sales and highlights - edf france · italy 9,192 8,591 -6.6 % ... the 1st lng ship is postponed to...

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 %


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


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 &


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


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 &


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


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 &


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


(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)



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




H2 2014 volumes allocated

H1 2014 volumes allocated

Forecast volumes H2 2015(3)

H1 2015 volumes allocated(2)



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



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%



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 &


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



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



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)


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 &


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


(2) CWE flow-based coupling zone comprised of Germany, Belgium, France, Luxembourg and the Netherlands, set up in May 2015



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



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



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



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


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



In €/MWh

39

0

10

20

30

40

50

60

70

80

Oct. Nov. Dec. Jan. Feb. March April May June July August Sept.



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



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.



48.5

41

40

60

80

100


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.



42

17

20

23

26


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.



43

CO2 prices (Y+1) from 01/10/2014 to 30/09/2015

5

6

7

8

9


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.



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



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



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



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



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.



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.



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.



In °C



SALES AND

HIGHLIGHTS

THIRD QUARTER

Appendices

sales and highlights - edf france · italy 9,192 8,591 -6.6 % ... the 1st lng ship is postponed to...

Documents