ANNUAL RESULTS 2020
Strategy and
investments
ESG
Renewables
Regulated
France Generation and
supply
Consolidated sales
Operational data and markets
TURPE 6 REMUNERATION STRUCTURE: A FAVOURABLE RISK PROFILE
A remuneration mechanism based on a guaranteed return
ENEDIS remuneration structure in 2020 according to the TURPE 6 (6)
TURPE 6 in continuity with the previous TURPE
RAB
Enedis
excl. Linky
(€53.7bn)
Assets
financed
by third parties
(€44.9bn)
2.5%
RE
(€8.8bn)
4.8%
Linky RAB
(€2.7bn)
10.25% (4)
ENEDIS RAB EXCL. LINKY
2.5% (1) nominal return before tax on
€53.7bn of RAB
+
ENEDIS RE EXCL. LINKY
2.3% (2) nominal return before tax on €8.8bn of
Regulated Equity
+
LINKY RAB
7.25% (3) of base nominal return before tax
+ 3.0% (3) premium on €2.7bn of RAB
Return on capital depends little on interest rate trends: stable at
2.5% since TURPE 4
Return on regulated equity: decrease from 4 to 2.3% to take into
account the reduction of the risk-free rate and the corporate tax rate
in France
CRCP: mechanism globally validated. The entry CRCP of
TURPE 6 represents a receivable of €588m (7) to be spread over the
four years of TURPE 6
Incentive regulation: targets raised, notably quality of service
Main new features: annual tariff indexation includes 0.31%
remuneration above inflation.
01/01/2021 figures
REGULATED EBIT
(1) Asset margin = Asset beta x Market risk premium / (1 - tax rate) = 0.36 x 5% /(1 - 26.47%) = 2.5%
(2) Additional rate of remuneration applied to RE = Risk-free rate/ (1 - Tax rate) = 1.7% /(1 - 26.47%) = 2.3%
(3) Remuneration rate for Linky assets = Base rate + expected remuneration bonus
= 7.25% +3% = 10.25%
(4) Assuming award of the expected remuneration bonus
(5) Capital costs + operating costs + electrical system costs
(6) Applicable from 1 August 2021
(7) CRE deliberation
EDF
ANNUAL RESULTS 2020
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