ANNUAL RESULTS 2020
Strategy and
investments
ESG
Renewables
Regulated
France Generation and
supply
Consolidated sales
Operational data and markets
ESTIMATED AVERAGE FORWARD HEDGED PRICE
In €/MWh
Average hedged price (1)
France - Generation & Supply activities
NB: projected prices, different
from average realised prices
60
50
430
20
~40
~43
~46
~45
10
0
2018
2019
2020
2021
Average price captured through hedging activities on forward
contracts before the beginning of the delivery year (3)
Estimation based on:
Forecasted distribution of electricity sales volumes
'Shaped demand' (baseload vs peakload, seasonality)
This average price does not take into account purchases and sales
on wholesale markets that may take place during the delivery year
depending on unexpected generation or consumption events
It is not the average realised sale price
Notional volume of fixed-cost generation output
of 413TWh (2)
(1) Rounded to the nearest whole number. Excluding revenue associated with capacity certificates.
(2) Only from nuclear and hydro generation means, on the basis of normal hydro conditions
EDF
ANNUAL RESULTS 2020
(3) Based on a principle of gradual closing of net positions before the end of the delivery year, based on a
predefined hedging trajectory (typically 2 years for the wholesale power market in France) that captures
an average price, potentially with overweighting of year Y-1 in view of liquidity constraints on the forward
markets. Subject to very high uncertainty over EDF's net exposure due to the fact that the ARENH
system is optional (the option cost is embedded in the market hedges).
65View entire presentation