Energia
EDF : Quarterly Financial Information at 30 September 2018
€49.6bn
Nuclear France: 290.0TWh
Nuclear United Kingdom: 45.9TWh
Group Renewables: 54.8TWh
: 38.0TWh
The Group's sales over the first nine months of 2018 amounted to €49.6bn, up 5.3% in organic terms compared to the first nine months of 2017.
Each segment contributed to the growth's sales. The France - Generation and supply activities segment had the most significant impact in absolute-value.
Sales in France - Generation and supply activities amounted to €18.9bn, up 6.0% in organic terms compared to the first nine months of 2017.
Nuclear output reached 290TWh, up 6.6TWh compared to the first nine months of 2017. This improvement can be explained by the fact that 2017 was heavily penalised, in particular by several reactor outages linked to the manufacturing records of the Creusot plant and by the "carbon segregation" issue.
Hydropower output stood at 38TWh, up 32.9% (+9.4TWh) compared to the first nine months of 2017.
The higher nuclear and hydropower output contributed to EBITDA but was only partially reflected in sales.
The net selling position (in euros) on the wholesale markets at the end of September 2018 was recorded in sales, as opposed to the end of September 2017, when there was a net buying position (in euros). The ARENH volumes sold and the balance of purchases and sales on the wholesale market had a positive impact on sales, estimated at €99 million compared to the first nine months of 2017.
The favourable weather affected sales by an estimated +€49 million (+1.0TWh) compared to the first nine months of 2017.
The changes in regulated sales tariffs , for the part excluding the delivery component, had a positive impact of around €67 million.
The downstream market conditions had a positive effect on sales for an estimated €117 million to the extent that the negative effect of the erosion in electricity sales to end customers was more than offset by the positive electricity price effects and by increased gas sales.
Resales of purchase obligations were up due to the increase in electricity generation from renewable sources and to better price conditions, with a positive impact on sales estimated at €438 million (neutral effect on EBITDA with the CSPE mechanism which offset expenses linked to purchase obligations).
In addition, other favourable factors boosted sales by an estimated €301 million.
Sales in France - Regulated activities amounted to €11.6 billion, up 2.5% in organic terms compared to the first nine months of 2017.
Sales benefited from a favourable weather effect of around €36 million and from a positive change in the distribution tariffs for an estimated €225 million.
In addition, growth of the grid connection services activity contributed €54 million.
EDF Renouvelables
Sales in EDF Renouvelables amounted to €1.1bn, up 13.1% in organic terms compared to the first nine months of 2017.
This change was mainly due to the commissioning in 2017 of both wind and solar power projects, which contributed to a 27% increase in output (11.3TWh).
Sales also benefited from the increase in distributed solar activities, notably in the United States, for an amount of +€34 million.
Gross installed capacities during the nine first months totalled 902MW, mainly in recent geographical areas (Chile, Brazil, Dubai), the majority of which is solar.
Total installed net capacity increased by 3.1% compared to the end of December 2017 to 8.1GW.
Finally, the gross portfolio of projects under construction reached 2.2GW (of which 1.4GW in solar power) at the end of the third quarter 2018.
Group Renewables
Sales of the entire Group Renewables contributed €3.3 billion to Group sales over the first nine months of 2018. They were driven by good hydro conditions in France and in Italy and, for wind and solar energy, by the effect of the commissioning and the acquisitions realised in 2017.
Dalkia
Dalkia's sales amounted to €2.8 billion, up organically by 7.3% compared to the first nine months of 2017, due mainly to the positive trend in service contract review indexes, the positive effect of increasing fuel prices and the signing or the renewing of numerous contracts, such as the creation of a heating network in Montbéliard (France).
Group Energy Services
Sales for Group Energy Services amounted to €3.7 billion, up 14.6% compared to the first nine months of 2017. They benefited notably from Dalkia's organic growth and targeted acquisitions in the United Kingdom (Imtech in July 2017, €198 million), in Italy (Zephyro) and Belgium.
Framatome's sales amounted to €2.3 billion in the first nine months of 2018, out of which €960 million was realised within the Group.
Activity in the Fuel business was sustained, whereas there was a slowdown in the Installed Base business, particularly in the United States.
There was a gradual recovery in the Components business, following the authorisation granted by the ASN in January 2018 to resume the manufacture of forged parts on the Creusot site.
In China, Framatome and the Chinese National Nuclear Corporation (CNNC) delivered the first batch of fuel cladding tubes for the "Hualong-1" reactor of the Fuqing nuclear power plant.
In the United States, Framatome signed a contract with Talen Energy to provide its new ATRIUM 11 fuel to the Susquehanna nuclear power plant.
In the United Kingdom, sales amounted to €6.5bn, up 4.9% in organic terms compared to the first nine months of 2017.
Sales benefited from higher electricity tariffs and prices on the residential and business market, higher electricity volumes sold to business customers and higher gas volumes sold due to cold weather in the first quarter of 2018. This increase was partially offset by a reduction in volumes sold to residential electricity customers.
Nuclear output amounted to 45.9TWh, down 2.8TWh, compared to the first nine months of 2017, mainly because of the Hunterston B outage.
In Italy, sales amounted to €6.1 billion, up 5.7% in organic terms compared to the first nine months of 2017.
The volumes of gas sold to residential customers increased in line with favourable weather conditions.
Sales were up in Electricity activities, supported by higher sales volumes to residential customers and growth in hydropower generation.
Sales in exploration-production activities were up thanks to the favourable change in Brent prices and gas prices, and to the increase in volumes.
Sales in Other international amounted to €1.7bn, up 1.0% in organic terms compared to the first nine months of 2017.
In Belgium, generation was affected by the extended outages of the Engie Group's nuclear reactors. Wind power capacities reached 399MW, up 6.1% compared to the end of December 2017. Sales amounted to €1.3 billion, up 1.2% in organic terms. This change is related to an increase in prices and a decrease in volumes due to a strongly competitive environment.
Sales in Brazil remained stable compared to the first nine months of 2017, reaching €283 million.
Sales in Other activities amounted to €2.1 billion, up 20.1% in organic terms compared to the first nine months of 2017.
EDF Trading's sales amounted to €832 million, up strongly by 107.2% in organic terms. This change was driven by strong performance overall, thanks to favourable volatility in commodities markets, favourable weather effects and to occasional tensions in the supply-demand balance in Europe and in the United States. Activities related to LNG (Liquefied Natural Gas) also contributed to this performance, which was driven by rising Asian demand and an upward price environment for oil.
Major Events
New investments, partnerships and investment projects
Development of renewable energies, EDF Renouvelables
Framatome
Other significant events
A key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 35.1 million customers, 26.5 million of which are in France. It generated consolidated sales of €70 billion in 2017. EDF is listed on the Paris Stock Exchange.
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