulated tariffs for the period from 23 July 2012 to 31 July 2013
In millions of euros 9M 2014 9M 2015 ∆% Org.(1)
France
France without 2012 tariff catch-up(2) 29,123
28,215
28,698
28,698
-0.9 %
+2.3 %
United Kingdom 7,318 7,753 -5.2 %
Italy 9,192 8,591 -6.6 %
Other International 3,958 4,085 +1.5 %
Other activities Other activities without 2012 tariff catch-upc(2)
2,740
2,727
4,648
4,648
+2.1%
+2.6%
Total Group
Total Group excluding tariff catch-up(2)
52,331
51,410
53,775
53,775
-2.1 %
-0.4 %
Consolidated sales Debt ratings International France Regulation EDF EN Markets Strategy &
investments
SALES AND
HIGHLIGHTS
THIRD QUARTER
Appendices
Debt ratings
8
Comparative debt ratings
Sources: rating agencies as of 26 October 2015
(1) EDF Group rating and outlook updated by Fitch on 21 September 2015
BBB+ A- A A+
A3
A2
A1
Aa3
EDF Engie
E.ON Iberdrola
Vattenfall
RWE
SSE
Moody's
ratings
S&P ratings
Enel
Baa1
S&P Ratings
Moody's Ratings Fitch
Ratings
EDF A+ negative A1 negative A stable(1)
Engie A stable A1 negative n/a
E.ON BBB+ stable Baa1 negative BBB+ stable
Enel BBB positive Baa2 stable BBB+ stable
Iberdrola BBB positive Baa1 stable BBB+ stable
SSE A- negative A3 negative BBB+ stable
RWE BBB negative Baa2 negative BBB+ negative
Endesa BBB positive Baa2 stable BBB+ stable
Vattenfall BBB+ negative A3 negative A- negative Baa2
BBB
Endesa
n/a: not available
Consolidated sales Debt ratings International France Regulation EDF EN Markets Strategy &
investments
SALES AND
HIGHLIGHTS
THIRD QUARTER
Appendices
Strategy and investments
10
In TWh 9M 2014(1) 9M 2015
Nuclear 353.8 77% 354.7 77%
Coal/Fuel oil 32.1 7% 30.0 6%
CCGT 25.3 5 % 30.1 7%
Hydro 40.8 9% 35.1 8%
Other Renewables 9.3 2% 10.1 2%
Group 461.3 100 % 460.0 100%
Net electricity output
Strategy &
investments Debt ratings Consolidated sales International France Regulation EDF EN Markets
(1) Dalkia not consolidated for 9M 2014
11
Net emissions
by segment In kt In g/kWh
9M 2014(1) 9M 2015 9M 2014(1)(2) 9M 2015
France 6,159 14% 6,028 14% 18 17
United Kingdom 14,396 33% 13,742 31% 230 220
Italy 4,507 11% 5,366 12% 316 338
Other International 16,629 39% 15,059 34% 577 551
Other activities 1,381 3 % 4,164 9 % 173 327
Group 43,072 100% 44,359 100% 93 95
CO2 emissions
(1) Dalkia not consolidated for 9M 2014
(2) 9M 2014 data restated to include the impact of heat generation
Commitment # 2 as a responsible industrial company: EDF Group's CO2 emissions ≤ 150 g/kWh
Strategy &
investments Debt ratings Consolidated sales International France Regulation EDF EN Markets
12
Hinkley Point C update 21 October 2015 announcements
□ EDF and China General Nuclear Power Corporation (CGN) signed a Strategic Investment Agreement for joint investment in the two EPR
reactors at Hinkley Point C; EDF’s share will be 66.5% and CGN’s will be 33.5%. The agreement also covers wider UK partnership to
develop new nuclear power stations at Sizewell and Bradwell
□ Contracts with the top four suppliers for Hinkley Point C are in final agreed form
□ Contracts between the UK Government and EDF are in final agreed form. The Waste Transfer Contract was cleared by the European
Commission on 9 October 2015
□ EDF will be the “responsible designer” for the Hinkley Point C project with a central role in the design and engineering
□ Total construction costs to first operation are forecast to be £18bn nominal (stable in real terms since they were announced in October
2013)
□ First operation of Hinkley Point C is scheduled to be in 2025
□ The project will also benefit from an initial £2bn government guarantee as announced
by the Chancellor of the Exchequer in September 2015
Next steps for the final investment decision
□ Finalisation of the long form equity documentation with CGN
□ Finalisation by EDF of its financing plan
□ Approval by the boards of EDF and CGN
□ Clearance by merger control and other governmental authorities in China and Europe
Consolidated sales Debt ratings International France Regulation EDF EN Markets Strategy &
investments
13
Dunkirk LNG terminal
EDF, via Dunkerque LNG (65% EDF, 25% Fluxys, 10% Total) is
building a terminal to import Liquefied Natural Gas (LNG) □ The 1st LNG ship is postponed to January 2016, leading to gas filling of the
terminal from this date, with first possible commercial operations from March/April
2016
□ Capacity: 13bcm/year (20% of France's and Belgium's imports), among which
8bcm are taken up by EDF and 2bcm by TOTAL, making it the largest terminal in
continental Europe
□ Dual connections to the gas markets in France and Belgium – the only one of its
kind in Europe – increasing downstream liquidity
Worksite progress: 95% - on budget □ Main equipment assembled, beginning of tests by the contracting parties
□ The tunnel has been dug, connected to the Gravelines nuclear power plant, and
filled with water
□ The tanks have been completed and are being connected
□ Connection to power (RTE) and gas (GRTgaz) networks completed
Strategy &
investments Debt ratings Consolidated sales International France Regulation EDF EN Markets
SALES AND
HIGHLIGHTS
THIRD QUARTER
Appendices
Regulation
15
Strategy &
investments
Certification of EDF generation capacity and the organisation of the capacity certificate market
EDF obtained certification for 83.2GW of total capacity for 2017 □ O/w 59.8GW nuclear
Certification for 2018 and 2019 is under way
Estimation of the future level of certification for capacity under an EDF purchase obligation (PO) expected
soon □ Will be sold on the market on behalf of the CSPE account (PO certification deadline: 01/12/2015)
Load reduction capacity will be certified in 2016 □ Deadline: 31/10/2016 (the rules are being set up)
Regulation
Certification of generation units for the 2017 delivery year by RTE
EPEX organised market
2017 product: 1st auction planned for February 2016, five other auctions planned for 2016 □ 2017 reference price used by the CRE: arithmetic mean of 2016 auction prices (price set at the end of 2016)
2018 product: 4 auctions planned for 2016
Debt ratings Consolidated sales International France EDF EN Markets
16
Implementation of the CRE deliberation of 16 December 2014 on how to manage purchase obligations (POs) in continental France, and on the principles for calculating avoided cost
Electricity generated by sources that benefit from support mechanisms (wind, PV, cogeneration, etc.)
In its historical service area (managed by the RTE and ERDF networks)
EDF is compensated for the additional cost of these purchases compared to the market value of this energy
Reminder: EDF has long carried out a public service mission as an obligation purchaser
The cost of unpredictability increases as the volumes covered rises
A balance perimeter devoted to EDF POs makes it possible to objectify this cost of unpredictability, created on 01/07/2015
Cost of the unpredictability of the POs to be included in the calculation of the EDF compensation...
... and in conjunction with the sale of this electricity from EDF POs
On the EPEX Spot market, for volumes that are uncertain / unpredictable in the long term □ Planned for the period starting from November 2015
On the forward market for volumes that are almost definite, through tenders □ Planned for the period starting from the beginning of 2016
Strategy &
investments Regulation Debt ratings Consolidated sales International France EDF EN Markets
SALES AND
HIGHLIGHTS
THIRD QUARTER
Appendices
EDF Énergies Nouvelles
18
Wind installed (MW)
Solar installed (MWp)
Wind and solar under construction (MW)
Other technologies
Installed 190MW
Under construction 39MW
Gross Net Installed capacity: 8,363MW 5,564MW(1)
Capacity under construction: 1,242MW 1,079MW(2)
Total: 9,605MW 6,643MW
EDF EN: net installed capacity as of 30 September 2015
Source: EDF EN
(1) Including 47MWp net in India and 39MW in South Africa
(2) Including 11MW net in South Africa and 73MWp in Chile
Note: MWp: Megawatt peak (measure of the power under laboratory lighting and temperature conditions)
47MWp 230MW 314MW
10MW
247MW 77MWp
358MW 12MWp
1,947MW 89MWp 451MW
185MW 57MW
30MW
251MW
3MW
440MW
23MWp
274MW
48MW 58MW
66MWp 43MW
710MW 212MWp
64MW
Regulation EDF EN Strategy &
investments Debt ratings Consolidated sales International France Markets
19
In MW Gross(1) Net(2)
31/12/2014 30/09/2015 31/12/2014 30/09/2015
Wind 6,554 7,232 4,388 4,801
Solar 727 918 516 573
Hydro 77 77 74 74
Biogas 78 51 73 51
Biomass 62 66 54 58
Cogeneration 19 19 7 7
Total installed capacity 7,517 8,363 5,112 5,564
Wind under construction 1,735 1,006 1,635 923
Solar under construction 450 197 231 117
Other under construction 19 39 19 39
Total capacity under
construction 2,204 1,242 1,885 1,079
EDF EN: installed capacity and capacity under construction, by technology, as of 30 September 2015
(1) Gross capacity: total capacity of the facilities in which EDF Énergies Nouvelles has a stake
(2) Net capacity: capacity corresponding to EDF Énergies Nouvelles' stake
EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales International France Markets
SALES AND
HIGHLIGHTS
THIRD QUARTER
Appendices
France
21
France monthly nuclear output
42.7
79.1
114.9
146.1
177.8 208.8
242.2
273.2
305.1
43.8
81.2
118.2
149.4 179.7
210.4
243.7
275.7
306.3
+2.9
+2.3%
+0.9%
+0.6%
+0.8
+1.1
+2.7%
+2.6%
+0.4%
In TWh
France EDF EN
2014 cumulative output
2015 cumulative output
Regulation Strategy &
investments Debt ratings Consolidated sales International Markets
22
EDF in France: electricity business
(1) Rounded to the nearest tenth
(2) Including EDF's own consumption
106.7 92.4 97.8
130.8 124.1 119.2
41.0 41.5 47.4
Residential customers
Local authorities, companies and professionals(2)
(at historical tariffs)
Local authorities, companies and professionals
(not at historical tariffs)
278.5 264.4
Sales to end customers(1)
258.0
9M 2013 9M 2014 9M 2015
Rise in volumes sold to residential customers compared to 2014,
mainly due to a more favourable weather effect
In TWh
France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales International Markets
23
97.8
119.2
47.4
121.6
28.7
55.0
11.8
EDF in France: electricity business – historical tariffs split by colour
(1) Rounded to the nearest tenth
(2) Including EDF's own consumption
(3) Local Distribution Companies (LDCs)
Residential customers (at historical tariffs)
Local authorities, companies and professionals
(not at historical tariffs)
Local authorities, companies and professionals(2)
(at historical tariffs)
LDC(3) transfer price
Green tariff
Yellow tariffs
Blue tariff
In TWh
France EDF EN
Sales to end customers for 9M 2015(1)
Regulation Strategy &
investments Debt ratings Consolidated sales International Markets
24
36.8 34.5
12.4 3.8
2014 ARENH (€42/MWh)
ARENH volumes allocated to alternative suppliers
Volumes allocated in 2014: 71.3TWh (o/w 11.9TWh for losses)(1)
Volumes allocated in the first half of 2015: 12.4TWh(2)
□ Those volumes were impacted by the competitors’ choice to source power increasingly from
wholesale markets, given that market prices are currently lower than ARENH price
Forecast volumes for 2nd half of 2015: 3.8TWh(3)
(1) The maximum total volume of EDF’s sales to alternative suppliers (excluding grid losses) is of 100TWh p.a (as defined by law)
(2) EDF was informed by the CRE of the global volume to be supplied to alternative suppliers for H1 2015, based on their ARENH demand for the 9th call of 2 June 2015
(3) Revision of the demand for ARENH for H2 2015: following the cancellation of the framework agreements by one alternative supplier, this demand was revised to 3.8TWh,
corresponding to a approximate decrease of 0.1TWh compared to the call of June 2015
Source: CRE
In TWh
2014 ARENH (€42/MWh)
2015 ARENH (€42/MWh)
2015 ARENH (€42/MWh)
H2 2014 volumes allocated
H1 2014 volumes allocated
Forecast volumes H2 2015(3)
H1 2015 volumes allocated(2)
France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales International Markets
25
2009 2010 2011 2012 2013 2014 2015 (2) 2016 (3)
1.7 1.9
2.9 3.6
5.1 5.6
7.0
8.2
2.7 2.7 3.6
4.8 5.3
6.0 6.6 7.0
CSPE(1): expected surplus from 2015
Deficit of the cumulative compensation at the end of 2014: €5.8 billion, with reimbursement from
2015
Current CSPE level: €19.5/MWh since 1 January 2015
Level proposed by CRE at 1 January 2016: 27.05€/MWh - if 2016 CSPE is not set by ministerial
decree before 31 December 2015, a level of €22.5/MWh will be implemented on 1 January 2016,
i.e. a +€3/MWh rise vs. 2015
(1) CSPE: Contribution au Service Public de l’Electricité
(2) EDF forecast
(3) Amounts estimated by CRE in its deliberation published on 29 octobre 2015
France EDF EN
In billions of euros
Expenses
Income
Regulation Strategy &
investments Debt ratings Consolidated sales International Markets
SALES AND
HIGHLIGHTS
THIRD QUARTER
Appendices
International
27
United Kingdom: monthly nuclear output
5.5
10.1
15.0
20.1
25.3
30.9
36.0
40.4
44.4
5.7
10.7
15.8
20.7
25.6
30.3
35.3
39.9
44.5
+5.3
+3.0%
-1.2%
-1.9%
-1.9%
+1.2
+5.9%
+3.6%
+0.2%
2015 cumulative output
2014 cumulative output
5.7
10.1
In TWh
International France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales Markets
28
44.5
12.9
4.4 4.7
United Kingdom: upstream/downstream electricity balance
(1) Including wind output and purchase obligations
Coal
Nuclear
Other(1)
Output/Purchases
0.1
+0.6
+0.3
∆ 9M 2015 vs. 9M 2014
+0.5
27.6
10.8
10.9
5.3
8.9
3.0
Centrica (20%)
Centrica PPA
B2C
Net market sales
B2B
+0.3
∆ 9M 2015 vs. 9M 2014
-
-
+3.5
(1.5)
(1.2)
Sales 66.5 66.5
(0.5)
EC Commitments
In TWh
Gas (1.0)
International France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales Markets
29
United Kingdom: CMA(1) Energy Market Investigation
(1) CMA: Competition and Markets Authority
(2) Ofgem: Office of Gas and Electricity Markets
Provisional findings
Sets out the possible actions that the CMA may take to “remedy, mitigate or prevent” the adverse effects on competition that have been provisionally identified or “any resulting detrimental effects on customers”
o The CMA is seeking views on 18 possible remedies – many of which are broadly defined at this stage
The possible remedies mainly focus on retail and the regulatory framework, with a particular emphasis on measures intended to improve customer engagement
26 June 2014 The Ofgem(2) made a reference to the CMA for an investigation into the "supply and acquisition of energy in Great Britain"
7 – 10 July 2015 The CMA published its provisional findings and its notice of possible remedies following its preliminary investigation
5 August 2015 EDF Energy submitted written responses to both documents
28 July 2015 EDF Energy's views were presented at an oral hearing with the CMA inquiry group
21 September 2015 The CMA announced a 6 month extension of its statutory investigation, from 25/12/2015 to 25/06/2016
25 June 2016 The statutory investigation will be finalised
Notice of possible remedies
International France
Lists the features that the CMA has provisionally found that give rise to adverse effects on competition (AECs) in the electricity and gas markets (the CMA has noted 9 AECs)
Provisionally finds the absence of significant adverse outcomes relating to generation, common ownership of generation and supply (vertical integration), or relating to the effectiveness of the wholesale electricity and gas market
“Weak customer response” from both domestic and microbusiness customers is giving suppliers market power over their inactive customers, which they have the ability to exploit through pricing policies
January 2016 The CMA will publish a provisional decision document covering the remedies it proposes to implement
EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales Markets
30
10.9
3.5
53.3
13.3
21.0
33.4
4.0
4.2
3.9
0.4
9.3
2.4
Edison: upstream/downstream electricity and gas balances
(1) Excluding trading volumes.
Sales Output/Purchases
Thermal
Wholesale & other
purchases
Hydro and renewable
End clients
IPEX
Wholesale markets &
other
(3.7)
∆ 9M 2015 vs. 9M 2014
+2.5
(5.2)
(1.0)
(3.7)
∆ 9M 2015 vs. 9M 2014
+4.0
(5.5)
(2.2)
∆ 9M 2015 vs. 9M 2014
∆ 9M 2015 vs. 9M 2014
67.7 67.7 Sales Output/Purchases 12.1 12.1
Domestic purchases
LT imports & reserves
Domestic production
+2.8
+0.4
+2.3
+2.8
+1.8
+0.2
+0.8
Wholesale markets &
other
Residential & industrial
customers
Thermoelectric
Electricity(1) Gas
In bcm In TWh
International France
+0.1
EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales Markets
SALES AND
HIGHLIGHTS
THIRD QUARTER
Appendices
Markets
32
Interconnected but distinct
market areas
□ Prices: average spot price for 9M
2015 for France and Germany
(Epex), the United Kingdom
(N2EX), Spain (OMEL), the
Netherlands (APX), Belgium
(Belpex) and Italy (GME)
European energy market still divided into "electricity plates" - average prices in 9M 2015
(1) Change compared to average prices in 9M 2014
(2) Average annual NTC (Net Transfer Capacity) as calculated by RTE in December 2014 for 2015
(3) Standardised value (source: ENTSOE)
(4) Flow-based from 20/05/2015
Available
commercial
capacity
International Markets
500(2)
600(2) 1,400(2)
1,100(2)
1,400(2)
3,100(2)
1,800(2) 1,800(2)
(4)
1,400(3) 1,400(3)
€56.9/MWh
€52.1/MWh
€37.8/MWh
€31.1/MWh
€40.8/MWh +€0.7/MWh(1)
+€6.4/MWh(1)
-€1.0/MWh(1)
+€5.3/MWh(1)
+€2.4/MWh(1)
€44.6/MWh +€5.7/MWh(1)
+€10.5/MWh(1)
€50.0/MWh
(4)
France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
33
-1,0
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
Cross-border electricity trade balance
Source: RTE
(1) Continental Western Europe (Germany, Belgium, France, Luxembourg and the Netherlands)
In TWh
France as an exporter
France as an importer January March
Positive trade balance for France at 45.1TWh, equivalent to a 5.7TWh decrease compared to 2014. Slight increase in exports to all of France's bordering countries, except for the CWE zone(1).
Increase in imports (+7.4TWh), especially from the CWE zone and Switzerland.
2014
2015
June September February April May July August
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
34
9M 2014 9M 2015
In TWh(1) Q1 Q2 Q3 Total Q1 Q2 Q3 Total
CWE(2)
exports 4.9 6.5 7.5 18.9 3.9 7.1 7.6 18.7
imports 4.2 2.8 2.1 9.1 5.7 3.5 2.0 11.2
balance 0.7 3.7 5.4 9.8 -1.8 3.6 5.6 7.4
United Kingdom
exports 3.8 4.0 4.2 12.0 3.8 4.3 4.3 12.4
imports 0.1 0.2 0.1 0.4 0.6 0.2 0.3 1.1
balance 3.7 3.8 4.1 11.6 3.2 4.0 4.1 11.3
Spain
exports 0.8 1.6 2.3 4.6 1.4 2.2 1.9 5.5
imports 1.9 0.4 - 2.3 1.1 0.2 0.1 1.4
balance -1.1 1.2 2.3 2.4 0.3 2.0 1.8 4.1
Italy
exports 5.6 3.9 4.3 13.7 5.8 4.2 4.2 14.3
imports 0.1 0.1 - 0.2 0.2 0.1 - 0.3
balance 5.4 3.8 4.3 13.5 5.6 4.2 4.2 14.0
Switzerland
exports 6.7 5.9 6.4 18.9 6.6 6.4 5.9 19.0
imports 1.2 2.3 1.8 5.3 2.2 4.6 3.9 10.7
balance 5.5 3.6 4.6 13.6 4.5 1.8 2.1 8.3
TOTAL
exports 21.7 21.7 24.8 68.2 21.5 24.3 24.1 69.8
imports 7.5 5.7 4.1 17.3 9.7 8.7 6.3 24.7
14.2 16.0 20.7 50.9 11.8 15.5 17.7 45.1 balance
French power trade balances at its borders
Source: RTE
(1) Rounded to the nearest tenth
(2) CWE flow-based coupling zone comprised of Germany, Belgium, France, Luxembourg and the Netherlands, set up in May 2015
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
35
Forward electricity prices in France, the UK, Italy and Germany (Y+1) from 01/10/13 to 30/09/2015
25
30
35
40
45
50
55
60
65
70
Electricity – annual baseload contract France (Powernext) Electricity – annual baseload contract UK (ICE)
Electricity – annual baseload contract Germany (EEX) Electricity – annual baseload contract Italy (IPEX)
In €/MWh
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
36
Forward electricity prices in France, the UK, Italy and Germany (Y+2) from 01/10/13 to 30/09/2015
25
30
35
40
45
50
55
60
65
70
Electricity - annual baseload contract France (Powernext) Electricity - annual baseload contract UK (ICE)
Electricity - annual baseload contract Germany (EEX) Electricity - annual baseload contract Italy (IPEX)
In €/MWh
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
37
-25
-15
-5
5
15
25
35
45 Spot spread
Forward spread
France/Germany spread from 01/10/13 to 30/09/2015
Note: Over the observed period, the France/Germany spread reached its minimum on 13 August 2014 at -€20.13/MWh, and its maximum on 5 December 2013 at
€40.60/MWh
In 9M 2015, prices in France were higher than those in Germany 63% of the time (as opposed to 24% in 9M 2014).
This was due to colder weather in Q1 2015 and lower hydro output throughout 2015.
The implementation of the flow-based system in mid-May changed the optimisation of the interconnections.
In €/MWh
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
38
0
10
20
30
40
50
60
70
80
Oct. Nov. Dec. Jan. Feb. March April May June July August Sept.
October 2013 - September 2014
October 2014 - September 2015
Max base Oct. 2013 – Sept. 2014 = €74.92/MWh
Min base Oct. 2013 – Sept. 2014 = €7.97/MWh
France: baseload electricity spot prices
Source: EPEX
Increase of the average baseload spot price to €37.8/MWh (+€5.3/MWh compared to 2014), due to weather conditions that required increased use of CCGT power stations.
Max base Oct. 2014 – Sept. 2015 = €62.12/MWh
Min base Oct. 2014 – Sept. 2015 = €11.94/MWh
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
In €/MWh
39
0
10
20
30
40
50
60
70
80
Oct. Nov. Dec. Jan. Feb. March April May June July August Sept.
October 2013 - September 2014
October 2014 - September 2015
Min peak Oct. 2014 – Sept. 2015 = €19.10/MWh
Min peak Oct. 2013 – Sept. 2014 = €13.19/MWh
France: peakload electricity spot prices
Source: EPEX
The average peak electricity spot price for 9M 2015 was €45.5/MWh, a €4.3/MWh rise compared to 2014. This rise was mainly due to weather effects which led to increased demand and use of thermal plants.
Max peak Oct. 2013 – Sept. 2014 = €86.23/MWh
Max peak Oct. 2014 – Sept. 2015 = €70.75 /MWh
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
In €/MWh
40
45
55
65
75
Oct.-14 Nov.-14 Dec.-14 Jan.-15 Feb.-15 Mar.-15 Apr.-15 May.-15 Jun.-15 Jul.-15 Aug.-15 Sep.-15
Coal prices (Y+1) from 01/10/2014 to 30/09/2015
In $/t
The forward coal price dropped more than $25/t due to a global supply and demand balance that continues to be slack. Low global demand, especially from China, has kept
prices very low. The price for a tonne of coal for delivery in 2016 was $48.5/t at the end of the 3rd quarter.
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
48.5
41
40
60
80
100
Oct.-14 Nov.-14 Dec.-14 Jan.-15 Feb.-15 Mar.-15 Apr.-15 May.-15 Jun.-15 Jul.-15 Aug.-15 Sep.-15
Brent prices(1) from 01/10/2014 to 30/09/2015
(1) Brent spot price (M+1)
In $/bb
The average Brent price was $56.5/t, down 47% from the average price in 9M 2014. This significant price drop is due to plentiful supply (particularly from Saudi Arabia) and large reserves (record level in the United States and
strategic reserves in China), coupled with sluggishness in global demand.
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
42
17
20
23
26
Oct.-14 Nov.-14 Dec.-14 Jan.-15 Feb.-15 Mar.-15 Apr.-15 May.-15 Jun.-15 Jul.-15 Aug.-15 Sep.-15
Gas prices(1) (Y+1) from 01/10/2014 to 30/09/2015
(1) Price of France PEG Nord gas
In €/MWh
The price of annual natural gas contracts reached its lowest level since 2010, at €18.65/MWh at the end of September 2015. Prices decreased due to more LNG available in Europe (weaker demand
in Asia and anticipation of the LNG delivery from Australia and the United States), and the drop in oil price, with long-term supply contracts partially indexed to the price of oil commodities.
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
43
CO2 prices (Y+1) from 01/10/2014 to 30/09/2015
5
6
7
8
9
Oct.-14 Nov.-14 Dec.-14 Jan.-15 Feb.-15 Mar.-15 Apr.-15 May.-15 Jun.-15 Jul.-15 Aug.-15 Sep.-15
The average price of CO2 for delivery in December 2015 was €7.6/t in 9M 2015, a 1.6 €/t increase vs. 9M 2014. This increase was related to the decisions on the implementation of the market stability reserve,
whose terms the European Council approved in July 2015.
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
In €/t
44
8
12
16
20
24
28
Clean dark spread(1) in the UK (day ahead)
(1) Spread of a coal-fired plant running at full capacity, including the cost of coal and CO2 emissions (excluding green certificates), assuming the market is
efficient
+ Electricity price Market spread = – API 2 Price x market estimate of the coal volume / Mwh of electricity – (EUA price + Governmental tax price) x market estimate of carbon emissions / MWh of electricity
In £/MWh
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
45
25
35
45
55
Jan. Feb. March April May June July August Sept.
2014 2015
France: electricity consumption
Source: RTE, Aperçu mensuel sur l’énergie électrique, September 2015
Electricity consumption in France rose (+3.3% vs. 9M 2014), as the winter was colder, and the summer was warmer. Adjusted for the weather effect, demand was relatively stable compared to 2014.
In TWh
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
46
10
20
30
40
50
60
70
Jan. Feb. March April May June July August Sept.
2014 2015
France: gas consumption
Source: Smart GRTgaz and TIGF
Gas demand significantly increased (+10.6% vs. 9M 2014), mainly due to colder temperatures at the beginning of the year.
In TWh
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
47
Q1 Q2 Q3
182.0
84.2
56.1
202.1
91.1
60.4(1)
Q1 Q2 Q3
82.9 71.1 69.9 83.9
71.9 67.3(1)
United Kingdom: electricity and gas consumption
Source: DECC (Historical data revised every quarter)
(1) Estimates from EDF Energy
Electricity consumption decreased (-0.9TWh, or -0.4% vs. 9M 2014), mainly due to higher
energy efficiency.
Gas consumption increased (+31.3TWh, e.g. +9.7 %
vs. 9M 2014) due to lower temperatures
and stronger demand.
Electricity Gas 2014 2015
In TWh
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
48
Italy: electricity and gas consumption
(1) Source: Terna data restated by Edison
(2) Source: Ministry of Economic Development (MSE), Snam Rete Gas data restated by Edison on the basis of 1bcm =10.76TWh.
Q1 Q2 Q3
79.0 75.9
78.1 78.5
75.5
83.3
Electricity consumption rose (1.9%) because of exceptional Q3 temperatures. The decline in hydropower generation (-23%),
after the exceptionally high output in 2014, was offset by higher thermal and renewable energy output.
Q1 Q2 Q3
230.2
121.1 117.1
254.4
124.8 129.0
Gas demand increased (+8.5%) because of favourable weather conditions leading to a rise in consumption on the residential
market, and an increase in thermal power generation.
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
Electricity(1) Gas(2) 2014 2015
In TWh
49
4
8
12
16
20
24
January February March April May June July August September
Average observed temperature 9M 2014
Average observed temperature 9M 2015
Normal average temperature
Average monthly temperatures(1) in France
Source: Météo France
(1) Data based on a basket of 32 cities
In °C
In 2015, the winter was colder and the summer was warmer than in 2014. The average temperature decreased 0.3°C vs. 2014, 0.1°C lower than normal average temperatures.
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
50
Average monthly temperatures(1) in London
Source: Meteo France
(1) Representative of EDF Energy activities
2
4
6
8
10
12
14
16
18
20
22
Oct. Nov. Dec. Jan. Feb. March April May June July Aug. Sept.
October 2013 - September 2014
October 2014 - September 2015
In °C
International Markets France EDF EN Regulation Strategy &
investments Debt ratings Consolidated sales
SALES AND
HIGHLIGHTS
THIRD QUARTER
Appendices
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