EDF raises ¥137bn, i.e. around €1.1bn, with the largest “Samurai” bonds issuance of 10+ year maturity
Publish on 23/01/2017
- Samurai senior bond issuance of ¥137bn in 4 tranches of 10, 12, 15 and 20-year maturity
- First public Samurai Green Bonds
On 20 January 2017, EDF (AA JCR / A- S&P / A3 Moody’s / A- Fitch) successfully raised JPY137 billion, i.e. around EUR1.1 billion, through a senior bond issuance in 4 tranches on the Japanese market (“Samurai bonds”):
- JPY107.9 billion bond, with a 10-year maturity and a fixed coupon of 1.088%
- JPY19.6 billion green bond, with a 12-year maturity and a fixed coupon of 1.278%
- JPY6.4 billion green bond, with a 15-year maturity and a fixed coupon of 1.569%
- JPY3.1 billion bond, with a 20-year maturity and a fixed coupon of 1.870%
The 20-year bond represents the longest maturity ever issued on the Samurai market.
The participation in the transaction of a very large number of Japanese investors further contributes towards the Group’s investor base diversification policy.
With the issuance of two green tranches totaling JPY26 billion dedicated to the financing of its renewable investments, EDF opens the Samurai Green market and continues to participate actively in the development of Green Bonds as financing instruments of the energy transition.
Publish on 11/01/2017
China General Nuclear Power Corporation (CGN) and EDF had submitted a joint application through their joint venture company GNS (General Nuclear System Ltd) to BEIS in October 2016 to begin the GDA process for a UK version of the HPR1000 nuclear technology. The reference plant for the design is CGN’s Fangchenggang Plant Unit 3 in China which is under construction and on schedule.
This is a key step in the development of proposals from CGN and EDF for a new nuclear power station at Bradwell in Essex. The UK's nuclear regulators, the Office for Nuclear Regulation and the Environment Agency are among the most rigorous, independent nuclear regulators in the world. All nuclear operators in the UK must work within this strict regulatory framework, and all reactor designs satisfy the safety, security and environmental requirements of the Generic Design Assessment process.
The proposed Bradwell project is in an early pre-planning stage which will involve years of investigative works and public consultations before detailed proposals are produced allowing a planning application to be made. A UK version of HPR1000 reactor is intended to be built at Bradwell following GDA approval.
CGN and EDF have been working together for more than 30 years on nuclear development and construction in China. They have formed an industrial partnership in the UK to build Hinkley Point C nuclear power station in Somerset and to develop Sizewell C in Suffolk and Bradwell B in Essex.
Zhu Minhong, General Manager of CGN UK said: “The robust independence of the UK’s regulators is seen across the world as a key strength for nuclear in Britain. This is a quality which we value and respect. CGN and EDF will bring to this enterprise their joint experience in China, Britain and France over many years.”
Humphrey Cadoux-Hudson, EDF Energy Nuclear New Build MD said: “EDF will bring invaluable experience gained from the approval process for Hinkley Point C’s EPR reactors and from our continuing work with the UK’s independent regulators. Both EDF and CGN will also be listening carefully to the community around Bradwell before we draw up detailed proposals for the development of the new power station.”
The GDA process will take a number of years to complete. There are a number of different consents and permissions to be achieved before a nuclear power station can be constructed. As well as successful completion of the GDA process, other requirements include development consent, site licensing and environmental permits.
Nuclear new build projects bring the benefits of reliable low-carbon energy for the country as well as major industrial and economic benefits locally, regionally and throughout the UK.
Fabrice Fourcade becomes EDF’s Chief Representative in China and Hervé Machenaud leaves the EDF Group
Publish on 07/11/2016
Fabrice Fourcade has taken on the role of EDF’s Chief Representative in China as of 1st November 2016. He takes over from Hervé Machenaud who has left EDF after a career spanning thirty-four years, notable for his responsibilities in Asia and in the Production and Engineering Division.
Hervé Machenaud studied at the Ecole Polytechnique, the Ecole Nationale des Ponts et Chaussées and the Institut d'Etudes Politiques in Paris. After starting his career in administration at the Ministries of Cooperation and Equipment, Hervé Machenaud came to EDF in 1982 working as Deputy Site Manager at Paluel, at the time when the first 1300 MW reactor was just coming online.
His career within the Group is distinguished by his pioneering role in the development of EDF in China where he was Technical Director for the construction of the DAYA BAY plant between 1985 and 1989. Afterwards, in his role as Director of the Centre National d'Equipement Nucléaire (National Centre for Nuclear Equipment or CNEN), he was in charge of both new nuclear projects in France (PALIER N4) and Export (DAYA BAY – LING AO).
His career went on to encompass the roles of Deputy Director for Equipment and then Director of Production and Transport and finally, Deputy Director of the EDF Group’s “Industry” division. In 2002, he was appointed Director of the “Asia-Pacific” Branch and supervised the Group’s activities in the region from Beijing. Staying loyal to Asia and China, he continued in this role when, on 2 February 2010, he was appointed as the EDF Group’s Senior Executive Vice President for Production and Engineering and became a member of EDF’s executive committee.
The EDF Group’s CEO and Chairman Jean-Bernard Lévy says: “I would like to pay tribute to Hervé Machenaud’s fantastic career and commitment to EDF. In roles including Director of production and Engineering, he has been instrumental in industrial projects that have played a key role in promoting the competitiveness of our electrical system. He has raised the profile of the French nuclear industry in China and helped lay down strong roots for the Group in fruitful partnerships ".
Fabrice Fourcade, 51 years old and a former student at the Ecole Normale Supérieure de Fontenay-aux-roses, graduated as a civil engineer from the Ecole Nationale des Ponts et Chaussées and he holds a MSc in Mathematics. He began his career in Germany, working in a research laboratory specialising in artificial intelligence, before joining EDF in 1992. As a research engineer and then the head of a research group, his fields of activity included economic studies and applied mathematics focusing on optimising electrical systems. As a member of the Strategy Department, he then managed the team responsible for negotiating prices with the public authorities and the electricity pricing strategy at the time of French deregulation. In 2001, he was responsible for developing electricity and gas services for key clients within EDF’s Customer Branch before he was appointed Senior Vice President, Key Accounts in 2003. In 2007, he became Chief Executive Officer, Dunkerque LNG, a subsidiary of EDF responsible for developing the Dunkirk LNG terminal. From 2010 to 2014, he coordinated EDF’s commercial activities in the Ile de France region, before becoming Senior Vice President of EDF’s strategic plan, CAP 2030, reporting directly to Jean-Bernard Lévy.
Publish on 11/10/2016
JERA Co., Inc. (“JERA”) and EDF Trading Limited (“EDF Trading”), a wholly-owned subsidiary of EDF S.A., are pleased to announce the signing of a non-binding agreement for the acquisition of EDF Trading’s coal and freight business by JERA Trading Singapore Pte Ltd (“JERA Trading Singapore”), a subsidiary of JERA.
JERA and EDF Trading have had a long standing coal optimisation and trading joint venture founded in 2008 (originally between Chubu Electric Power Company and EDF Trading, and subsequently succeeded to by JERA). This new agreement strengthens our relationship further by affirming the intention to combine EDF Trading’s coal and freight expertise in the Atlantic Basin with JERA’s footprint in Asia and the Pacific creating a truly global coal and freight trading business.
Subject to final agreement, EDF Trading’s existing contractual agreement with JERA will be converted into a minority equity interest in JERA Trading Singapore. JERA Trading Singapore will also acquire 100% of the shares of EDF Trading Australia Pty Limited (which holds a 7.5% interest in the Narrabri coal mining joint venture in Australia) and 100% of the shares of Amstuw BV (which operates the Rietlanden coal terminal in the Netherlands). EDF Trading’s coal and freight employees will transfer to JERA Trading Singapore.
Coal remains an important part of the fuel mix in the global energy markets and demand is expected to increase in Asia as it reduces in Europe. JERA will through the enhanced relationship with EDF Trading have the trading expertise and in-depth market knowledge to expand its Asian trading activities globally thereby strengthening its competitive procurement capability.
Discussions will continue towards a final agreement which is expected to be reached in December 2016.
For further information, please contact:
Michele Reid, Head of Communications
Tel: +44 (0) 20 7061 4232
Publish on 19/09/2016
The approval of this construction project for two nuclear reactors on the Hinkley Point site in Somerset in the South-West of England marks the conclusion of ten years of preparation and rigorous planning. It will benefit from the joint strengths of the British and French nuclear industries, and will lead to the creation of 25,000 job opportunities on the site during construction, and will offer numerous opportunities for local and national businesses. Areva, GE-Alstom and BYLOR as well as hundreds of French medium size businesses and SMEs will be committed to the success of the project. An exchange of letters between EDF and the British authorities will render the discussions that took place over the last fews days, to formalize their wish to take into account the EDF’s commitment to retain control of HPC project.
Hinkley Point C is an essential part of EDF Group’s CAP 2030 strategy. EDF Group is a European leader in the production of low carbon electricity. It will allow the Group to strengthen its presence in Britain, a country in which its subsidiary EDF Energy already operates 15 nuclear reactors and is the leading producer by volume of electricity. It will mobilise the skills of EDF as a nuclear engineer at the highest level and will be a benchmark for EDF internationally. EDF Group will work vigorously with its longstanding partner, the Chinese electricity producer CGN to guarantee the success of this project, serving the United Kingdom.
Jean-Bernard Lévy, EDF Group CEO said: “The decision of the British Government to approve the construction of Hinkley Point C marks the relaunch of nuclear in Europe. It demonstrates the UK's desire to lead the fight against climate change through the development of low carbon electricity. This decision demonstrates confidence in the EPR technology and in the world renowned expertise of the French nuclear industry. I congratulate the teams of EDF who have developed this project to maturity with enthusiasm, professionalism and determination."
Vincent de Rivaz, CEO of EDF Energy and Executive Committee member of the Group said: “Today’s announcement is good news for British consumers, a huge boost for British industry and a major step forward in the fight against climate change. The strong performance of the EDF Energy’s 15 nuclear reactors underpins our credibility as a nuclear operator and developer in the UK. We will take the risk and responsibility to deliver Hinkley Point C and provide the UK with the reliable low carbon electricity it needs. The experience and expertise gained from restarting new nuclear build in the UK will help following projects be cheaper”
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 37.6 million customers, of which 27.8 million in France. The Group generated consolidated sales of €75 billion in 2015, of which 47.2% outside of France. EDF is listed on the Paris Stock Exchange
Publish on 13/07/2016
The EDF Group ramps up development in renewables energies and announces his first project in the chinese wind energy sector. EDF Energies Nouvelles, its subsidiary dedicated to renewable energy, has acquired a majority stake in UPC Asia Wind Management (AWM) which develops and builds wind projects in China.
Following this acquisition, EDF Energies Nouvelles owns an 80% stake in the UPC AWM holding, based in Hong Kong. Its partners UPC China, a longstanding local developer, and the US-based investment fund Global Environment Fund (GEF) remain shareholders with a 20% share of the company.
This new partnership venture has been made possible thanks to EDF Group’s strong roots in the country where it has had a presence for over 30 years through activities in nuclear, thermal and hydro generation as well as energy services.
China has become the world’s leading renewable energy market, with strong growth expected in the coming years.The Chinese government aims to reach 200 gigawatts (GW) in installed wind energy capacity by 2020, an average increase of 15 GW per year.
China is a priority market for EDF. The Group is Europe’s first major energy company to move into the Chinese renewable energy market with high ambition.
The EDF Group which increases its wind energy portfolio by over 1.3 GW - under development, construction or operation in China - with this new partnership agreement, now operates more than 10 GW in installed wind capacity in the world.
On this occasion, Jean-Bernard Lévy, Chairman and Chief Executive Officer of the EDF Group stated: “In the framework of EDF's strategy CAP 2030, our goal is to accelerate our low-carbon generation, with a diversified energy mix where nuclear and renewable energy balance each other. Our development in high-potential markets, such as China is a full part of this dynamic process. This country where we have been present for more than 30 years, is providing to the Group significant growth opportunities and we are delighted to boost our presence in renewable energy sources."
Mitsubishi Heavy Industries and EDF Sign Memorandum of Understanding on Collaboration in Civil Nuclear Power Businesses
Publish on 07/07/2016
Paris/Tokyo, June 28, 2016 – Mitsubishi Heavy Industries, Ltd. (MHI) and EDF, a leading French utility, have agreed a significant step to forge a strategic and global collaborative relationship in the civil nuclear power fields.
A memorandum of understanding (MOU) was signed at the World Nuclear Exhibition (Paris) by the top representatives of the two companies: Shunichi Miyanaga, President & CEO of MHI, and Jean-Bernard Levy, Chairman & CEO of EDF.
The agreement signed today is a strategic move to strengthen the links between the French and Japanese nuclear power industries, recognizing the strategic interest to combine in certain fields of civil nuclear energy the strengths of EDF and MHI. Specifically, EDF and MHI intend to enhance their strategic cooperation by establishing general objectives and principles related to:
- an updated cooperation framework regarding the ATMEA joint venture, including the involvement of EDF in ATMEA’s business operations,
- with mutual support to be brought for the smooth execution of ATMEA1 projects, in particular in Turkey and Vietnam,
- the potential participation of MHI as a partner in the French nuclear landscape reorganization with the acquisition of a minority equity interest in AREVA NP,
- potential broader range of collaborative ties leveraging the respective technologies and special expertise in the global market.
EDF is the world’s largest operator of nuclear power plants (NPP) benefiting from a broad experience in project development and international cooperation, and has outstanding expertise in the field of the 'nuclear industry' and has been developing nuclear power plants in France and abroad on the basis of the EDF group’s integrated organization, engineering skills and lessons learned. The company has constructed and operates 58 NPPs in France and operates 15 NPPs in the UK. Abroad EDF is also playing a leading role in various new nuclear projects.
Publish on 14/04/2016
AREVA, together with EDF, has recommended to the French Nuclear Safety Authority (ASN) to adapt the testing programme of the Flamanville 3 EPR reactor vessel head and bottom as decided at the end of 2015.
Initial analyses conducted on two parts similar to those at Flamanville 3 have shown that the carbon segregation phenomena extend beyond mid-thickness on one of them. As specified in the initial strategy approved by the ASN, the material sampling and related tests will be extended to three-fourths of the thickness of the part concerned.
The purpose of these initial analyses is also to better specify the variability of the main manufacturing parameters of the different parts. AREVA and EDF have therefore proposed extending the testing programme to include a third part to strengthen the robustness of the demonstration.
These adaptations to the testing programme will double the number of samples analysed. A total number of 1200 material samples will be taken to consolidate the representative nature of the three forged parts tested, both for carbon content and required mechanical properties.
The ASN has approved this addition to the testing programme, which will continue through the end of 2016, when the final report will be submitted.
EDF and AREVA have reaffirmed their confidence in their ability to demonstrate the quality and safety of the reactor vessel for the start-up of the Flamanville 3 reactor planned for the last quarter of 2018. The assembly and testing activities are going ahead at the construction site in line with the announced schedule.
EDF Group appointment: Fabrice FOURCADE is appointed Senior Vice President to work with the Senior Executive Officer for China
Publish on 14/04/2016
Taking effect as of 1 June 2016, Fabrice FOURCADE has been appointed to the role of Senior Vice President, to work with Hervé MACHENAUD, EDF's Senior Executive Officer in China. He is set to take up his position at the Delegation before the end of 2016.
Fabrice FOURCADE, 50, is currently Senior Vice President of Cap 2030, reporting directly to Jean-Bernard LEVY, Chairman and Chief Executive Officer of EDF.
He started his career in Germany at an artificial intelligence research laboratory and went on to join EDF in 1992. As a research engineer and later at the head of a research group, his fields of activity were economic studies and mathematics applied to electricity system optimisation. Within the Strategy Division, upon French market deregulation, he took charge of the team responsible for tariff negotiations with the government and electricity pricing strategy. In 2001, he was responsible for the development of electricity, gas and services offers for key accounts within the Customer branch of EDF, before being appointed Senior Vice President, Key Accounts in 2003. In 2007 he became Chief Executive Officer, Dunkerque LNG, the EDF subsidiary tasked with developing the Dunkirk LNG terminal. From 2010 to 2014 he coordinated the commercial activities of EDF in the Ile de France region.
A graduate of the École Normale Supériere of Fontenay-aux-Roses, Fabrice FOURCADE holds a degree in civil engineering from the École Nationale des Ponts et Chaussées and an Agrégation teaching qualification in mathematics.
Publish on 29/02/2016
2015 full-year results: all targets reached
Strong operating performance
in adverse market conditions
2018 ambition reiterated
- EBITDA: € 17.6 bn, +3.9% organic growth excluding 2012 tariff catch-up, in line with the upgraded target of at least 3% growth
- net income excluding non-recurring items : €4.8 bn, stable compared to 2014
- net income - Group share: €1.2 bn compared to €3.7 bn in 2014 due mainly to impairments announced in December 2015
good performance in nuclear generation
- France : 416.8 TWh, exceeding the 410-415 TWh target
- United Kingdom: 60.6 TWh, highest nuclear output in past 10 years
- ngoing control on Opex: -1.4% compared to 2014
continued development of the Group in renewable energies
- +1 GW of net capacity installed by EDF Énergies Nouvelles
- success of the second Green Bond: $1.25bn dedicated to renewable energy projects
- net financial debt / EBITDA: 2.1 x in line with the target of 2-2.5 x
- dividend proposed for 2015: €1.10/share with the option for a payment in new shares, equivalent to a 56% payout ratio after deduction of Cigéo extra-cost
- lEBITDA4: €16.3 – €16.8 billion
- net financial debt / EBITDA: between 2x and 2.5x
- lay-out ratio of net income excluding non-recurring items: 55% to 65%
2018 positive cash flow ambition confirmed
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