SALES AND HIGHLIGHTS 2018 - EDF France · Project completion costs estimated at £19.6 billion in 2015 sterling(2), an increase of £1.5 billion(3) in 2015 sterling, compared to the

SALES AND HIGHLIGHTS

2018

THIRD QUARTER

Appendices

9M 2018 SALES 2

DISCLAIMER

This presentation does not constitute an offer to sell securities in the United States or any other jurisdiction.

No reliance should be placed on the accuracy, completeness or correctness of the information or opinions contained

in this presentation, and none of EDF representatives shall bear any liability for any loss arising from any use

of this presentation or its contents.

The present document may contain forward-looking statements and targets concerning the Group’s strategy, financial position or results.

EDF considers that these forward-looking statements and targets are based on reasonable assumptions as of the present document

publication, which can be however inaccurate and are subject to numerous risks and uncertainties. There is no assurance that expected

events will occur and that expected results will actually be achieved. Important factors that could cause actual results, performance or

achievements of the Group to differ materially from those contemplated in this document include in particular the successful

implementation of EDF strategic, financial and operational initiatives based on its current business model as an integrated operator,

changes in the competitive and regulatory framework of the energy markets, as well as risk and uncertainties relating to the Group’s

activities, its international scope, the climatic environment, the volatility of raw materials prices and currency exchange rates, technological

changes, and changes in the economy.

Detailed information regarding these uncertainties and potential risks are available in the reference document (Document

de référence) of EDF filed with the Autorité des marchés financiers on 15 March 2018, which is available on the AMF's website at

www.amf-france.org and on EDF’s website at www.edf.fr.

EDF does not undertake nor does it have any obligation to update forward-looking information contained in this presentation

to reflect any unexpected events or circumstances arising after the date of this presentation.

9M 2018 SALES 3

TABLE OF CONTENTS

Consolidated sales P. 4

Strategy & investments P. 8

Operating data P. 14

France P. 22

International and other activities P. 30

Markets P. 34


2018

THIRD QUARTER

Appendices

Consolidated sales

9M 2018 SALES 5

IFRS 15 STANDARD ON REVENUE(1): ENTERING INTO FORCE ON 1 JANUARY 2018

No significant change in the current accounting procedures, with the following exceptions:

Gas and electricity delivery: the delivery component of energy supply contracts was previously included insales revenue by all Group entities that supply electricity or gas (“principal” position). Under IFRS 15, thereview of the regulatory framework and applicable contracts led to change this classification for France andBelgium (“agent” position) but to maintain it for United Kingdom and Italy. This new classification reduces at thesame time revenue and purchases of delivery (included in fuel and energy purchases) by the same amount inthe following sectors: France – Generation and Supply and France – Regulated activities (for gas delivery);Other international / Belgium (for gas and electricity delivery)

Previously, the Group’s operating segment reporting presented revenues on electricity delivery in the “France –Regulated Activities” segment, as inter-segment sales. With IFRS 15, these revenues will be presented as external sales.

Energy market purchases and sales as part of optimisation activities: Contract reviews led the Group toconsider that accounting for optimisation transactions on a net basis provides a more relevant reflection of theireconomic substance, whereas some Group entities (Edison – Italy segment, EDF Luminus – Otherinternational segment, Dalkia – Other activities segment) have hereto reported such operations on a grossbasis, recognising revenue together with energy purchases

(1) Exact title of the standard: “Revenue from Contracts with Customers”

Revenue reduction offset by an equivalent decrease in fuel and energy purchases, with no impact on

EBITDA

Implementation date within the Group: 1st January 2018, with restated 2017 data

Consolidated salesStrategy &

investmentsOperating data France

International and other activities

Markets

9M 2018 SALES 6

IFRS 15 STANDARD: IMPACT ON SALES FOR 9M 2017(1)

(in millions of Euros)Restated9M 2017

Sales

France – Generation and supply activities 17,871

France – Regulated activities 11,292

United Kingdom 6,189

Italy 5,548

Other international 2,400

Other activities(2) 5,083

o/w EDF Renouvelables(3) 898

o/w Dalkia(3) 2,472

Inter-segment eliminations(2) (2,138)

TOTAL Group 46,245

(in millions of Euros)Published

9M 2017

Sales

France – Generation and supply activities 25,364

France – Regulated activities 11,334

United Kingdom 6,189

Italy 7,215

Other international 3,607

Other activities 5,298

o/w EDF Renouvelables(3) 898

o/w Dalkia(3) 2,687

Inter-segment eliminations (9,287)

TOTAL Group 49,720

Published 9M 2017 sales Restated 9M 2017 sales

(1) IFRS 15 standard adjustments do not represent expected impacts for the 2018 financial year nor following years, these impacts being sensitive to delivery volumes, which notably depend on

weather conditions and on the level of demand, as well as delivery tariffs, and to optimisation transactions volume, which is by nature highly variable.

(2) Including the impact related to sector developments (IFRS 8).

(3) From 01/01/2018, EDF Renouvelables and Dalkia represent operating sectors in accordance with IFRS 8 standard.




Markets

9M 2018 SALES 7

CHANGE IN SALES(1)

(in millions of Euros) 9M 2017(2) Forex Scope Organic growth 9M 2018 ∆% org.(3)

France – Generation and

supply activities17,871 - - 1,071 18,942 6.0

France – Regulated activities(4) 11,292 - - 279 11,571 2.5

EDF Renouvelables 898 (29) 103 118 1,090 13.1

Dalkia 2,472 (3) 110 181 2,760 7.3

Framatome - - 2,290 - 2,290 -

United Kingdom 6,189 (79) 52 304 6,466 4.9

Italy 5,548 - 189 315 6,052 5.7

Other international 2,400 (69) (689) 25 1,667 1.0

Other activities 1,713 (16) 14 344 2,055 20.1

Inter-segment eliminations (2,138) - (975)(5) (188) (3,301) 8.8

Total Group 46,245 (196) 1,094 2,449 49,592 5.3

(1) Breakdown of sales across the segments, before inter-segment eliminations

(2) 9M 2017 data restated for the impact of IFRS 15 standard and change in sector information (IFRS 8)

(3) Organic change at constant scope and exchange rates

(4) Regulated activities: Enedis, Électricité de Strasbourg and island activities; Enedis, an independent EDF subsidiary as defined in the French Energy Code

(5) Including €(960)m of inter-segment eliminations relating to Framatome




Markets


2018

THIRD QUARTER

Appendices

Strategy & Investments

9M 2018 SALES 9

COMPARATIVE DEBT RATINGS

Sources: rating agencies as of 13/11/2018

(1) Update of the rating and outlook of EDF Group by S&P on 20 November 2017

(2) Update of the rating and outlook of EDF Group by Moody’s on 28 September 2016

(3) Update of the rating and outlook of EDF Group by Fitch on 7 June 2016

S&P Ratings

Moody's Ratings

Fitch Ratings

EDF A- negative(1) A3 stable(2) A- stable(3)

Engie A - stable A2 stable A stable

E.ON BBB stable Baa2 stable BBB+ stable

Uniper BBB stable n.d. n.d.

Enel BBB+ stable Baa2 stable BBB+ stable

RWE n.d. Baa3 stable BBB stable

Iberdrola BBB+ stable Baa1 stable BBB+ stable

SSEA- rating watch

negative

A3 ratings under

reviewBBB+ stable

Vattenfall BBB+ stable A3 stable BBB+ stable

Innogy BBB stable Baa2 stable BBB+ stable




Markets

Baa3

BBB+ A- A A+

Baa1

A3

A2

A1

EDF

Engie

Iberdrola

VattenfallSSE

Moo

dy’s

ra

ting

s

S&P ratings

E.ON EnelBaa2

BBBBBB-

Innogy

9M 2018 SALES 10

FLAMANVILLE 3 EPR (1,650MW)Construction progress at 12 November 2018 Main civil engineering work completed 98%: completion of electromechanical assembly work 45%: progress of facility transfers to the operator

System performance tests 18 December 2017 - 6 January 2018: “cold” tests (filling primary circuit with

pressurised water) conducted, including successful completion of the leak-tightnesstest of the reactor’s primary circuit (at a pressure well above operating conditions)(1)

3 April 2018: end of reactor building pressurisation operations, known as the“containment building pressure test”(2)

“Hot” tests scheduled to start before end-2018.

(1) See EDF press releases dated 9 October 2017 and 8 January 2018.

(2) See EDF press releases dated 10 April 2018.

(3) The secondary circuit is a closed system in which the steam produced in the steam generator is

discharged towards the turbine. After it condenses, the water is returned to the steam generator.

(4) See EDF press releases dated 25 July 2018.

(5) See significant incident report (30 November 2017) on correct application of "high quality"

requirements.

(6) In 2015 euros, excluding interest during the period of construction.

Reworking of secondary system welds(3)

On 25 July 2018(4), EDF decided to repair 33 welds that were found to have quality deficiencies and to completely rework 20 welds that didnot meet its “high quality” requirements(5). 10 other welds will be addressed through a specific justification method. The consultation with theASN on the “high quality” requirement is due to continue until end-August 2019.

Quality deficiencies: weld repairs commenced on schedule at end-July 2018 “High quality” requirement: reports on reworking the first welds have been submitted to the ASN and work has started on the site Regarding the 10 other welds, there are ongoing discussions with ASN regarding the specific justification method to confirm the high

level of safety at the plant throughout its operating life

Schedule and cost(4)

Fuel loading is expected in Q4 2019 and the target construction cost is €10.9 billion(6).




Markets

9M 2018 SALES 11

HINKLEY POINT C PROJECT

Reminder of the key points on Hinkley Point C project(1)

“J0” milestone: first nuclear safety concrete of the building of Unit1 scheduled for mid-2019, provided that the final design, which ison a tight schedule, has been completed by the end of 2018

Project completion costs estimated at £19.6 billion in 2015sterling(2), an increase of £1.5 billion(3) in 2015 sterling, comparedto the initial cost, subject to the implementation of the actionplans necessary to achieve this objective

Commissioning of Unit 1 scheduled in 2025. Risk of deferral ofdelivery (COD) estimated at 15 months for Unit 1 and 9 monthsfor Unit 2. The materialisation of this risk would entail anadditional cost of around £0.7 billion in 2015(2) sterling

Project progress in line with “J0” target at this stage, following the successful completion by the project of the design on 26 September 2018, with 3 project goals for 2018 achieved out of four(4):

1st project goal: completion of Unit 1 pre-stressing galleryconstruction – work on Unit 2 has also begun

2nd project goal: completion of Unit 1 “Deep dig”, which willcontain the 54m tall water pumping station

3rd project goal: handover of the design package for Unit 1Nuclear Island Common Raft, enabling to start work on site

(1) Please refer to press release published by EDF on 3 July 2017

(2) Excluding interim interests and excluding forex effect versus the reference exchange rate for the

project 1 Sterling = 1.23 Euro

(3) Additional costs net of action plans

(4) The 4th and final project goal for 2018 being the concrete of the Nuclear Island

Next steps by end-2018

4th project goal for 2018: pouring the concrete forthe Nuclear Island Common Raft

This step required consent from the ONR for thestart of the concrete pour, which was granted on8 November 2018.

Two 1,630MW EPR under construction




Markets

9M 2018 SALES 12

NACHTIGAL HYDROELECTRIC DAM IN CAMEROON(1)

Key project features

Design, construction and operation for a period of 35 years of a420-MW run-of-the-river hydropower plant on the Sanaga rivernear the Nachtigal Falls

Construction of a 50-km power transmission line

Will be owned and operated by NHPC (Nachtigal Hydro PowerCompany), currently comprising EDF (40%)(2), IFC(3) (30%) and theRepublic of Cameroon (30%)

Expected power generation to cover 30% of the country’selectricity demand (~3TWh p/y)

Substantial economic benefits: up to 1,500 direct jobs duringpeak construction periods, of which 65% will be locally sourcedwithin a 65-km radius of the construction site. The project willgenerate dozens of permanent jobs.

Financing structure

Project’s expected total cost of €1.2 billion

Shareholders’ equity to fund a quarter of the project, lenders tofund the rest

The lender group coordinated by IFC includes 11 DevelopmentFinance Institutions (DFI) and 4 local commercial banks(4)

The largest hydropower project ever built in Africa throughnon-recourse project finance debt

Schedule

Final and binding agreements signed on 8 November2018

Construction expected to begin by the end of 2018,when the financial closing is completed

Commissioning expected in 2023

420-MW run-of-the-river hydropower plant

(1) Please refer to press release published by EDF on 8 November 2018

(2) Equity consolidation method

(3) IFC – a sister organization of the World Bank and member of the World Bank

Group

(4) DFI include: AfDB, IFC, CDC, European DFI coordinated by Proparco (AFD, DEG

and FMO), EIB, OFID,EAIF, AFC. Local banks include: Attijari/SCB, BICEC, SG

Cameroun and Standard Chartered




Markets

9M 2018 SALES 13

EDF’S ELECTRIC MOBILITY PLAN: 3 CORNERSTONESB E C O M I N G T H E L E A D I N G E - M O B I L I T Y E N E R G Y C O M PA N Y

I N E U R O P E B Y 2 0 2 2

on our 4 main markets: France, UK, Italy, Belgium

Stepping up the development of a "smart charging" infrastructureand related services

Europe’s "smart charging" leader

TA R G E T S

→ 2020: 4,000 smart charging points deployed

→ 2035: 1.5 million smart vehicles = 25% of market share

Biggest charging network operator

Turnkey charging solutions for all our customers in all situations

TA R G E T S

→ 2022: 75,000 charging points deployed and providing access to 250,000 interoperable terminals

Leading power supplier for electric vehicles

A wider range of innovative commercial offerings

TA R G E T S

→ 2022: Supplying power for 600,000 electric vehicles = 30% of market share

A stronger partnership strategy




Markets


2018

THIRD QUARTER

Appendices

Operating Data

9M 2018 SALES 15

INSTALLED CAPACITY AS OF 30 SEPTEMBER 2018

(in GWe)

Consolidated capacities of EDF group,

including shares in associates and

joint ventures

Associates and joint

ventures

Consolidated capacities

of EDF group

Nuclear(1) 75.2 57% 2.2 72.9 58%

Coal 7.9 6% 2.2 5.7 5%

Fuel oil 4.7 4% - 4.7 4%

Gas 12.8 10% 0.9 11.9 9%

Hydro(2) 23.0 17% 1.4 21.6 17%

Other Renewables 9.2 7% 0.1 9.1 7%

Total 132.7 100% 6.8 125.9 100%

NB: The values correspond to the expression to the first decimal or integer closest to the sum of the precise values, taking into account rounding

(1) The inclusion of EDF’s stake in the Taishan 1 EPR will only be effective after the ramp-up test period. Including Taishan 1, 75.2 GW rises to 75.7 GW and 2.2 GW to 2.7 GW

(2) Including marine energy: 0.24GW




Markets

9M 2018 SALES 16

ELECTRICITY OUTPUT

(in TWh) 9M 2017 9M 2018

Nuclear 335.7 78% 340.4 78%

Hydro(1)(2) 31.6 7% 42.0 10%

Other Renewables 10.9 3% 12.7 3%

Gas 35.9 8% 30.6 7%

Coal 14.5 3% 6.0 1%

Fuel oil 4.1 1% 3.4 1%

Group 432.7 100% 435.1 100%

NB: The values correspond to the expression to the first decimal or integer closest to the sum of the precise values, taking into account rounding.

(1) Hydro output after deductions of pumped volumes is 26.5TWh in 9M 2017 and 36.7TWh in 9M 2018.

(2) Including marine energy: 0.4TWh over 9M 2017 and over 9M 2018.

Output from fully consolidated entities




Markets

9M 2018 SALES 17

RENEWABLE OUTPUTOutput from fully consolidated entities

(in TWh) 9M 2017 9M 2018

Hydro(1)(2) 31.6 74% 42.0 77%

Wind 9.3 22% 10.5 19%

Solar 0.4 1% 1.3 2%

Biomass 1.2 3% 0.9 2%

Group total electricity 42.5 100% 54.8 100%

Group total heat 4.2 100% 4.2 100%


(1) Hydro output after deductions of pumped volumes is 26.5TWh in 9M 2017 and 36.7TWh in 9M 2018.

(2) Including marine energy: 0.4TWh over 9M 2017 and over 9M 2018.




Markets

9M 2018 SALES 18

HEAT OUTPUTOutput from fully consolidated entities

(in TWh) 9M 2017 9M 2018

Renewables(1) 4.2 17% 4.2 20%

Gas 13.1 52% 13.5 64%

Coal 6.3 25% 0.9 4%

Fuel oil 0.2 1% 0.2 1%

Other(2) 1.3 5% 2.4 11%

Group 25.1 100% 21.2 100%

NB. The values correspond to the expression to the first decimal or integer closest to the sum of the precise values, taking into account rounding.

(1) Category corresponding to installations operating with woody biomass, landfill gas, sewage treatment plant gas and biogas.

(2) Category implemented in 2017, combining part of the heat generation by incineration and the recovery of heat and electricity from other industrial processes.




Markets

9M 2018 SALES 19

CO2 EMISSIONS(1)

Emissions from fully consolidated entities

CO2 emissions power and

heat generation(2)

by segment

In kt In g/kWh

9M 2017 9M 2018 9M 2017 9M 2018

France – Generation and

supply activities6,718 19% 4,511 19% 21 13

France – Regulated activities 2,314 6% 2,147 9% 523 476

Dalkia 4,100 11% 4,503 19% 155 213

United Kingdom 4,224 12% 4,721 20% 75 88

Italy 5,761 16% 4,958 20% 322 298

Other international 12,766 36% 3,371 14% 453 246

Group (3) 35,883 100% 24,211 100% 79 53


(1) The segments “EDF Renouvelables”, “Framatome” and “Other activities” are not presented because their emissions are negligible.

(2) Direct CO2 emissions, excluding life cycle analysis (LCA) of generation plants and fuel.

(3) The decrease in CO2 emissions for the Other international segment and for the Group is mainly due to the disposal of the Polish subsidiary as of 13/11/2017 and to lower power

generation by fossil-fired thermal plants in France and in Italy.




Markets

9M 2018 SALES 20

EDF RENOVELABLES: NET INSTALLED CAPACITY AS OF 30 SEPTEMBER 2018

Source: EDF Renouvelables

Note: MWp : Megawatt peak (measure of the power under laboratory lighting and temperature conditions)

Key

Wind installed (MW)

Solar installed (MWp)

Wind and solar under construction (MW)

Other technologies Net

Installed 215MW

Under construction -

Gross Net

Installed capacity 12,661MW 8,063MW

Capacity under construction 2,229MW 1,419MW

Total 14,890MW 9,482MW

205MW

230MW120MWp

298MW74MWp

238MW12MWp

2,491MW322MWp862MW

170MW46MW

267MW

184MW

588MW23MWp49MW

106MW

99MWp94MWp

1,175MW216MWp125MW

6MW

58MW131MWp

82MW100MWp

56MW

27MW

182MW319MWp

86MW11MWp61MW

50MW43MWp62MWp




Markets

9M 2018 SALES 21

EDF RENOUVELABLES: INSTALLED CAPACITY AND CAPACITY UNDER CONSTRUCTION, BY TECHNOLOGY, AS OF 30 SEPTEMBER 2018

(1) Gross capacity: total capacity of the facilities in which EDF Renouvelables has a stake.

(2) Net capacity: capacity corresponding to EDF Renouvelables’ stake.

(in MW)Gross(1) Net(2)

31/12/2017 30/09/2018 31/12/2017 30/09/2018

Wind 9,946 10,276 6,488 6,499

Solar 1,648 2,144 1,141 1,349

Hydro 63 63 60 60

Biogas 70 70 70 70

Biomass 40 40 40 40

Storage 20 69 20 45

Total installed capacity 11,787 12,661 7,820 8,063

Wind under construction 884 866 669 642

Solar under construction 943 1,363 397 778

Storage under construction 49 - 24 -

Total capacity under construction 1,876 2,229 1,090 1,419




Markets


2018

THIRD QUARTER

Appendices

France

9M 2018 SALES 23

ELECTRICITY SUPPLY IN FRANCE

(1) Rounded to the nearest tenth.

(2) Including EDF’s own consumption.

(3) Blue professional tariff, LDC (Local Distribution Companies) at transfer price and Yellow and Green tariffs, below 36kVA from 2016.

(in TWh)

Residentialcustomers

(at regulated tariffs and not at regulated tariffs for 0,2 TWh in 2018)

Local authorities, companies and professionals

(at regulated tariffs)(3)

Local authorities, companies and professionals

(not at regulated tariffs and including transitional offer )

Sales to end customers(1)(2)




Markets

94.6 90.4 87.1

28.6 26.0 25.1

108.9 107.4 102.3

214.5232.1

223.8

9M 2016 9M 2017 9M 2018

9M 2018 SALES 24

105.7

0.2

6.2

86.9

25.1

102.4

ELECTRICITY SUPPLY IN FRANCESALES UNDER HISTORICAL TARIFFS SPLIT BY COLOUR

(1) Rounded to the nearest tenth.

(2) Including EDF’s own consumption.

(3) Local Distribution Companies (LDCs).

(4) Of which Yellow tariff for 0.1TWh and Green tariff for 0.1TWh - tariffs lower than 36 kVA from 2016.

(in TWh)

Sales to end customers for 9M 2018(1)(2)

Residential customers(at regulated tariffs)

Sales excl.regulated tariffs(Local authorities, companies and

professionals, and residential customers for 0,2 TWh)

Local authorities, companies and professionals(at regulated tariffs)

LDC(3) transfer priceGreen and Yellow tariffs(4)

Blue tariff




Markets

9M 2018 SALES 25

CAPACITY MARKET IN FRANCE

Capacity auction prices(1)

Volume of certified EDF capacities: 77 GW

Market reference price: €9.34/kW

In €/kW

Volume of certified EDF capacities: 75GW

Market reference price: • Will be set as the arithmetic average of the 7 EPEX auctions

to be held prior to 1 January 2019

• Between €14.79 and €20.50 per kW, depending on the outcome of the last auction scheduled for 13/12

For delivery in 2018 For delivery in 2019

In €/kW

(1) Data rounded to the nearest hundredth.

13.00

18.50 18.24 18.50 18.5016.77

14/12/2017 08/03/2018 26/04/2018 21/06/2018 13/09/2018 18/10/2018

9.31 9.38 9.38

09/11/2017 14/12/2017 26/04/2018




Markets

9M 2018 SALES 26

CAPACITY MARKET IN FRANCE: IMPACT ON EBITDA (YEAR Y)

Valuation method for

certificates

Timing of EBITDA

impact

Certificates

concernedPrice Volumes concerned(1)

Pass through of the

capacity price to end

customers (market share of

supply contracts and tariffs)

At the time of

energy

delivery

Certificates

for delivery

year Y

Calculated from

auction prices

From 25 to 45GW (depending on the ARENH

volumes subscribed and

included in the supply

contracts)

Transfers related to

ARENH volumes (incl.

ARENH share of supply

contracts and tariffs)

At the time of

energy

delivery

Certificates

for delivery

year Y

ARENH product at

€42/MWh includes

delivery of

associated capacity

guarantees

~115MW per TWh of

ARENH

Certificate sales(2) to

alternative suppliers(via auctions or OTC)

At the time of

closing of the

transactions

Any

certificate

Auction price (or negotiated price for

OTC sales)

Variable

(according to ARENH

volumes)

(1) The volume of certified capacity certificates in France may be higher than RTE’s estimate of demand. In such a case, a certain amount of the certificates held by EDF would not be sold(2) Sales volumes net of purchases




Markets

9M 2018 SALES 27

REGULATED SALES TARIFFS IN FRANCE (1/2)

DateChange in Residential Blue tariff

(VAT excluded)

Change in Non-Residential Blue tariff

(VAT excluded)

01/08/2016 -0.5% -1.5%

01/08/2017 +1.7% +1.7%

01/02/2018 +0.7% +1.6%

01/08/2018 -0.5% +1.1%

Change in Blue tariff




Markets

9M 2018 SALES 28

59.5

49.5

38.5

22.5

REGULATED SALES TARIFFS IN FRANCE (2/2)

€170/MWh(2)

CSPE

TURPE

Generation and supply costs

Taxes

Average bill breakdown, VAT included(Blue residential customer)

Energy + fees

€109.6/MWh €109.1/MWh

TURPE

01/02/2018 01/08/2018

Residential Blue tariff

-0.5%

-€0.5/MWh

Source: CRE deliberation of 12 July 2018.

(1) Including cost of Energy Efficiency Certificates.

(2) Half-rounded figures.

Capacity Cost to serve(1) & Margin Catch-up

49.0

1.4

42.9

14.71.7

49.6

1.4

42.9

15.3




Markets

9M 2018 SALES 29

FRENCH NUCLEAR FLEET: QUALITY ASSURANCE ANOMALIES IN AREVA’S MANUFACTURING FILES(1)

(1) On 4 January 2018, New NP, a subsidiary of AREVA NP, changed its name to Framatome. The company’s capital is 75.5% owned by the EDF group, 19.5% by Mitsubishi Heavy Industries (MHI) and 5% by

Assystem.

See Framatome press releases dated 4 January 2018.

(2) On 12 March 2018, the ASN declared steam generator 335 at Fessenhein 2 fit for service and lifted its suspension on the test certificate. It said the anomaly that occurred during the forging of a shell of this steam

generator did not compromise its fitness for service, and that it complied with regulations.

The comprehensive review of manufacturing files continues at EDF. The review focuses on components produced at the Creusot Forge plant

and installed on EDF currently operating reactors. This audit process entails drafting a summary report for each reactor, which is submitted to

the ASN for review, at least two months prior to restarting the reactor after the planned outage. The ASN must grant approval, as per the

normal procedure for reactor restarts. A file submission schedule running from September 2017 to end 2018 was agreed with the ASN.

There are several steps involved in submitting the summary report on each reactor: the first step is to inspect all the manufacturing files on the

forged parts intended for the nuclear fleet, to identify the findings. Experts then analyse these findings to determine whether they are classified

as deviations during technical reviews. These technical reviews have now been finalised for all the manufacturing files for analysis of

the fleet in operation: all files were examined, with no major discrepancies discovered (other than the one already dealt with and

cleared(2) for the steam generator at Fessenheim 2). Framatome prepares a summary report for each reactor based on the technical

reviews. The reports are checked by EDF before submission to the ASN for review.

As of 9 November 2018, 58 summary reports (i.e. all reports) were sent to the ASN and 49 have been cleared. So far, the ASN has given

the green light to restart almost 85% of the reactors. The review by the ASN is set to continue until end-2018.

• In 2017, 12 summary reports were submitted to the ASN. The ASN confirmed that the components in question could be safely used in these

12 reactors.

• In 2018, 46 summary reports were submitted to the ASN (as of 9 November 2018). As of this date, the ASN has already confirmed that the

components can be safely used in 37 of these reactors.




Markets


2018

THIRD QUARTER

Appendices


9M 2018 SALES 31

5.4 5.0

10.6 9.9

16.0 15.1

20.9 20.1

26.525.1

32.230.2

37.635.4

43.340.8

48.745.9

UNITED KINGDOM: MONTHLY NUCLEAR OUTPUT

2018 cumulative output

2017 cumulative output

March JuneApril May

In TWh

Jan. Feb. July August Sept.




Markets

9M 2018 SALES 32

UNITED KINGDOM: UPSTREAM/DOWNSTREAM ELECTRICITY BALANCE

(1) Including wind output and purchase obligations.

Coal 2.9

Nuclear 45.9

Other(1) 4.1

Gas 4.9

Renewables 0.0

-2.8

+0.4

-0.4+0.2

-0.0

-2.621.1 -2.657.1

-0.6

-0.6

-2.1

-0.4

∆ 9M 2018vs 9M 2017

∆ 9M 2018vs 9M 2017

Centrica (20%) 9.1

Residential 9.3

Net wholesale market 14.2

SME & IC 25.2

OUTPUT/PURCHASES SALES

(in TWh)




Markets

9M 2018 SALES 33

EDISON: UPSTREAM/DOWNSTREAM ELECTRICITY AND GAS BALANCES

In TWh

Thermal

10.6

Wholesale & other

purchases7.9

Hydro and renewables

3.0

End clients 10.3

Wholesale markets &

other8.3

Domesticpurchases

4.2

LT imports & reserves

10.5

Domestic production

0.3

Wholesale markets &

other5.2

Residential & industrial

customers5.0

Thermoelectric 4.8

IPEX 2.9

+0.2

∆ 9M 2018vs. 9M 2017(1)

+0.2

∆ 9M 2018vs. 9M 2017

∆ 9M 2018vs. 9M 2017

21.5 21.515.0 15.0

-0.2 -0.2

-1.9

+1.6

+0.5

+2.0

-4.1

+2.3

+0.3

-0.4

+0.2

+0.2

-0.6

-0.1

Electricity(2) Gas

In bcm

(1) The company figures as of 30 September 2017 have been restated according to IFRS 15

(2) Excluding trading volumes

OUTPUT/PURCHASES SALES OUTPUT/PURCHASES SALES

∆ 9M 2018vs. 9M 2017(1)




Markets


2018

THIRD QUARTER

Appendices

Markets

9M 2018 SALES 35

AVERAGE SPOT PRICES IN 9M 2018

€58.9/MWh

€46.0/MWh

€41.7/MWh

€49.8/MWh

€62.8/MWh

€55.4/MWh

€49.9/MWh

+€12.3/MWh(1)

+€12.8/MWh(1)

+€7.2/MWh(1)

+€4.9/MWh(1)

+€7.6/MWh(1)

+€9.5/MWh(1)

+€5.1/MWh(1)

1.0TWh-0.9TWh(2)

CWE (3)

(1) Change compared to average prices in the first 9 months of 2017

(2) Commercial exchanges (Source: ENTSO-E Transparency website) and change compared to the first 9 months of 2017

(3) Implementation of the flow-based coupling mechanism since 21 May 2015 for all CWE (France, Benelux, Germany)

Despite a more warm weather inwinter, the spot prices in the first9 months of 2018 went up inEurope in comparison with thesame period of 2017. The mainreasons are following:• commodities’ prices growth,

• particularly poor wind conditions in summer in Germany

Market coupling stays limited by the available capacities at the borders

Average observed spot market price during the first 9 months of 2018: EPEXSPOT: France and Germany N2EX: United Kingdom OMIE: Spain GME: Italy (Prezzo Unico Nazionale) APX: Netherlands BELPEX: Belgium

11.3TWh+1.5TWh(2)

11.1TWh-0.1TWh(2)

17.2TWh+9.1TWh(2)5.3TWh

-0.7TWh(2)

12.7TWh+0.7TWh(2)

0.3TWh-0.2TWh(2)

14.9TWh+0.7TWh(2)

2.3TWh-0.2TWh(2)

13.5TWh-0.3TWh(2)



International and

other activitiesMarkets

9M 2018 SALES 36

MONTHLY CROSS-BORDER ELECTRICITY TRADE BALANCE

Source: ENTSO-E

2017

2018France as an exporter

France as an importer

-1

0

1

2

3

4

5

6

7

8

-1.0

3.4

6.3

5.25.7

3.3

4.4 4.4 4.3

7.0

2.8 3.1

5.7

8.0

7.4

6.1

4.2

5.5

January March JuneFebruary April May

In TWh

The French cross-border trade balance was 49.7 TWh in 9M 2018 (up 13.7 TWh on 9M 2017). Exportsincreased 11.7 TWh, while imports fell 2.0 TWh compared with the same period in 2017. France was a netexporter across all its borders in the nine months from January to September 2018.

July August September



International and


9M 2018 SALES 37

FRENCH POWER TRADE BALANCES AT ITS BORDERS

Source: ENTSO-E

(1) Rounded to the nearest tenth

(2) CWE flow-based coupling zone composed of Germany, Belgium, France, Luxembourg and Netherlands, set up in May 2015

9M 2017 9M 2018

In TWh(1) Q1 Q2 Q3 Total Q1 Q2 Q3 Total

CWE(2)

exports 1.6 3.6 3.0 8.1 2.6 8.0 6.6 17.2

imports 4.7 2.6 4.0 11.2 6.3 1.9 3.0 11.1

balance -3.1 1,0 -1.0 -3.1 -3.7 6.1 3.6 6.0

United

Kingdom

exports 2.1 3.9 3.8 9.8 3.8 3.7 3.8 11.3

imports 0.9 0.5 0.6 1.9 0.2 0.3 0.5 1.0

balance 1.3 3.4 3.2 7.9 3.6 3.4 3.3 10.3

Spain

exports 3.8 5.1 4.9 13.8 4.0 4.9 4.7 13.5

imports 2.0 0.4 0.2 2.5 1.6 0.3 0.5 2.3

balance 1.8 4.8 4.7 11.3 2.4 4.6 4.2 11.2

Italy

exports 4.9 4.5 4.8 14.3 5.8 4.8 4.3 14.9

imports 0.3 0.1 - 0.5 0.1 - 0.1 0.3

balance 4.6 4.4 4.8 13.8 5.7 4.8 4.2 14.7

Switzerland

exports 5.7 2.8 3.6 12.1 6.3 4.1 2.3 12.8

imports 1.4 2.2 2.3 5.9 1.4 1.9 1.9 5.3

balance 4.3 0.6 1.3 6.1 4.9 2.2 0.3 7.5

TOTAL

exports 18.0 19.9 20.1 58.0 22.5 25.5 21.7 69.7

imports 9.3 5.8 7.0 22.0 9.6 4.4 6.0 20.0

balance 8.7 14.1 13.1 35.9 12.9 21.1 15.7 49.7



International and


9M 2018 SALES 38

FORWARD ELECTRICITY PRICES IN FRANCE, THE GREAT BRITAIN, ITALY AND GERMANY (Y+1) FROM 01/10/16 TO 30/09/2018

In €/MWh

25

35

45

55

65

75

Electricity - annual baseload contract Germany (EEX) Electricity - annual baseload contract France (EEX)

Electricity - annual baseload contract GB (EDF Trading) Electricity - annual baseload contract Italy (EDF Trading)



International and


9M 2018 SALES 39

FORWARD ELECTRICITY PRICES IN FRANCE, THE GREAT BRITAIN, ITALY AND GERMANY (Y+2) FROM 01/10/16 TO 30/09/2018

In €/MWh

25

35

45

55

65

Electricity - annual baseload contract France (EEX) Electricity - annual baseload contract Germany (EEX)

Electricity - annual baseload contract GB (EDF Trading) Electricity - annual baseload contract Italy (EDF Trading)



International and


9M 2018 SALES 40

FRANCE/GERMANY SPOT BASELOAD SPREAD FROM 01/10/16 TO 30/09/2018Daily spread in €/MWh over 5 rolling days

-20

0

20

40

60

80

100

Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18

Spread Spot Spread à terme (Y+1)

Note: over the period, the France/Germany spread reached its minimum on 19 May 2018 at -€13.73/MWh, and its maximum on 29 October 2017 at €92.37/MWh



International and


9M 2018 SALES 41

0

20

40

60

80

100

120

140

Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep.

Oct. 2016 - Sept. 2017 Oct. 2017 - Sept. 2018

FRANCE: BASELOAD ELECTRICITY SPOT PRICES

Source: EPEX

Baseload electricity spot prices averaged €46.0/MWh in the first nine months of 2018, an increase of €4.9/MWhon 9M 2017, pushed up by a hot summer with little wind, the late cold snap at the end of February 2018 andrising commodity prices in 2018. Spot price trends differ markedly depending on month, compared with the firstnine months of 2017.

Min base Oct. 2016 – Sept. 2017 =

€11.3/MWhMax base Oct. 2017 –

Sept. 2018 = €91.9/MWh

Max base Oct. 2016 –

Sept. 2017 = €125.7/MWh

Min base Oct. 2017 –

Sept. 2018 = €2.66/MWh

Daily average in €/MWh



International and


9M 2018 SALES 42

0

20

40

60

80

100

120

140

160

180

200

Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep.

Oct. 2016 - Sept. 2017 Oct. 2017 - Sept. 2018

FRANCE: PEAKLOAD ELECTRICITY SPOT PRICES

Source: EPEX

In 9M 2018, the average peakload spot price established at €53.5/MWh, i.e. €5.3/MWh up compared to the same period last year.

Average daily in €/MWh

Max peak Oct. 2016 –

Sept. 2017= €189.2/MWh

Min peak Oct. 2016 –

Sept. 2017 = €18.7/MWh

Max peak Oct. 2017 –

Sept. 2018 = €113.24/MWh

Min peak Oct. 2017 –

Sept. 2018 = €5.0/MWh



International and


9M 2018 SALES 43

55

65

75

85

95

Prix du Charbon CIF ARA API2 Y+1 (ICE)

COAL PRICES (Y+1) FROM 01/10/2016 TO 30/09/2018

In US$/t

The price of coal for delivery in Europe in N+1 rose 22.7% (or + US$ 15.9/t) to an average of US$ 85.7/t in 9M 2018 vs. the same

period in 2017. The price remained stable overall in H1 2018: the decline in prices from January to March (falling oil prices, a

downward revision in forecasts for Chinese demand and abundant supply in Asia) was offset by the recovery at the end of March.

Coal prices fell back in July 2018, on the back of declining oil prices and the contraction in Chinese demand. They picked up again in

early August, as oil prices rose, tensions appeared in American and Russian output and Chinese and European demand was

expected to recover.



International and


9M 2018 SALES 44

40

50

60

70

80

BRENT PRICES(1) FROM 01/10/2016 TO 30/09/2018

(1) Brent spot price (M+1)

In US$/bbl

Brent averaged US$ 72.7/barrel in 9M 2018, up 38.5% or +US$ 20.2/barrel compared with 9M 2017. It closed at US$

82.7/barrel at end-September, its highest level since end-November 2014.

Oil’s almost continuous rise in Q4 2017 continued into 2018, although on a more turbulent trajectory. The price fell in early

February and rebounded again from March to end-May. Barrel prices sank from the end of May to the middle of August, as

Libyan oil terminals came back on stream and uncertainty stalked global demand. Upward pressure on prices resumed as US

stocks fell and fears of shrinking supply rippled through the markets with sanctions on Iran coming into force in early November

– especially as OPEC failed to announce a hike in output to make up for the loss of Iranian exports.



International and


9M 2018 SALES 45

12

16

20

24

28

GAS PRICES(1) (Y+1) FROM 01/10/2016 TO 30/09/2018

(1) Price of France PEG Nord gas

The price of the annual gas contract for delivery in N+1 to the French north gas exchange point (PEG Nord) jumped 20.4% (or

€3.5 /MWh) to average €20.4/MWh in the first nine months of 2018 vs. the same period in 2017. It ended the 9M at €26.7/MWh

after having broken €27.4/MWh on 24 September, its highest level in almost five years (exceeding the peak in December 2013).

Following a period of relative stability hovering around €18/MWh, gas prices have risen since the beginning of April 2018. This

was mainly due to rising oil and CO2 prices (which makes gas more competitive than coal), tensions on short-term inventories

and their impact on long prices, and the announcement that the Netherlands will cut back output in the Groningen field (the

Netherlands) and phase out the field completely in the long term.

In €/MWh

Change of gas year



International and


9M 2018 SALES 46

0

4

8

12

16

20

24

CO2 PRICES (Y+1) FROM 01/10/2016 TO 30/09/2018

The price of emissions allowances for delivery in December N+1 closed 9M 2018 at €21.8/t, up €14.7/t compared with end

September 2017. Prices peaked at €25.6/t on 10 September 2018, the highest level in 10 years. The price increase from H2

2017 accelerated from February 2018 after the European Parliament approved an EU-ETS reform for 2021-2030 in February

2018. Other factors driving the increase were the hedging strategy of some operators and the return of speculators to the market.

In €/t



International and


9M 2018 SALES 47

CLEAN DARK SPREAD(1) IN THE UK (DAY AHEAD)

(1) Spread of a coal-fired plant running at full capacity, including the cost of coal and CO2 emissions (excluding green certificates), assuming the market is efficient

+ Electricity price

Market spread = – API 2 Price x market estimate of the coal volume / MWh of electricity

– (EUA price + Governmental tax price) x market estimate of carbon emissions / MWh of electricity

In £/MWh

0

5

10

15

20

25

30

35



International and


9M 2018 SALES 48

Gas(2)Electricity(1)186.0

80.262.4

188.8

70.3 59.7

Q1 Q2 Q3

143.9

104.9 99.4

147.5

102.8 99.5

Q1 Q2 Q3

FRANCE: ELECTRICITY AND GAS CONSUMPTION

(1) Source 2017: RTE Monthly Overview

Source 2018: RTE, August 2018 Monthly Overview (preliminary figures) - September 2018: ETR and Corsica consumption

(2) Source: Base Pégase, Ministry of Ecological and Inclusive Transition

September 2018: GRTgaz and TIGF publications

In TWh

At end-September, consumption in France edged up 0.5% year-on-year. Adjusted for climate, French consumption was relatively unchanged from 9M 2017.

Demand for gas fell 3.0% from 9M 2017. The differencewith the prior year was marked depending on month andclimate. Consumption between June and August wasrelatively stable.

2017

2018



International and


9M 2018 SALES 49

79.977.9

82.981.1

77.1

83.9

Q1 Q2 Q3

ITALY: ELECTRICITY AND GAS CONSUMPTION

(1) Source: Terna data restated by Edison

(2) Source: Ministry of Economic Development (MSE), Snam Rete Gas restated by Edison on the basis of 1 bcm = 10.76TWh

In TWh

Electricity consumption was substantially stable (+0.6%). Higher hydroelectric production and net imports made up for lower thermoelectric and solar generation.

Gas demand decreased by 1,1%. Lower thermoelectric uses (-8%) partly compensated by an increase in residential sector (+5%) as a result of cold weather in winter.

Electricity(1) Gas(2)2017

2018275.6

145.7 137.4

279.6

134.8 138.3

Q1 Q2 Q3



International and


9M 2018 SALES 50

0

4

8

12

16

20

24

October November December January February March April May June July August September

Average observed temperature October 2016 - September 2017

Average observed temperature October 2017 - September 2018

Normal average temperature

AVERAGE MONTHLY TEMPERATURES(1) IN FRANCE

Source: Météo France

(1) Data based on a set of 32 cities

In °C

Temperatures remained above average practically continuously throughout summer 2018. A heat wave rolled over the country from 24 July to 8 August, making 2018 the second hottest summer on record since 1900, second only to 2003.



International and


9M 2018 SALES 51

2

4

6

8

10

12

14

16

18

20

22

24

October November December January February March April May June July August September

October 2016 - September 2017

October 2017 - September 2018

AVERAGE MONTHLY TEMPERATURES IN LONDON (1)

Source: Météo France

(1) Representative of EDF Energy’s business

In °C



International and



2018

THIRD QUARTER

Appendices

Documents

SALES AND HIGHLIGHTS 2018 - EDF France · Project completion costs estimated at £19.6 billion in 2015 sterling(2), an increase of £1.5 billion(3) in 2015 sterling, compared to the