EDF / 2020 Universal Registration Document

Contents

1 THE GROUP, ITS STRATEGY AND ACTIVITIES

5 THE GROUP’S FINANCIAL

5

PERFORMANCE AND OUTLOOK * 265 Review of the financial situation 5.1 and results 2020 266 Subsequent events 5.2 293 Changes in market prices 5.3 at end February 2021 293 Outlook 5.4 293

Key figures and business model * 1.1

6

Group’s presentation 1.2

10 15 19

Group strategy and objectives * 1.3 Description of the Group’s activities 1.4 Research & development, patents 1.5 and licenses * 2 RISK FACTORS AND CONTROL FRAMEWORK *

92

6 FINANCIAL STATEMENTS *

295

97

Consolidated financial statements 6.1 Notes to the consolidated financial statements Statutory Auditors’ report on the 6.2 consolidated financial statements

296

Risk management and 2.1 control of activities

301

98

Risks to which the Group is exposed 2.2 105 3 NON-FINANCIAL PERFORMANCE * 129 Issues and commitments 130 Carbon neutrality and the climate 3.1 133 Preserving the planet’s resources 3.2 148 Well-being and solidarity 3.3 159 Responsible development 3.4 178 CSR governance 3.5 190 Vigilance plan 3.6 198 Methodology 3.7 206 Non-financial rating 3.8 214 Appendixes and concordance tables 3.9 215 4 CORPORATE GOVERNANCE * 227 Corporate Governance Code 4.1 228 Members and functioning of 4.2 the Board of Directors 229 Executive Management 4.3 254 Conflicts of interest and interests of 4.4 corporate officers and executives 257 Shareholding by corporate officers and 4.5 trading in EDF securities by corporate officers and executives 257 Remuneration and benefits of corporate 4.6 officers – Remuneration policy 258

419 423 427 483 486 487

Financial statements 6.3

Notes to the financial statements Statutory Auditors’ report on the 6.4 financial statements

Dividend policy 6.5 Other items 6.6

Information relating to the allocation 6.7 of funds raised through Green Bonds issued by EDF Information relating to the issue of 6.8 OCEANEs Green bonds 7 GENERAL INFORMATION ABOUT THE COMPANY AND ITS CAPITAL 507 General information about the Company 7.1 508 Incorporation documents 7.2 and articles of association 510 Information regarding capital 7.3 and share ownership * 513 Market for the Company’s shares 7.4 520 Related-party transactions * 7.5 521 Material contracts 7.6 525 8 ADDITIONAL INFORMATION 527 Person responsible for the Universal 8.1 489 497

Registration Document and the Certification *

528 528

Auditors – Statutory Auditors 8.2 Publicly available documents and 8.3 financial reporting calendar

529 530 537

Concordance tables 8.4

Glossary

This information is part of the annual financial report, * as required by Article L. 451-1-2 of the French Monetary and Financial Code.

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Universal Registration Document 2020

INCLUDING THE ANNUAL FINANCIAL REPORT

BE THE ENERGY FOR CHANGE.

This Universal Registration Document (URD) was filed on 15 March 2021 with the French Financial Markets Authority (AMF), the competent authority under Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of that Regulation. This Universal Registration Document may be used for the purposes of an offer of securities to the public or the admission of securities to trading on a regulated market if it is supplemented by a securities note and, if applicable, a summary and any amendments made to the Universal Registration Document. The set of documents formed thereof is approved by the AMF in accordance with EU Regulation 2017/1129. The URD has been prepared by the issuer and its signatories are liable for its content. However, the version of the URD issued in French as mentioned above is the only binding version. The English language version is provided solely for the convenience of English speaking readers. All possible care has been taken to ensure that the translation is an accurate presentation of the original. However, in all matters of interpretation, views or opinion expressed in the original language version of the document in French take precedence over the translation.

Copies of this 2020 Universal Registration Document are available free of charge from EDF (22-30, avenue de Wagram, 75382 Paris cedex 08) and on its website (http://www.edf.fr ), as well as on the AMF’s website (http://www.amf-france.org ).

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

In this Universal Registration Document (the “Universal Registration Document”), unless otherwise stated, the terms “Company” and “EDF” refer to Électricité de France SA, and the terms “EDF group” and “Group” refer to EDF and its subsidiaries and affiliates. In addition to the information contained in this Universal Registration Document, investors should carefully consider the risk factors described in chapter 2 (“Risk factors and control framework”). These risks, or one of these risks, could negatively impact the Group’s business, position, financial results or outlook. Furthermore, other risks not yet identified or considered as material by the Group, could have the same negative impact, and investors could consequently lose all or part of their investment in the Company. This Universal Registration Document also contains information relating to the markets in which the EDF group operates. This information has been taken from surveys carried out by external sources. Given the rapid changes affecting the energy sector in France and throughout the world, it is possible that this information could prove to be erroneous or no longer on the filing date of this Document or thereafter. The Group’s activities may therefore evolve in a manner different to that described in this Document, and the declarations or information presented in this document may prove to be erroneous. Forward-looking statements in this Document, specifically in section 1.3 (“Group Strategy and objectives”), could also be impacted by risks, uncertainties and other factors that may cause the future income, performance and achievements of the Group to differ significantly from the objectives expressed and suggested. These factors may include changes in the economic and commercial environment, in regulations, as well as factors set forth in chapter 2 (“Risk factors and control framework”). French Energy Code, respectively responsible for the transmission and distribution of electricity within the EDF group, are not allowed to communicate certain information they gather while conducting their activities to other Group entities, including its Management. Similarly, certain data specific to Generation and supply activities cannot be communicated to the entities responsible for transmission and distribution. This Universal Registration Document has been prepared by the EDF group in compliance with these rules. For the sake of brevity, further references in this Universal Registration Document made to RTE and Enedis will not always specify their independent nature as within the meaning of the French Energy Code. A glossary of the main technical terms is provided at the end of this Universal Registration Document.

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

THE “RAISON D’ÊTRE” OF EDF

To build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive wellbeing and economic development.

EDF's raison d'être , defined with the contribution of more than 4,000 employees as part of the “Let's Talk Energy” dialogue, was adopted by 99.99% of shareholders at the May 2020 General Meeting. Now enshrined in the Company's bylaws, it is at the heart of its business model, its CAP 2030 strategy and is reflected in its Corporate Social Responsibility commitments. In response to the climate emergency, EDF is committed to a fair, innovative and sustainable energy future, with the ambition of achieving carbon neutrality by 2050. The Group wants to deploy increasingly low-carbon electricity thanks to nuclear power and the accelerated development of renewable energies. In 2020, the Group set itself new targets for reducing direct and indirect greenhouse gas emissions by 2030. In December, it obtained certification from the Science Based Targets initiative (1) for its CO 2 emissions reduction trajectory, well below the 2°C target of the Paris Agreement. The development of electricity use, which is most likely to increase, is a major lever for supporting customers towards carbon neutrality. The Group actively contributes to this objective through a wide choice of offers adapted to the different markets. It offers a range of accessible and innovative energy efficiency services and solutions that enable everyone - individuals, businesses and local authorities - to play a role in the energy transition. By forging partnerships in France and around the world, and by relying on R&D, EDF invests in innovation. As a driver of the energy transition, it enables EDF to build and propose solutions to achieve the objective of decarbonising uses at the lowest cost. EDF is seeking to help preserve the planet’s resources by aiming to limit its environmental footprint throughout the lifecycle of its facilities and activities, optimising the use of natural resources and developing the circular economy. The challenges of carbon neutrality go hand in hand with an approach that nurtures biodiversity, which were reflected by EDF's commitment in 2020 to two "Act4nature" (2) initiatives backed by the French State. Of all energies, and because it is a basic necessity, electricity must be accessible to all and in all regions. It is also the energy of progress in an increasingly digital world. Wherever it operates, EDF wants to invent a new energy model that emits less CO 2 , is more efficient and more respectful of the environment and people. Its ambition in all these areas is based on the strong commitment of its employees throughout the world. This raison d’être brings people together, asserts EDF's values and identity, gives meaning to action and becomes the company's reason to do.

Jean-Bernard Lévy Chairman and Chief Executive Officer of EDF

This raison d’être is in line with the values of progress and sharing that have inspired EDF’s actions since its creation, as well as with today’s major issue of addressing climate change and preserving the planet. “

Jean-Bernard Lévy Chairman and Chief Executive Officer of EDF

(1) Science Based Targets is a joint initiative by CDP, UN Global Compact, World Resources Institute, and World Wild Fund, begun in the wake of COP21 in 2015. More than 1,000 companies are already committed, over 500 of which now already have validated emission reduction targets. (2) The aim of " Entreprises engagées pour la nature-act4nature France " (‘Committed companies for nature – act4nature France’) is to identify, recognise, and promote action plans in favour of biodiversity by French businesses. "Act4nature International" is an initiative launched by the French Association " Entreprises pour l’Environnement " (‘Enterprises for the Environment’, EpE), the aim of which is to mobilise businesses internationally with respect to their direct and indirect impacts, dependencies, and potential to engage in actions that are beneficial for nature.

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

As a major player in energy transition, the EDF group is an integrated energy company active in all businesses: generation, transmission, distribution, energy trading, energy sales, and energy services. EDF group is a world leader in low-carbon energy, having developed a diverse production mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support energy transition (storage, microgrids, hydrogen, etc.). 37.9 501.9 TWh 90% 165,200 MILLION CUSTOMERS WORLDWIDE (1) ELECTRICITY PRODUCED WORLDWIDE DECARBONISED GENERATION (2) EMPLOYEES (3)

Customers are counted per site. A customer can have two delivery points: one for electricity and another one for gas. (1) Direct carbon emissions related to generation, excluding life-cycle assessment (LCA) of generation means and fuel. (2) Group scope. (3)

Crédit photo : ©EDF – Christel Sasso / TOMA

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

1

THE GROUP, ITS STRATEGY AND ACTIVITIES

1.1

KEY FIGURES AND BUSINESS MODEL

6

1.4

DESCRIPTION OF THE GROUP’S

ACTIVITIES

19

1.2

GROUP’S PRESENTATION

10

1.4.1 1.4.2 1.4.3 1.4.4

Electricity generation activity

19 47 51 53 63 86

Sales and supply activities in France Optimisation activities in France

1.2.1 1.2.2 1.2.3

Organisation of the Group

10 12 14

History of the Group

Regulated, transmission and distribution activities

Significant events of the year

in France

1.3

GROUP STRATEGY AND OBJECTIVES

15

1.4.5 1.4.6

International activities

Energy services and other activities

1.3.1 1.3.2 1.3.3

Environment and strategic challenges Priorities of the CAP 2030 strategy

15 15 18

1.5

RESEARCH & DEVELOPMENT,

Strategy and organisation

PATENTS AND LICENSES

92

1.5.1 1.5.2

R&D priorities

92 95

Intellectual property

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

1 THE GROUP, ITS STRATEGY AND ACTIVITIES Key figures and business model

2020 Key figures

Sales In billion of euros

Emissions reduction (in MtCO 2 e) Scope 1 An ambitious carbon trajectory

71.3

69.0

70

60

50

Scope 3

40

50%

28%

30

2017

2019

2030

2030

20

10

Carbon intensity trajectory CO 2 intensity (g/kWh)

0

2020

2019

275 (1) (European average in 2019)

55

51

EBITDA In billion of euros

50

40

10 12 14 16 18

35

16.7

16.2

30

20

10

0 2 4 6 8

0

2019 2020 (1) Average 2019 carbon intensity of power producers in Europe according to EEA. 2030

2050

2020

2019

Net installed renewable capacity by sector In GW EDF, the renewable energy leader in Europe

Net financial debt/EBITDA

2.61

22.5 GW 8.4 GW 2.2 GW 0.2 GW

2.46

2.5

Hydropower (1) Wind Solar Other

2.0

1.5

33.3 GW

1.0

TARGET 2030 60GWNET

0.5

0.0

(1) Including sea energy 0.24 GW.

2020

2019

6

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

1 THE GROUP, ITS STRATEGY AND ACTIVITIES Key figures and business model

Breakdown of EBITDA In billion of euros

Net investments excluding Group disposal plan In billion of euros

Nuclear maintenance including Grand Carénage Énedis, SEI and ÉS Hinkley Point C Renewables Linky Flamanville project Services Framatome Other (1)

France – Generation and supply activities France – Regulated activities (1) Framatome United Kingdom Italy Other international EDF Renewables Dalkia Other activities

4.0 3.4 1.9 1.3 0.7 0.5 0.4 0.2 1.8

46% 32%

2% 5% 4% 2% 5% 2% 2%

€14.1 bn

€16.2 bn

(1) Mainly nuclear maintenance excluding France, thermal maintenance, France and United Kingdom nuclear development.

(1) Regulated activities: Enedis, ÉS and island activities; Enedis, an independant EDF subsidiary as defined in the French energy code.

Installed capacity (1) In GW

Electricity generation (1) In TWh

59% 18% 7% 10%

76.5% 9.8% 3.8% 8.4% 1.0% 0.4%

Nuclear Hydropower Other EnR Gas Fuel Oil Coal

Nuclear Hydropower (2) Other EnR Gas Fuel Oil Coal

120.5 GW

501.9 TWh

3% 3%

90%

Decarbonised (3)

(1) Consolidated data .

(1) Consolidated data. (2) Hydro output including pumped storage consumption. (3) Direct CO 2 emissions, excluding life-cycle analysis (LCA) of fuel and production means.

NB: The values correspond to the expression to the first decimal or integer closest to the sum of the precise values, taking into account rounding.

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

1 THE GROUP, ITS STRATEGY AND ACTIVITIES Key figures and business model

ŜŜùŦŜ Òıò ŗùŜĺŬŗìùŜ

ŬŜĕıùŜŜ İĺòùĩ

2020

—đù ŗÒĕŜĺı òϡýŦŗù of EDF To build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive wellbeing and economic development.

Ŝĺĩĕò ƢıÒıìĕÒĩ ëÒŜù • Total consolidated balance sheet: ~ €300 bn • No. 1 investor among European utilities (€16.5 bn in 2020) ŜŦŗĺıČ Ž‰ ìĺİİĕŦİùıŦ • A rating Climate Change • No. 3 • €12.5 bn of green & sustainable funding ŬŜŦĺİùŗ ŔŗĺƅĕİĕŦƆ • 32.7 million customers in electricity and 5.3 million customers in gas (1) • Leading brands: EDF, Edison, Luminus, Dalkia • 73 million visits on digital consumption monitoring platforms (2) đŬİÒı ÒİëĕŦĕĺı • 165,200 employees (3) • 71% of employees took part in a skills development initiative during the year (3) ı ÒİëĕŦĕĺŬŜ ĕııĺſÒŦĕſù ùìĺŜƆŜŦùİ • EDF Pulse Croissance, a structure dedicated to incubation and support for start-ups • Nearly 2,700 R&D employees (4) • R&D consolidated budget of €685M in 2020 • 716 patented innovations at the end of 2020 by the Group’s R&D bÒģĺŗ ĕıòŬŜŦŗĕÒĩ ÒŜŜùŦŜ • 120.5GW of electricity generation capacity (5) • An integrated nuclear industry • EPR technology • A 60GW portfolio of wind and solar projects (6) • 1.4 million km of distribution network (7) • 32 million smart meters installed (3) • 330 heating and cooling networks operated by Dalkia

Three strategic axes to decarbonise our societies in France, in Europe and in the world:

A creator of services and solutions to support customers and territories in the shift towards carbon neutrality

A global leader in the generation of CO 2 -neutral electricity

An international key player in the energy transition

> 15 MtCO 2 AVOIDED EMISSIONS (1)

50 % CO 2 eq DIRECT EMISSIONS vs. 2017

EXIT COAL

€ 10 bn revenue IN SERVICES (3)

60 GW NET > x 2 NEW RENEWABLES CAPACITIES (INCL. HYDRO) vs. 2015

1.5-2 GW NET HYDRO INSTALLED CAPACITY (4)

> 1.5 CONTRACTS/CUSTOMER (2)

1 MILLION OFF GRID KITS

INITIATING NEW EPRs & 1 SMR

Supported by a new impulse of transformation, innovation, human ambition and new Corporate Social Responsibility commitments and the implementation of 4 plans:

(1) Consolidated scope. Counted per site. (2) EDF SA scope excluding French overseas departments and Corsica. (3) Group scope. (4) FTEs (full-time equivalent) at Group level. (5) Consolidated data at Group scope. (6) Group scope. Pipeline excluding capacity under construction. All the projects in prospection phase included in the pipeline, starting 2020. (7) Enedis distribution network under concession.

Scope: (1) Customers, Services &Territories sector’s activities. EDF estimate, including CO 2 savings linked mainly to heating and cooling networks, the development of the electric vehicle and energy saving certificates. (2) EDF estimate: France, UK , Italy and Belgium (Residential). (3) Group. (4) Excluding priority countries in Europe (France, Italy, UK and Belgium).

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

1 THE GROUP, ITS STRATEGY AND ACTIVITIES Key figures and business model

Value creation - 2020 For the climate

Sales €69.0bn - I—$

İëĕŦĕĺŬŜ ìÒŗëĺı trajectory Òŗëĺı ĺơŜùŦ solutions òÒŔŦĕıČ Ŧĺ climate change

• A carbon neutrality ambition by 2050

€16.2bn Net income excl. non-recurring items €2.0bn

• Electricity output of ΡΜΝφΥϭ—±đ , 90% decarbonised (1) with emissions of 51g of CO 2 όĦ±đ (2) • EDF, a water sharing player: water intensity of ΜφΤΣ ĩόĦ±đ (3) • A commitment to biodiversity

$ùſùĩĺŔĕıČ ùĩùìŦŗĕìĕŦƆ use and energy services Biodiversity Responsible land management Integrated and sustainable water management ±ÒŜŦù Òıò ìĕŗìŬĩÒŗ economy Health and safety for all Ethics, compliance and human rights Equality, diversity and inclusion Energy poverty and social innovation $ĕÒĩĺČŬù Òıò consultation with stakeholders Responsible development of local areas $ùſùĩĺŔİùıŦ ĺċ industrial sectors Responsible digital development

Sustainable Development Goals – United Nations

Sharing added value with our stakeholders

For customers • High customer satisfaction level • More than 905,000 ϭìŬŜŦĺİùŗŜ ĕı ƢıÒıìĕÒĩ òĕơĕìŬĩŦƆ ŗùìùĕſùò ùıùŗČƆ ŜŬŔŔĺŗŦ (4)

For partners and territories • More than 300 academic and industrial partnerships established worlwide by EDF R&D • SMEs account for between 22 and 26% of EDF and Enedis procurements • 1 direct job at EDF SA generates 4.1 in the area (5) • Nearly 84% of projects are subject to consultation (6)

Suppliers Purchases (10) €41bn EDF Group Global CSR Agreement

The breakdown of CSR issues into 16 commitments

ŽŦÒŦùŜ Òıò —ùŗŗĕŦĺŗĕùŜ Taxes (11) €4.7bn

For employees • An employee engagement index of 69% (7) • Women represent 28.7% in Management Committees (8) • An average salary equity ratio (9) of 6.6

Employees Remuneration (12) €14bn

(1) Direct CO 2 emissions, excluding life-cycle analysis (LCA) of fuel and production means. (2) CO 2 emissions due to heat and electricity generation. Group scope. (3) Water consumed / electrical production of fleet. Group scope. (4) EDF SA scope. (5) Goodwill study based on the 2019 consolidated figures. (6) Projects over €50m in accordance with the Equator Principles - Group Scope. (7) MyEDF Group internal survey. (8) Group Scope. (9) EDF SA scope - ratio established in accordance with the guidelines published byAFEP. (10) Consolidated purchases and other external expenses. (11) Consolidated taxes, including income taxes. (12) Consolidated personnel expenses. (13) Rate applied to net income from ordinary activities in 2021 and 2022 adjusted for the interest on hybrid loans recognised in equity.

ŽđÒŗùđĺĩòùŗ $ĕſĕòùıòŜ —ÒŗČùŦ òĕŜŦŗĕëŬŦĕĺı ŗÒŦù (13) 45%-50%

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

1 THE GROUP, ITS STRATEGY AND ACTIVITIES Group’s presentation

Group’s presentation 1.2

1.2.1

Organisation of the Group

A simplified organisational chart for EDF group at 31 December 2020 is shown below. The percentages for each entity correspond to the ownership interest in capital. The companies or groups of companies within EDF group’s scope of consolidation are indicated in note 3.3 to the consolidated financial statements for the year ending 31 December 2020.

100%

EDF Renouvelables

100%

CHAM

100%

Citelum

50.1%

88.6%

CTE*

Électricité de Strasbourg

100%

100%

Enedis

Cyclife

100%

45%

EDEV

Domofinance

100%

Sowee

100%

IZI Solutions

100%

EDF ENR

100%

IZIVIA

80%

Edvance

20%

75.5%

Framatome

100%

EDF International

99.9%

Dalkia

100%

100%

EDF Immo

La Gérance Générale Foncière

100%

SOFILO

100%

99.98%

Société C3

Océane Re

100%

Wagram Insurance Company

93.9%

EDF Investissements Groupe

100%

100%

17.5%

EDF Holding SAS

Groupe EDF Trading

EDF Inc.

100%

EDF Pulse Croissance

* Coentreprise de Transport d’Electricité or CTE, the company holding 100% of RTE.

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

1 THE GROUP, ITS STRATEGY AND ACTIVITIES Group’s presentation

EDF International

100%

68.6%

EDF Belgium

Luminus

82.5%

49.99%

EDF Inc. / États-Unis

Constellation Energy Nuclear Group

100%

EDF Trading North America

100%

51%

EDF Norte Fluminense / Brésil

Companhia Electrica de Sinop (CES) / Brésil

19.6%

Shandong Zhonghua Power Company Ltd / Chine

35%

Datang Sanmexia Power Company Ltd / Chine

25.6%

Taishan Nuclear Power Joint Venture / Chine

4.4%

100%

49%

EDF (China) Holding Ltd

Jiangxi Datang International Fuzhou Power Generation Company Ltd / Chine

100%

Figlec / Chine

EDF Energy Nuclear Generation Ltd.

56.3%

Meco / Vietnam

100%

100%

100%

80%

EDF Energy UK / Royaume-Uni

EDF Energy Holding Ltd

Lake Acquisitions Ltd.

66.5%

100%

97.5%

NNB Holding Company Ltd.

TDE SpA

Groupe EDISON / Italie

100%

50%

EDF Gas Deutschland

FS GmbH

50%

Sloe Centrale Holding BV / Pays-Bas

100%

EDF Development Company Ltd UK

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

1 THE GROUP, ITS STRATEGY AND ACTIVITIES Group’s presentation

1.2.2

History of the Group

since 1946

Nationalisation of the electricity and gas sectors. Creation of EDF as an EPIC (1) in accordance with the law of 8 April 1946.6.

Opening of the French market, first for B2B (2000 to 2004), then for B2C (2007).

IPO and creation of RTE to guarantee non- discriminatory access to the market.

On 20 November 2004,

EDF becomes a French SA.

Structural changes in the EDF group

1946

1963

1990

1999

2004

2005

2009

2011

Launch of the commercial- scale nuclear program.

Development of the French industrial base, including hydroelectric and nuclear power plants.

Development in France

Buy-out of EDF Renouvelables (ex EDF Énergies Nouvelles).

Acquisition of British Energy.

Start of the international development, first in South America, then in Europe with the UK (from 1998 onwards), Germany (2001) and Italy (2005).

International

development

*EPIC: Public Industrial and Commercial Establishment.

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

1 THE GROUP, ITS STRATEGY AND ACTIVITIES Group’s presentation

France multi- year energy programme (PPE): Project published (25 January 2019). Launch of "excell", an excellence plan for the nuclear industry.

Indirect sale of 49.9% of RTE to Caisse des Dépôts and CNP Assurances and capital increase of approximately €4bn.

EDF adopts a raison d’être in its bylaws

Structural changes in the EDF group

2020

2012

2014

2016

2017

2018

2019

Success of the first fourth ten-year inspection of 900 MW fleet (Tricastin 1).

Acquisition by EDF of Dalkia’s activities in France.

Acquisition of 75.5% of Framatome capital.

Commissioning of the new Romanche- Gavet hydroelectric plant.

Development in France

Commissioning of the 1 st EPR of Taishan.

Commissioning of Taishan Unit 2

Launch of the Solar Plan.

Edison’s takeover.

Signature of final contracts for Hinkley Point C EPR construction project in the UK.

Rising power of offshore.

Commissioning of the Sinop hydropower plant in Brazil.

International

development

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

1 THE GROUP, ITS STRATEGY AND ACTIVITIES Group’s presentation 1.2.3 In adopting a raison d’être that was included in the company bylaws in May 2020, EDF has confirmed its aspiration to become a leader in energy transition towards carbon neutrality by 2050 and deepen its own climate-related commitments: these now include decreasing its direct CO 2 emissions by 50% by 2030 vs 2017 (1) . In line with this aim, in 2020 the Group pursued its growth in renewable energy (2) and decarbonisation of uses and services (3) : In solar power, the year saw several successful calls for tender. The Group was awarded the project for the construction of the Al Dhafra plant (2GW), (4) Abu Dhabi. In Rajasthan, India, 3 calls for tender went to EDEN Renewables India (5) (1,350MWp). In France, 190MWp of projects were awarded in calls for tender issued by the French Energy Regulation Commission (Commission de Régulation de l’Energie, CRE). In the United Arab Emirates, DEWA III, the third phase of construction (800MWac) of one of the most powerful solar power plants in the world, was completed. In the United States, the Group acquired a portfolio of up to 4.5GW of solar development assets (6) ; In wind power, the construction of the Fécamp offshore wind farm (500MW) was launched in France, to be commissioned at the end of 2023. Internationally, the Group completed the joint venture agreements for Dongtai IV and V, two offshore wind farms in China with total capacity of 502MW (7) . The construction of the Dumat Al Jandal wind farm (400MW) (8) in Saudi Arabia continued, and the first phase of the construction work on the Taza wind farm in Morocco (87MW) commenced. The Group also positioned itself in Ireland, acquiring 50% of the Codling offshore wind project, with expected total installed capacity of approximately 1GW (9) ; In hydropower, the new Romanche-Gavet hydroelectric plant (97MW) in Isère, France, was commissioned. In Cameroon, just over one third of the civil engineering works on the Nachtigal dam (420MW) were completed; In green hydrogen, the Group is starting a project to construct a 30MW electrolyser to produce green hydrogen from offshore wind power in Germany, as part of a 10-partner consortium (10) ; In microgrids, to broaden its range of offers, EDF group invested in startup Ecosun Innovations (11) , a company developing innovative solutions aimed at supplying electricity to remote areas; In storage, the Group has operations in the United States, with the construction project for the Chuckwalla solar power plant in Nevada (12) ; this is connected to a 4-hour 180MW battery storage system, providing electricity supply and demand balancing. The Group also signed a contract with CleanPowerSF for 4-hour 50MW battery storage in connection with the Maverick 6 solar project (100MW) in California; With regard to electric mobility, EDF group acquired Pod Point, one of the UK’s largest electric vehicle charging companies (13) . As of the end of 2020, over 100,000 charge points had been rolled out by the Group, and over 5,000 use smart charging technology; Significant events of the year

In the field of electricity supply and energy services, the Group has expanded the range of solutions on its local services platform IZI by EDF in the fields of energy renovation, electric mobility, and the marketing of heat pumps. The Group also launched new offers: Contrat Flexible and Vert Électrique Bretagne ; Dalkia has increased its expertise in electrical engineering with the acquisition of KSB Service EITB Sitelec, a company specialising in maintenance and renovation of electrical equipment (14) ; As of the end of 2020, 29.7 million Linky smart meters had been installed by Enedis, in line with its rollout programme (15) . More generally, the year was significantly impacted by the Covid-19 health crisis. The economic disruption led to a fall in demand for electricity and had major repercussions on many of the Group’s activities, in particular nuclear power generation, worksites, and services. The estimated impact on the Group’s EBITDA amounts to -€1,479 million at the end of December 2020. Throughout this period, the Group has been able to adjust its business methods to ensure continuity of its essential missions: producing electricity, providing energy services, and local relations with customers (16) . With respect to nuclear power , the main effect of the health crisis has been a slowdown in the construction worksites in France and the UK. In France, the progress of the industrial programme, in particular operations scheduled during maintenance shutdowns, was severely affected, reducing electricity production capacity. In view of this, EDF has had to adjust the scheduling of reactor shutdowns for maintenance in order to contribute to security of supply for electricity during winter 2020-2021, in liaison with RTE. The costs of the Grand Carénage programme between the present and 2025 have been readjusted, in particular to take account of the impacts of the crisis (17) . In the UK, the Hinkley Point C project has also been revised in order to factor in the impacts of the health crisis to date (18) . Despite the pandemic and thanks to the measures taken to adapt, the year saw a number of significant events, including: achieving nuclear production of 335.4TWh in France, higher than the production estimates made during 2020; milestone “J0”, being achieved: this marks completion of the nuclear island common raft for the second Hinkley Point C reactor, on schedule (19) ; Framatome entering into several contracts, in particular an agreement with Rolls-Royce with a view to the acquisition of its Civil Nuclear Instrumentation and Control (I&C) business, which operates mainly in France, and to a lesser extent in China (20) . Framatome also launched the " Framatome Défense" brand to promote its business serving French national defence, affirming its commitment and strenghtening its contribution to this sector; finalisation of the first rollout phase of the excell plan. This aims to align the French nuclear industry with the highest standards of diligence, quality, and excellence required for the successful completion of nuclear projects. The excell plan calls for 25 new commitments by mid-2021 (21) .

(1) See section 3.1.1.1.2 “2030 targets recognised by the SBTi initiative”. (2) See section 1.4.1.3.3 “Actvities of EDF Renewables”. (3) See section 1.4.6 “Energy services and other activities”. (4) With the partner Jinko Power Technology Co. Ltd. See EDF Renewables’ press release dated 27 July 2020. (5) EDEN Renewables India is a co-enterprise owned by EDF Renewables and Total Eren. See EDF Renewables’ press release dated 1 October 2020. (6) With Geenex Solar. See EDF Renewables press release dated 16 October 2020. (7) Developed jointly with China Energy Investment Corporation (CEI). See EDF Renewables’ press release dated 2 June 2020. (8) In partnership with Masdar. See EDF Renewables’ press release dated 29 July 2020. (9) See EDF Renewables’ press release dated 11 February 2020. (10) See press release dated 5 August 2020. (11) See EDF Renewables’ press release dated 28 September 2020. (12) See EDF Renewables’ press release dated 29 July 2020. (13) See the press release of 13 February 2020. See also section 1.4.5.1 “United Kingdom”. (14) See Dalkia’s press release of 3 December 2020. (15) See section 1.4.4.2.4 “Future Challenges” in section 1.4.4.2 “Distribution – Enedis”. (16) See “EDF, managing the health crisis as a responsible company” in the introduction to chapter 3. (17) See the press release of 29 October 2020. (18) See the press release of 27 January 2021. (19) See EDF Energy’s press release of 1 June 2020 See also section 1.4.5.1.2.5 “Nuclear New Build business” – “Hinkley Point C”. (20) See section 1.4.1.1.4 “Activities relating to nuclear power generation: Framatome.” (21) See section 1.4.1.1.1”excell plan”.

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

1 THE GROUP, ITS STRATEGY AND ACTIVITIES Group strategy and objectives the impact of the pandemic on the risk factors to which the Group is exposed is set out in section 2.2; the introduction to chapter 3 describes support measures and initiatives taken by EDF for the benefit of its clients, suppliers, and employees.

In this URD, the consequences of the health crisis for the Group are dealt with from a number of points of view: the impact on the Group’s activities is presented in the different sections of chapter 1.4 and in note 1.4 “Comparability (including the effect of the Covid-19 pandemic)” in the Group’s audited financial statements at 31 December 2020, included in chapter 6;

Group strategy and objectives 1.3

1.3.1

Environment and strategic

1.3.2

Priorities of the CAP 2030

challenges Energy efficiency and low-carbon electricity are at the heart of energy transition. At present, electricity in France accounts for some 25% of final energy consumption worldwide, but only just over 11% of CO 2 (1) emissions (the figures internationally are 19% (2) and 40% (3) respectively). The fight against climate change is a major challenge for the planet. The agreement reached in Paris at the 21st session of the Conference of Parties (COP 21) in 2015 confirms the effort being made to combat climate change and the ramping up of energy transitions beyond Europe. This agreement, which was ratified by 168 countries as well as the European Union, came into force on 4 November 2016. In Europe, the Clean Energy Package finalised in 2019 and the Green Deal developed in 2020 should enable the European Union to become carbon-neutral by 2050. Recovery programmes in the wake of the Covid-19 health crisis have made climate issues an even higher priority. The EU’s Green Deal and the related national programmes are set to focus on cutting CO 2 emissions as a priority, and as competitively as possible , drawing on a locally-rooted industrial vision and facilitating the long-term fight against climate change. The UK, which must undertake a major renewal of its electricity generation facilities, adopted the Climate Change Act in 2008 and established a market model consistent with that policy (Carbon Price Floor, Contracts for Difference, capacity market, consideration of a regulated asset base model for new nuclear generation facilities). France’s “Climate and Energy” Act ( loi relative à l’énergie et au climat ) of 8 November 2019 places cutting greenhouse gas emissions at the heart of French energy policy. The goal is now “ becoming carbon-neutral by 2050 by cutting greenhouse gas emissions more than sixfold ”. France’s Multi-Year Energy Programme ( Programmation Pluriannuelle de l’Énergie , PPE), which lists the broad outlines of French energy policy, sets out a ten-year vision, vital for major industrial players. EDF agrees with the PPE’s analysis: identifying sources of leverage, trajectories to change the energy mix and eliminate fossil energy. Transition to a carbon-free economy is needed, but this should be achieved whilst preserving households’ purchasing power and companies’ competitiveness. To reach these objectives, the two major levers of actions are: lowering energy consumption by developing energy efficiency solutions (downstream); and switching from fossil fuel to carbon-free energy sources, with carbon-free electricity first and renewable heat (upstream). Innovation, both upstream and downstream, will be an essential factor in these goals being successfully achieved.

strategy The CAP 2030 strategy is fully in line with EDF’s raison d’être to “To build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive wellbeing and economic development”. Drawing on the contribution of employees during the “Let’s Talk Energy” ( Parlons Energies ) dialogue, the raison d’être was added to the Company’s bylaws at the Shareholders’ General Meeting held on 7 May 2020. For EDF, the fight against climate change is based on two catalysts: energy efficiency and energy decarbonisation. This conviction drives our strategy, which focuses on three priorities: creating services and solutions to assist customers and local areas to achieve carbon neutrality; holding a world leading position in CO 2 -neutral electricity generation; arising as a worldwide stakeholder in the energy transition. The Group, a producer of decarbonised electric power, develops solutions that enable everyone, at their own level, to play a role in the energy transition and promotes its low-carbon model internationally. Creating services and solutions 1.3.2.1 to assist customers and local areas to achieve carbon neutrality Individuals, businesses and cities want to change the way they light, heat, produce, consume and travel... Everyone wishes to be a stakeholder in the energy transition. This momentum, an aggregate of individual initiatives and public decisions, is gradually expanding everywhere. EDF’s goal is to assist customers and local areas to achieve CO 2 neutrality with accessible and innovative carbon-free and energy-efficient solutions. In doing so, EDF develops the value of its customer portfolio in key European countries (France, UK, Belgium and Italy) thanks to an unparalleled customer relationship and an enhanced range of services and supply offers. In 2030, EDF group is aiming to achieve sales of €10 billion in services (4) . EDF is strengthening its positions in electric mobility (in France, the UK, Italy, and Belgium), in renewable heating and cooling networks in France, and in leveraging electrical flexibility and aggregation (in Europe). Building on customer confidence and developing a broad range of offers, in particular in sustainable energy performance on residential and business markets, EDF is growing value per customer and is seeking to achieve more than 1.5 contracts per domestic customer in 2030 (5) . Offerings for green energy, self-consumption, energy efficiency services, local services, contracts covering performance and electrical / climate engineering, waste heat recovery, and biomass all address its customers’ emerging needs.

(1) Source: French General Commissariat for Sustainable Development ( Commissariat général au développement durable ), Chiffres clés du climat (Climate: Key Figures), 2020 edition, page 32. (2) International Energy Agency, World Energy Outlook 2020, Table A.3 page 343. (3) Source: French General Commissariat for Sustainable Development, Chiffres clés du climat , 2020 edition, page 32. (4) Group scope. (5) EDF Estimates: France, United Kingdom, Italy and Belgium (domestic).

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

1 THE GROUP, ITS STRATEGY AND ACTIVITIES Group strategy and objectives EDF’s customers are increasingly aware of their environmental footprint; in response, EDF is providing affordable, innovative solutions granting them access to smarter, lower energy use: by contributing to decarbonisation of practices, through electrification of uses, in the sectors that produce the most CO 2 : transport (1) : for light commercial vehicles and urban public transport, battery ❯ solutions are increasingly emerging as the most appropriate. For some heavy-duty, long-distance transport (inland navigation, trains on non-electrified lines, etc.), hydrogen electrolysis and fuel cells offer advantages in terms of autonomy and making it possible to address certain regions’ energy plans. For other heavy goods transport (trucks in particular), hydrogen and batteries could be in competition, with their respective market share determined by their relative competitiveness. For both, the original power source must be carbon-free electricity. To support massive rollout of mobility electrification, EDF is making practical commitments: investing in support for customers (consumers, companies, and local authorities); leveraging electric vehicle storage capacity; and producing and marketing hydrogen electrolysis, buildings : the Group is highly committed alongside industry professionals, ❯ landlords, and local authorities to help them improve energy efficiency and transition towards decarbonisation of heating and cooling solutions. EDF offers a range of services covering everything from support and management of energy use through to decarbonisation and energy efficiency operations (2) , in particular during renovation works. EDF also provides direct support for households through (3) IZI by EDF . Through its subsidiary Dalkia, the Group is actively engaged in developing heating networks and their decarbonisation (with the use of renewable energy sources or energy recovery) and the development of Energy Performance Contacts ( Contrats de Performance Énergétique , CPE) for public buildings, companies, and residential complexes, industry : EDF develops process electrification solutions, waste heat recovery, ❯ and low-carbon electrolytic hydrogen production, leveraging its R&D expertise for the benefit of its industrial customers, assisting them as they upgrade their production facilities (electric boilers and furnaces, etc.); building on the development of infrastructure, data, and the creation of low-carbon solutions; by helping its domestic customers, businesses, and local authorities to become more actively engaged with their energy consumption (self-consumption, digital consumption management solutions, heat pumps). The aim of these solutions is for EDF to avoid the emission of over 15 million tonnes of CO 2 by 2030 (4) . In addition, EDF continues to innovate by developing new business models to assist its customers with energy transition and put into practice the Group’s commitments regarding carbon neutrality. Innovation both downstream (energy efficiency and uses) and upstream (low-carbon energy production) will be an essential factor in covering the required ground, given the speed at which renewables technology is progressing from storage to electric vehicles via hydrogen power and digital developments. Building on its own R&D efforts and its innovation ecosystem developed with its partners, EDF group selects innovations with potential to accelerate enable energy transition, developing industrial resources in France wherever possible. Lastly, energy transition will only be achieved if it is fair and equitable. EDF group assists its customers, in particular the most vulnerable, to help them use energy more wisely; in doing so, it is engaged in the fight against energy insecurity (see section 3.3.4 “Energy insecurity and social innovation”).

Holding a leading position in 1.3.2.2

low-carbon electricity generation Because nearly 98% of electricity in France is carbon-free thanks to nuclear and renewable energies, EDF is playing a leading role of achieving carbon neutrality by 2050 by accelerating the development of renewable energies while guaranteeing the safety, performance and competitiveness of existing nuclear facilities and Nuclear New Build investments. There is no single solution to deliver low-carbon electricity, but rather an array of solutions: nuclear power, hydropower, solar power, onshore and offshore wind power, renewable heat, grids, storage (in particular in electric vehicles), tools for managing flexibility in uses and production, etc. EDF group’s aim of achieving very low-carbon production is embodied first and foremost in the accelerated development of renewable energy in France and abroad. EDF group is developing renewable electrical power using all types of technology (hydropower, solar power, onshore and offshore wind power, etc.) as well as renewable heat and waste heat recovery through its subsidiary Dalkia. Renewable energies already account for a quarter of the Group’s overall capacity (5) . EDF group is now the leader in renewable energy in Europe and, in particular, the leading supplier of hydropower in the European Union, with 22.5GW net installed capacity (6) . With some 11.0GW net installed capacity, the Group is also one of the world leaders in renewables other than hydropower, mainly wind power and solar power. EDF’s goal is to increase rapidly its net installed capacity in solar and wind power. The target for 2030 is to achieve installed capacity for renewable energy (including hydropower) of 60GW net, the equivalent of more than twice the 2015 installed capacity. EDF group is seeking a balance between the different technologies (onshore and offshore wind power, solar power, and hydropower), and a balance in geographical distribution. Lastly, EDF regularly invests in hydropower facilities in order to combine economic, energy and environmental performance, and will propose solutions to strengthen hydropower generation. EDF is establishing a position as a European leader in the aggregation of renewable capacity and flexibility, and has set itself the target of tripling the Group’s storage resources by 2035 as part of its storage plan. The aim of very-low carbon production is also based on the performance of the nuclear industry , by guaranteeing industrial expertise, safety, competitiveness, care for the environment, optimised operation of nuclear fleets in France and the UK, completion of works in progress (Flamanville 3, HPC), and implementation of an innovative fuel cycle strategy. EDF’s nuclear generation fleet is the only one of its kind in the world. The Grand Carénage of the existing fleet in France has already begun and is a major industrial challenge. The related investment is designed to enable the plants in question to remain in operation beyond 40 years, guaranteeing nuclear safety, performance, and the protection of the environment. Nuclear power operation does not emit CO 2 (7) ; it provides baseline production whilst offering strong leverage in terms of management and flexibility to adjust to electricity consumption. As such it can play a fully legitimate role through to 2050 in the low-carbon electricity mix, alongside renewable energy. With this in mind, EDF is building the Hinkley Point C reactor in the United Kingdom and the Flamanville reactor in France, as well as operating two reactors in Taishan, China. EDF is also developing other projects which may be built in countries seeking to have new reactors. In addition, EDF is finalising the design of a new-generation EPR. By 2030, the Group is seeking to be engaged in new EPR programmes in France, the United Kingdom, and elsewhere in the world, as well as in the development of a first Small Modular Reactor (SMR) demonstrator in France.

(1) Responsible for 24% of emissions relating to energy use worldwide – Source: French General Commissariat for Sustainable Development ( Commissariat général au développement durable ) Chiffres clés du climat , 2020 edition, page 32. (2) Particularly through Energy Performance Contracts ( Contrats de Performance Énergétique , CPE) and Energy Savings Certificates ( Certificats d’Économie d’Énergie , CEE) in France. (3) They may choose a heat pump to replace a fuel oil or gas-powered boiler emitting large quantities of CO 2 . (4) Customers, Service & Regions business – EDF Estimate, including CO 2 savings resulting mainly from heating and cooling networks, the development of electric vehicles, and energy savings certificates. (5) 29.6GW at end 2020 out of a total of 120.5GW in consolidated data. Nuclear power accounts for 71.2GW. (6) Including offshore power. (7) No direct emission; LCA (life-cycle assessment) emissions can be estimated at 6gCO 2 /kWh (source: Ademe).

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EDF - UNIVERSAL REGISTRATION DOCUMENT 2020

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