EDF_REGISTRATION_DOCUMENT_2017

6.

FINANCIAL STATEMENTS Financial assets and liabilities

41.4.3 For commodities, changes in fair value are mainly explained by:

Commodity-related cash flow hedges

31/12/2017

31/12/2016

(in millions of euros)

Electricity hedging contracts

(916)

(2,610)

Gas hedging contracts Coal hedging contracts

69 36

(316)

9

Oil product hedging contracts

149

2,007

CO 2

emission rights hedging contracts

49

421

(613)

(489)

CHANGES IN FAIR VALUE BEFORE TAXES

The main components of the amount transferred to income in respect of commodity hedges terminated during the year are:

31/12/2017

31/12/2016

(in millions of euros)

Electricity hedging contracts

(1,744)

1,276 (943)

Gas hedging contracts Coal hedging contracts

50 31

(72)

Oil product hedging contracts

(66)

86 14

CO 2

emission rights hedging contracts

15

(1,714)

361

CHANGES IN FAIR VALUE BEFORE TAXES

Details of commodity-related cash flow hedges are as follows:

31/12/2017

31/12/2016

Net notional

Units of measure

Fair value Net notional

Fair value

< 1 year 1-5 years > 5 years

Total

(in millions of euros)

Swaps

2

-

- - - - - - - - - - - - - -

2

58

5

(3)

Forwards/futures

(2)

(70) (70) (40) 399 359

(72) (70)

(688) (630)

(89) (84)

(1,174) (1,177)

Electricity

TWh

-

Swaps

(193) 1,052

(233) 1,451 1,218

(16)

(531) 1,685 1,154

(4)

Forwards/futures

65 49

109 105

Gas

Millions of therms

859

Swaps

8,528 5,647

14,175

109

25,158

69

Options

379

-

379

2

-

-

Oil products

Thousands of barrels

8,907 5,647

14,554

111

25,158

69

Swaps

- - -

- - -

- - -

40 40

- - -

- - -

Coal

Millions of tonnes

Swaps

-

Forwards/futures

5,821 13,755 5,821 13,755

19,576 19,576

19 19

21,702 21,702

8 8

Thousands of tonnes

CO 2

(411)

(995)

COMMODITY-RELATED CASH FLOW HEDGES

41.5

COMMODITY-RELATED FAIR VALUE HEDGES

Details of commodity-related fair value hedges are as follows:

31/12/2017 Fair value

31/12/2016 Fair value

Units of measure Millions of tonnes Millions of therms

Net notional

Net notional

(in millions of euros) Coal and freight

4

3

4

3

Gas

(583)

31 34

(307)

18 21

COMMODITY-RELATED FAIR VALUE HEDGES

388

EDF I Reference Document 2017