Publish on 10/07/2017
- The milestone for the first nuclear safety concrete for the building of Unit 1, scheduled for mid-2019, is confirmed, assuming that the final design, which is on a tight schedule, is completed by the end of 2018.
- Project completion costs are now estimated at £19.6 billion in 2015 sterling1, an increase of £ 1.5 billion in 2015 sterling, compared to previous evaluations. This estimate includes successful operational action plans, in partnership with suppliers. The estimated additional costs2 result mainly from a better understanding of the design adaptated to the requirements of the British regulators, the volume and sequencing of work on site and the gradual implementation of supplier contracts. EDF's projected rate of return (IRR) is now estimated at about 8.5% compared to about 9% initially.
- The risk of deferral of delivery (COD) is estimated at 15 months for Unit 1 and 9 months for Unit 2. This risk would entail an additional potential cost of around 0.7 billion in 2015 sterling. Under this assumption, the IRR for EDF would be around 8.2%.
The management of the project is mobilised on the initial delivery objective for Unit 1 at the end of 2025, and on the identification and implementation of action plans to reduce costs and risks.
The Group maintains its financial targets as described in the 9 May 2017 press release.
EDF strives to double its turnover by 2025 for energy services aimed at businesses and local authorities
Publish on 21/06/2017
The EDF Group already has solid experience in energy solutions, generating a turnover of 4.4 billion in 2016. Today, EDF’s ambition is to consolidate the development of the activities of the Group and its subsidiaries in countries where it already has a presence, and to launch targeted takeover bids or buy shares in specialist companies.
The EDF Group boasts excellent expertise in the field of energy solutions, thanks to specialist subsidiaries like Dalkia, Tiru, Citelum, Sodetrel, and NetSeenergy. Low carbon heating systems, smart lighting, waste recovery, electric transport: these innovative areas complement each other and respond to the challenges faced by different regions and businesses.
All of these services guarantee energy savings and the establishment of low-carbon solutions. They help businesses boost their competitiveness and tackle the challenges associated with performance. Local authorities appreciate them for their appeal and the way they help reduce their carbon footprint.
The new brand, EDF Solutions Energétiques, supports this ambition. It reinforces the brands of each of the Group’s subsidiaries and reminds people of their ability to support their clients in the challenges raised by energy transition and economic efficiency.
For Henri Lafontaine, the EDF Group’s Senior Executive Vice President for Customers, Services, and Regional Action: “Energy services are a key part of our Cap 2030 strategy. Our goal is to double our turnover by 2025, at least a quarter of which will be generated internationally, and to achieve a turnover of 11 billion Euros by 2030. The new brand, EDF Solutions Energétiques, epitomises EDF’s ambition when it comes to energy solutions as well as the Group’s ability to offer a comprehensive range of competitive products and innovative, customised services to our clients.”
Publish on 13/06/2017
Simone ROSSI has been appointed as Group Senior Executive Vice President, and will be designated as the Chief Executive Officer of EDF Energy as from 1 November 2017. He was previously the Group Senior Executive Vice President in charge of the International Division.
Marianne LAIGNEAU has been appointed as the Group Senior Executive Vice President in charge of the International Division. She was previously the Group Senior Executive Vice President in charge of Human Resources.
Christophe CARVAL has been appointed as the Group Senior Executive Vice President in charge of Human Resources. He was previously the Human Resources Director of ENEDIS.
Cédric LEWANDOWSKI has been appointed as the Group Senior Executive Vice President in charge of Innovation, Strategy and Planning. He was previously Director of the Minister of Defence Cabinet.
Jean-Bernard Lévy, the Chairman and CEO of EDF stated: “I am delighted to welcome to the Executive Committee Christophe Carval and Cédric Lewandowski, two senior directors who have demonstrated solid strategic and operational skills during their career with the Group. I would like to extend my sincere thanks to Philippe Torrion, who will shortly be retiring, for his flawless commitment and his outstanding contribution throughout his career at EDF.”
The following members of the Executive Committee remain in their current capacity:
- Marc BENAYOUN, Group Executive Vice President with responsibility for Gas and Italy.
- Antoine CAHUZAC, Group Senior Executive Vice President in charge of Renewable Energies. In addition, he is the CEO of EDF Energies Nouvelles.
- Xavier GIRRE, Group Senior Executive Vice President in charge of the Group Finance.
- Véronique LACOUR, Group Senior Executive Vice President in charge of Transformation and Operational Effectiveness.
- Henri LAFONTAINE, Group Senior Executive Vice President in charge of Customers, Services and Regional Action.
- Dominique MINIERE, Group Senior Executive Vice President in charge of Nuclear and Thermal Power
- Until 31 October 2017, Vincent de RIVAZ, Chief Executive Officer of EDF Energy.
- Pierre TODOROV, Group Senior Executive Vice President Group General Secretary
- Xavier URSAT, Group Senior Executive Vice President in charge of New Nuclear Projects and Engineering
Alexandre PERRA, Director in charge of Executive Coordination and Governmental Relations, acting as Executive Committee Secretary.
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 37.1 million customers, of which 26.2 million in France. The Group generated consolidated sales of €71 billion in 2016. EDF is listed on the Paris Stock Exchange.
Born in 1960, Christophe CARVAL graduated as an engineer from the HEI Engineering School of Lille.
He has held management positions in electricity and gas distribution entities on the behalf of EDF and GDF, at the departmental level as Director of the Calvados and Pyrénées Gascogne Centres and then Centre Group Director for the Central Region.
In 2007, he managed the project setting up the Joint Services Division at EDF SA in charge of driving operational performance breakthrough and headed up the Division until 2010.
In 2011, he was appointed as the Transformation Director of ERDF.
In January 2014, he was appointed as the Human Resources Director of Enedis, responsible for management of the organisational, working mode and governance transformation projects for the electricity distributor.
Cédric LEWANDOWSKI born in 1969 is a graduate of the Institute of Political Studies (IEP) in Paris and holds a postgraduate degree (DEA) in geopolitics. He joined EDF in 1998 to take up the function of Director to the Chairman, François Roussely.
In 2004, he was appointed as Director in charge of Transports and Electrical Vehicles and chaired the two companies, SODETREL and E-LEASE.
In 2008, he joined the EDF Customers Division as Local Authorities Director and created the brand EDF Collectivités. He was appointed as Chairman of the TIRU Company.
In 2012, he was appointed as Director of Civil and Military Minister of Defence Cabinet, a post that he held up to May 2017.
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.