EDF / 2020 Universal Registration Document

6 FINANCIAL STATEMENTS

Notes to the consolidated financial statements

The structure of the dedicated asset portfolio in 2020 and 2019 is as follows (in realisable value):

15.1.3

Coverage of EDF’s long-term nuclear obligations

The Group’s long-term nuclear obligations in France concerned by the regulations for dedicated assets related to nuclear generation are included in the EDF group’s consolidated financial statements at the following values:

31/12/2020

31/12/2019

(in millions of euros)

Provisions for spent fuel management – portion unrelated to the operating cycle as defined in the regulations Provisions for long-term radioactive waste management

1,297

1,152

13,300

10,531

Provisions for waste removal and conditioning Provisions for nuclear plant decommissioning

-

805

17,489

16,937

Provisions for last cores – portion for future long-term radioactive waste management

590

550

PRESENT COST OF LONG-TERM NUCLEAR OBLIGATIONS

32,676 33,848 103.6%

29,975 31,624 105.5%

REALISABLE VALUE OF DEDICATED ASSETS

REGULATORY COVERAGE RATE

At 31 December 2020, by the regulatory calculations provisions are 103.6% covered by dedicated assets. The regulatory caps on the realisable value of certain investments set in the Environment Code were respected at 31 December 2020.

At 31 December 2019, by the regulatory calculations provisions were 105.5% covered by dedicated assets and also respected these regulatory caps on realisable value.

15.2

EDF Energy’s nuclear provisions

The specific financing terms for long-term nuclear obligations related to EDF Energy are reflected as follows in the EDF group’s financial statements: the obligations are reported in liabilities in the form of provisions amounting to ● €15,280 million at 31 December 2020; in the assets, EDF Energy reports receivables corresponding to the amounts ● payable under the restructuring agreements by the NLF, for non-contracted obligations or decommissioning obligations, and by the British Government for contracted obligations (or historical liabilities).

These receivables are discounted at the same real rate as the obligations they are intended to finance. They are included in “Financial assets” in the consolidated balance sheet (see note 18.1.3) at the amount of €13,034 million at 31 December 2020 (€13,303 million at 31 December 2019).

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020