SALES AND HIGHLIGHTS 2019 - EDF France · Q3 –Engineering for Inner Containment Lift 1 Complete Q4 –Unit 1 Pressuriser Manufacturing Begins HINKLEY POINT C PROJECT (1) Refer to

RESULTATS ANNUELS 2018 19M 2019 SALES 1

SALES AND

HIGHLIGHTS

2019

THIRD QUARTER

Appendices


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 quarterly financial information is not subject to an auditor’s report.

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 Universal Registration Document of EDF filed

with the Autorité des marchés financiers on 29 July 2019, 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.


TABLE OF CONTENTS

Consolidated sales P. 5

Strategy and investments P. 7

Operating data P. 22

France and International P. 35

Markets P. 45


SALES AND

HIGHLIGHTS

2019

THIRD QUARTER

Appendices

Consolidated sales


Consolidated sales Strategy & investments Operating data France and International Markets

In millions of Euros 9M 2018 (2) Forex Scope Organic growth 9M 2019 ∆% org. (3)

France – Generation and supply

activities18,942 - 57 1,080 20,079 +5.7

France – Regulated activities(4) 11,571 - - (134) 11,437 -1.2

Framatome 2,290 28 - 28 2,346 +1.2

United Kingdom 6,466 6 - (80) 6,392 -1.2

Italy 5,736 - 131 (208) 5,659 -3.6

Other international 1,667 3 17 251 1,938 +15.1

EDF Renewables 1,090 24 34 15 1,163 +1.4

Dalkia 2,760 2 13 128 2,903 +4.6

Other activities 2,055 15 (93) 182 2,159 +8.9

Inter-segment eliminations (3,301) - - 166 (3,135) -5.0

Total Group 49,276 78 159 1,428 50,941 +2.9

CHANGE IN SALES (1)

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

(2) 9M 2018 published amounts were restated of the impact linked to the EDISON’s E&P activity presentation as a discontinued operation

(3) Organic change at constant scope and exchange rates

(4) Regulated activities: Enedis, ÉS and island activities; Enedis, an independent EDF subsidiary as defined in the French energy code


SALES AND

HIGHLIGHTS

2019

THIRD QUARTER

Appendices

Strategy and investments



COMPARATIVE DEBT RATINGS

Sources: rating agencies as of 31/10/2019

(1) Update of the rating and outlook of EDF Group by S&P on 10 October 2019

(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’s on 29 August 2019

Baa3

BBB+ A- A A+

Baa1

A3

A2

A1

Moody’s

ratings

S&P ratings

Baa2

BBBBBB-

S&P Ratings

Moody's Ratings

Fitch Ratings

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

Engie A- stable A3 stable A stable

E.ON BBB stable Baa2 stable BBB+ stable

Uniper BBB negative n.d. n.d.

Enel BBB+ stable Baa2 positive A- stable

RWE n.d Baa3 stable BBB stable

Iberdrola BBB+ stable Baa1 stable BBB+ stable

SSE BBB+ stable Baa1 stable BBB+ negative

Vattenfall BBB+ stable A3 negative n.d

Innogy BBB stable Baa2 stable BBB+ stable

Iberdrola

Vattenfall

SSE

E.ONEnel

Innogy

EDF

Engie



(1) Finishing work aimed at bringing the facility up to a high quality standard (cleanliness, paint, weather stripping), in accordance with the standard of an operating nuclear power plant.

(2) Refer to press release on 9 October 2019.

(3) In Euros 2015 and excluding interim interests.

(4) IAS 16 paragraph 22 on abnormal costs incurred in connection with assets constructed by the company. These costs will affect the years 2020, 2021 and 2022.

FLAMANVILLE 3 EPR (1,650 MW)Construction progress at end of September 2019

Main civil engineering work completed. Electromechanical assembly nearly finished, the remaining activity is being carried out as the system performance tests are being performed. 76% completion of building finish work (1).

65% progress of facility transfers to the operator.

System performance tests From 22 February 2019 to 22 March 2019: 1st phase of the “hot” tests with more than 95% of the test criteria testing compliant. On 21 September 2019: 2nd phase of “hot” tests started. These trials allow the facility to be checked under normal operating conditions and will continue until the end of

2019.

Reworking of secondary system weldsIn the letter of 19 June 2019, the Nuclear Safety Authority (ASN) asked EDF to repair the eight containment penetration welds for Flamanville EPR, not compliant with the “breakpreclusion” principle. Within this framework, EDF has assessed three repair scenarios.

This work resulted in discussions with the ASN, who sent EDF a letter on 4 October concerning the technical feasibility of these three scenarios.

The penetration weld rework scenario preferred by EDF is the use of remote-controlled robots, designed to conduct high precision operations inside the piping concerned. Thistechnology has been developed for nuclear power plants in operation and shall be qualified for penetration weld rework. The aim is to qualify this scenario with validation by the ASNby the end of 2020, the date on which EDF will be able to initiate the repair works. The second scenario, based on extraction and realignment works in the Safeguard AuxiliaryBuildings, is kept at this stage as a fall-back solution.

The process of realignment of the 58 welds on the secondary system with quality deviations or not in compliance with the “break preclusion” principle requirements defined by EDFis being continued on site (see the significant incident report of 30 November 2017 on correct application of “high quality” requirements).

Schedule and cost (2)

The provisional schedule for the implementation of the preferred penetration weld repair scenario, if the target for validation by the ASN is complied with, results in the date of fuelloading at the end of 2022 and reassessment of the construction cost to €12.4 billion (3), representing an increase of €1.5 billion. These additional costs will be presented mainly asother income and expenses (4) and not as CAPEX.In Autumn 2020, this scenario is expected to be approved. If not, the implementation of our plan B would lead to an additional delay of around one year and an estimated additionalcost of approximately €400 million.A new application to amend the Flamanville 3 construction authorization decree, to extend the deadline, was filed by EDF on 23 July 2019.



DISCREPANCIES IN RELATION TO THE TECHNICAL FRAMEWORK FOR THE PRODUCTION OF NUCLEAR REACTOR COMPONENTS BY FRAMATOME

On the 9th of September 2019, EDF informed France’s nuclear regulatoryauthority of its initial investigations concerning the deviation from a post-welddetensioning heat-treatment process applied to certain nuclear-reactorcomponents.

EDF and Framatome have since identified 16 steam generators installed onsix operating reactor units: reactors no. 3 and 4 at Blayais, reactor no. 3 atBugey, reactor no. 2 at Fessenheim, reactor no. 4 at Dampierre-en-Burly andreactor no. 2 at Paluel.

Following the publication by the ASN on 24 October 2019 of the informationnote “Manufacturing deviation at Framatome stress-relieving heat treatmentof welds”, it has been confirmed that the reactors in question may continueto function as is (1). The checks required to address the deviations will becarried out during scheduled outages. For the Flamanville 3 EPR equipment,these inspections will be carried out after the currently underway hot testphase (2).

The components that are not yet in service are the 4 steam generators andthe pressuriser at the Flamanville 3 EPR, as well as 3 new steam generatorsthat have not yet been installed and that were manufactured for the purposeof replacing the steam generators on reactor units no. 5 and 6 at Gravelines.

(1) ASN requested complementary information on the specific case of Fessenheim 2.

(2) Refer to press release published on 25 October 2019.



Key points on the Hinkley Point C project (1)

The next milestone of completing Unit 2 common raft in June 2020 has been confirmed;

Project completion cost (2) is now estimated at between £21.5 and £22.5 billion in 2015 sterling, an increase of £1.9 to£2.9 billion (3) compared to the previous estimate, reflecting mainly challenging ground conditions and extra costsneeded to implement the completed functional design; the range depends on the effectiveness of action plans to bedelivered in partnership with contractors;

Commissioning of Unit 1 remains scheduled for end-2025. Risk of COD delay of Units 1 and 2, estimated respectivelyat 15 and 9 months, has increased; materialisation of this risk would entail an estimated additional cost of around£0.7 billion in 2015 sterling (4).

All 4 main goals set for 2019 on Unit 1 have been achieved

Q1 – Tunnel boring machine ready to launch

Q2 – J0, Start of Reactor Building Construction

Q3 – Engineering for Inner Containment Lift 1 Complete

Q4 – Unit 1 Pressuriser Manufacturing Begins

HINKLEY POINT C PROJECT

(1) Refer to press release published by EDF on 25 September 2019.

(2) In 2015 Sterling, excluding interim interests and forex effect versus the reference exchange rate for the project 1 Sterling = 1.23 Euro.

(3) Additional costs net of action plans.

(4) Refer to press release published on 6 July 2017.



CHINA: TAISHAN 1 AND 2 (EDF 30%)

Both Taishan EPR plants are operating. The commercial commissioning of Taishan 1 and

Taishan 2 took place respectively on 13 December 2018 and 7 September 2019 (1).

The Taishan plant can generate up to 24TWh of electricity per year, the equivalent of the

annual consumption of 5 million of Chinese people. The plant will prevent 21 million tonnes

of CO2 emission per year.

The Taishan Unit 1 performance is compliant with the objectives.

Generation of more than 10TWh since the commissioning by the unit 1.

2 EPRs of 1,750MW

(1) Refer to press release on 6 September 2019

(2) Refer to press release on 28 March 2019

Tariff for the purchase of Taishan plant electricity• In March 2019, Chinese authorities published a first tariff for the purchase of electricity generated in these new Chinese nuclear plants, including Taishan. The

price set for Taishan amounts to RMB435/MWh (around €56/MWh)(2).

• This tariff will be reviewed by taking into consideration the feedback for operating the plant. The next review is set for 2021. EDF continues to share information

on the subject with its partner CGN and with the Chinese authorities.

A valued feedback in the last phases of commissioning • Thanks to the experience gained from Unit 1, the period between fuel loading and commercial commissioning was reduced by 3 months for Unit 2 compared to

Unit 1, and the duration of the hot tests was reduced by 100 days (46 days compared to 150 days).



FESSENHEIMEDF has submitted an application to the regulator and to France’s minister in

charge of the energy and solidarity transition, in which it has requested

approval for the termination of operations and permanent shutdown of both

reactors at Fessenheim nuclear power plant (NPP). The shutdown of

reactor no. 1 is planned for the 22nd of February 2020, whilst the

shutdown of reactor no. 2 is planned for the 30th of June of the same

year.

This submission follows on from the signing, on the 27th of September 2019,

by the State and by EDF, of a protocol agreement whereby the State will

compensate EDF for the early closure of Fessenheim NPP, resulting from the

limitation of nuclear power output set by a law passed on the 17th of August

2015, pertaining to the energy transition in support of green growth.

According to the terms of this protocol, compensation will comprise:

Initial instalments to compensate for expenses incurred by the closure

of the plant (post-operational expenditure, BNI taxes, dismantling and

staff redeployment costs), which will be paid over a 4-year period

following closure of the plant. These payments are expected to amount

to a total of nearly €400 million.

Subsequent payments in compensation for any loss of earnings, i.e.

income from future power generation, based on Fessenheim’s

previous output figures, up until 2041, calculated “ex post” on the basis

of nuclear output selling prices, including observed market prices.

EnBW, EDF’s partner in the plant (17.5%), will under certain conditions be

entitled to a share of lost earnings in proportion to its contractual rights to the

plant's generation capacity.

As part of this early closure, the government has set up a project

entitled “Future of the Fessenheim territory”. EDF has created its own

programme, called the Haut-Rhin Energy Programme. This is in line with

the 4 axes of the government project (job creation and reconversion,

territorial mobility, energy transition, innovation).

The objective of this programme is to support different projects, including

in particular:

Participation in an innovation hub to support research, particularly in

the field of hydrogen and materials, in connection with a metal

recovery project (under study by EDF on the plant site)

Participation in the relaunch of a project for a Lake Blanc-Lac Noir

Pumping Energy Transfer Station (STEP) by the French State

Participation in the creation of the Personalised Support Unit,

through which 150 employees are monitored



SINOP HYDROELECTRIC DAM IN BRAZIL

Schedule

24 January 2019: fill permit

11 July 2019: start of turbine tests

400MW hydropower facility

Key features of the project

400MW hydropower facility in the State of Mato Grosso

2 X 200MW Kaplan turbines, which are among the most powerful andlargest in the world using this technology

Average output potential of 2,100GWh/yr, reservoir area of 337 km²

The project is led by Companhia Energética SINOP SA (CES), which isresponsible for building, equipping and operating the dam. EDF owns a51% stake in the company; the two other shareholders are Eletrobrassubsidiaries: Eletronorte (24.5%) and Chesf (24.5%).

Sale of the electricity generated under 34 Power Purchase Agreements(PPA) with distribution companies over a 30-year period.

Financing structure

Total project cost: circa €887 million (1)

~28% of financing from the Brazilian Development Bank (BNDES) and a€52 million infrastructure debenture bond issuance in June 2018. Theremainder is equity financed.

Fitch Rating on 2 July 2019: AA-(bra) outlook stable

(1) Based on 30 September 2019 exchange rates.



NACHTIGAL HYDROELECTRIC DAM IN CAMEROON (1)

Key project features

Design, construction and operation for a period of 35 years of a 420MW run-of-the-river hydropower plant on the Sanaga river near the Nachtigal Falls

Construction of a 50-km power transmission line

Will be owned and operated by NHPC (Nachtigal Hydro Power Company), currently comprising EDF (40%) (2), IFC (3) (20%) and the Republic of Cameroon (15%), Africa50 (15%) and STOA (10%)

Expected annual power generation of 3TWh, i.e. 30% of the country’s electricity generation output

Substantial economic benefits: up to 1,500 direct jobs during peak construction periods, of which 65% will be locally sourced within a 65-km radius of the construction site. The project will generate dozens of permanent jobs.

Financing structure

Project’s expected total cost is €1.2 billion

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

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

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

Schedule

Final and binding agreements signed on 8 November2018, financial closing on 24 December 2018

Start of construction March 2019

Commissioning expected in 2023

420MW run-of-the-river hydropower plant

(1) 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



2 000

3 000

4 000

5 000

6 000

EXISTING NUCLEAR FLEET AND “GRAND CARÉNAGE” PROGRAMME

Industrial strategy to continue the operation of plants after 40 years for a competitive energy mix

Technical capacity of the plants to operate beyond 40 years supported by international benchmarks for similar technologies

Extension from 40 to 50 years of the depreciation period of the 900MW nuclear fleet (except Fessenheim) accounted as of 1 January 2016

Strategy compatible by the guidelines given for the multi-year energy plan

(1) The figures presented by the French Cour des comptes in its report of 10 February 2016 cover a longer time horizon, up to 2030, and included, beyond the investment, operating and maintenance expenses. Both

assessments are consistent, as stated by the Cour des comptes in its report. Indeed, among the overall estimates calculated by the Cour des comptes and amounting to close to €2013100bn for the 2014-2030 period, the

investment-expenditures estimated at €201374.73bn should be distinguished from the operating expenditures estimated at €201325.16bn. Within the €201374.73bn of investment expenses between 2014 and 2030, €201155bn are

dedicated to the 2014-2025 period, which allows the two estimates established by the EDF group and the Cour des comptes to be connected

Grand Carénage programme

Programme integrating the totality of the investments in the existing nuclear fleet: maintenance capex, refurbishing or replacement of major components, ten-year safety inspections and post-Fukushima modifications

Programme cost over the 2014-2025 period: total investments costs of an initial amount of €2013 55bn revised to €2013 45bn (1) mainly through project optimisation allowing a reduction and a postponement beyond 2025

,

,

,

,

,

Current figures of €201345bn(1)

Initial figures of €201355bn

€201345bn



DALKIA: BUSINESS DEVELOPMENT

Heating networks

renewables

New public-service delegation for the urban heating of Grande Île in Vaulx-en-Velin and Villeurbanne (15.5 years).

New public-service delegation to develop and operate the urban heating network of Bezons (22 years).

Renewal, modernisation and extension of the public-service delegation for the Faverges-Seythenex network (20 years).

New concession contract at La Grande Motte for the design, construction and operation of a Swac-based (Sea Water Air

Conditioning) energy network over a period of 24 years (66% of ENR-R).

Multi-technical

and energy-

efficiency

contracts In

France

Total Facility Management contract for Safran: 26 sites in France.

Energy Performance contract for 54 middle schools in Indre-et-Loire with works entrusted to Dalkia Smart Buildings.

Renewal of operating market for energy facilities, in compliance with the regional council of Nouvelle Aquitaine for 45 colleges

(8 years).

Contract with Medeos for the gradual implementation of an Energy Performance Contract for all its 37 establishments (EHPAD

residences for dependent seniors) in the Mediterranean region.

Renewal and extension of the multi-technical maintenance contract for the Pasteur University Hospital in Nice: Pasteur 1

(730 beds - 160,000 m²) and by 2023, Pasteur 2 (278 beds - 22,000 m²).

Developing

subsidiaries and

extending our

international

reach

Dalkia Smart Building: Renovation of the Jacques Brel watersports centre in Bobigny.

Dalkia Froid Solutions: Replacement of cooling production at the Maître Jacques site (Agrial group) in Rennes.

Dalkia Froid Solutions: CO2 remodeling services at the Cora site in Wittenheim (68).

Contract on the design and development of smart-lighting systems with the large retail chain, Albertson’s, in the USA, for 73 hypermarkets.



STORAGE AND ELECTRIC MOBILITY PLANS:ACQUISITION OF PIVOT POWER IN THE UNITED KINGDOM (1)

Pivot Power is a British start up specialised:

- in battery storage: extensive portfolio of projects across more than

40 locations, with a total capacity of up to 2GW;

- in infrastructure for electric vehicle charging: development of mass rapid charging points across the UK.

Two significant enablers for the UK’s goals to reach net zero

by 2050:

- providing flexible capacity which will enhance the reliability of the

network and boost the integration of renewable electricity;

- providing the nationwide connections to power rapid charging

stations supports the adoption of electric vehicles, instead of the

internal combustion engine.

(1) See press release on 4 November 2019



INTERNATIONAL OFFSHORE WIND POWER DEVELOPMENTS (1/2)

• Partnership with Shenhua Renewables, a subsidiary of China Energy Investment Corporation

• Project capacity 502MW, consisting of 2 phases (Dongtai IV: 302MW, Dongtai V: 200MW)

• Both projects were approved by the Jiangsu provincial authorities (in 2015 and 2017 respectively). Offshore wind

projects approved by the provincial authorities before 2018 (included) receive a feed-in tariff of 109€/MWh(1)

• Expected annual output 1,400GWh (P50)

• Located about 40 km from the Jiangsu coast, average water depth 6 meters

• Turbines: Shanghai Electric (Siemens license) and Envision.

• Foundations: monopiles.

Main aspects of the project

• Dongtai IV: start of construction works at sea in June 2018. Start of construction of Dongtai V expected for

November 2019.

• 25 March 2019: Signature in Paris of a Cooperation Agreement between EDF and China Energy Investment

Corporation, concerning the projects Dongtai IV and Dongtai V.

• Q4 2019: Signature of the final joint venture agreements, subject to the finalisation of the commercial aspects.

• Q1 2020: Entry of EDF in the project company in charge of financing, building and operating the

Dongtai IV and Dongtai V projects (subject to obtaining ad hoc administrative authorisations).

Key dates

Dongtai Projects (Jiangsu Province, China)

(1) Based on exchange rates at 15 October 2019.



• Project Capacity 1.7 to 2.4GW

• Size of the project: 742km2

• Joint Venture project with Shell, pari passu 50/50

• Water depths of 20 meters, 10 miles from shore

• Wind Turbine Generator Unit Capacity 12-15MW

• Two separate areas for the project

New Jersey Leases

• Established NJ Wind Energy Area ~57km by 20km

• North lease acquired in December 2018

• Lease area ~20km from shore and 20m depth

New York Leases

• BOEM(1) proposing up to five new Bight Sites (Areas NY 1-5)

• 85-100km from shore and 40-50m depth

• Project Capacity 448MW

• Expected output ca. 1,850GWh

• Fully Consented Project in Pre-Construction Phase

• Located in the Outer Firth of Forth (off the coast of Scotland)

• Ca. 37km of Offshore Export Cable and 12km onshore export cable

• Water depths of between 45 – 55m

• Contract for Difference (“CfD”) 15y from COD at £129 (2019, fully CPI Indexed)

Key Project Facts

• May 2018: Acquisition by EDF-ER

• 4 June 2019: Final variation to New Consent Awarded (Judicial Review period

running up to 4 September 2019).

• Target Financial Close: Q4 2019

• Start of on-shore works: Q3 2019

• Start of offshore works: 2020

• Target Commissioning Window (CfD): March 2022 – March 2023

Key Dates

• Atlantic Shores Offshore Wind submitted bids into the New Jersey RFP on

28 December 2018 and the New York RFP on 14 February 2019.

• Atlantic Shores was not chosen for either bid.

• Development proceeds for future RFPs.

• Project construction is expected in 2026+ horizon.

Key Project Facts

Key Dates

Neart Na Gaoithe Project in Scotland Atlantic Shores Project in the United States

(1) Bureau of Ocean Energy Management (BOEM), manages the competitive leasing policy and program for energy development

INTERNATIONAL OFFSHORE WIND POWER DEVELOPMENTS (2/2)



Offshore wind farms of Saint-Nazaire, Fécamp and Courseulles-sur-Mer

Led by Éolien Maritime France (EMF)

Over 1.4GW of combined capacity

Highly valuable partnership with Enbridge

Total investment costs of c. €6bn

Efficiency increases with economies of scale

Optimised financial structure

Partnering up to share funding, development and construction risks

Equity method of consolidation

Latest news

On 16 April 2019, Éolien Maritime France announced that Siemens Gamesa Renewable Energy will supply turbines for two of its three offshore wind projects in France

GE Renewable Energy will build the Haliade 150-6MW turbines for the first offshore wind project to be launched as soon as its authorizations are cleared of any claims. The following two projects will be equipped with Siemens Gamesa turbines

Definitive approval by the Council of State of administrative permits for Saint-Nazaire, Fécamp and Courseulles-sur-Mer offshore wind farm project

Start of construction of first French offshore wind farm in Saint-Nazaire

Offshore wind farm in the Fécamp

Nearly 500MW

Calvados offshore wind farm

Nearly 500MW

Saint-Nazaire offshore wind farm

80 wind turbines - 450MW

Fécamp

Le HavreCherbourg

La Turballe

Saint-Nazaire

Maintenance base

Industrial base

OFFSHORE WIND DEVELOPMENT IN FRANCE4 PROJECTS REPRESENTING 2GW OF COMBINED CAPACITY

Offshore wind farm of Dunkirk

The government chose the consortium led by EDF Renewables to design,

build and operate and maintain the future farm

Installed capacity of nearly 600MW

On 6 June 2019, CRE published a tariff of €44/MWh (for a 20-year period) on

the basis of which the consortium was retained

Dunkirk offshore wind farm

Nearly 600MW

Dunkirk

Caen-Ouistreham


SALES AND

HIGHLIGHTS

2019

THIRD QUARTER

Appendices

Operating data



In GWe

Total capacities of EDF Group,

including shares in associates and

joint ventures (1)

Associates and joint

ventures (1)

Consolidated capacities

of EDF group

Nuclear 76.0 57% 3.1 73.0 58%

Hydro 22.2 17% 0.7 21.5 17%

Renewables 10.1 8% 0.2 9.9 8%

Gas 12.6 9% 0.6 12.0 10%

Fuel oil 4.3 3% 0.2 4.0 3%

Coal 7.8 6% 2.0 5.7 5%

Total 133.0 100% 6.9 126.2 100%

INSTALLED CAPACITY AS OF SEPTEMBER 30TH 2019

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) Taking into consideration the sale of Alpiq in May 2019 and EDF’s participation in the Taishan 1 EPR’s commissioning in September 2019.



In TWh 9M 2018 9M 2019

Nuclear 340.4 78% 330.0 79%

Hydro (1) 42.0 10% 30.8 7%

Renewables 12.7 3% 12.9 3%

Gas 30.6 7% 36.0 9%

Fuel oil 3.4 1% 3.8 1%

Coal 6.0 1% 2.2 1%

Group 435.1 100% 415.7 100%

ELECTRICITY OUTPUT

Output from fully consolidated entities


(1) Hydro output after deductions of pumped volumes is 36.7 TWh in 9M 2018 and 26.3TWh in 9M 2019



In TWh 9M 2018 9M 2019

Renewables (1) 4.2 20% 4.5 22%

Gas 13.5 64% 12.8 61%

Fuel oil 0.2 1% 0.2 1%

Coal 0.9 4% 0.9 4%

Others (2) 2.4 11% 2.5 12%

Group 21.2 100% 20.9 100%

HEAT OUTPUT


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 biogases

(2) Category combining part of the heat generation by incineration and the recovery of heat and electricity from other industrial processes



In TWh 9M 2018 9M 2019

Hydro (1) 42.0 77% 30.8 70%

Wind 10.5 19% 11.4 26%

Solar 1.3 2% 0.7 2%

Biomass 0.9 2% 0.8 2%

Total electricity Group 54.8 100% 43.7 100%

Total heat Group 4.2 100% 4.5 100%

RENEWABLE OUTPUT



(1) Hydro output after deductions of pumped volumes is 36.7TWh in 9M 2018 and 26.3TWh in 9M 2019



Emissions from the heat and

power generation

by segment (2)

In kt In g/kWh

9M 2018 9M 2019 9M 2018 9M 2019

France – Generation and supply

activities4,511 19% 2,709 12% 13 8

France – Island regulated activities (3) 2,147 9% 2,469 11% 476 558

Dalkia 4,503 19% 4,399 20% 213 205

United Kingdom 4,721 20% 3,364 15% 88 77

Italy 4,958 20% 5,471 24% 298 302

Other international 3,371 14% 4,012 18% 246 248

Group 24,211 100% 22,456 100% 53 51

CO2 EMISSIONS (1)

Emissions from fully consolidated entities


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

(2) The segments EDF Renewable, Framatome and Other activities are not shown because their emissions are negligible

(3) Power generation in ZNI: « Zones non interconnectées » corresponding to overseas departments and Corsica - (mainly island territories)



3.9GW

0.6GW

26.2GW

0.8GW

0.7GW Hydro

22.2GW

Wind

8.1GW

Solar

1.5GWOther

0.2GW

32.1GW

Capacity by technologyGroup netb (1) installed capacity: 32.1GW

RENEWABLES: GROUP NET INSTALLED (1) CAPACITY AS OF 30 SEPTEMBER 2019

(1) Net installed capacitiy, corresponding to consolidated data according to EDF’s percentage ownership in Group companies, including associates and joint ventures

N.B.: Group companies that have undergone a net consolidation of their own companies, including their interests in associates and joint ventures, are as follows: EDF Renewables, EDF Energy, Electricité de

Strasbourg, PEI and Shema. Other companies consolidate their assets through full consolidation.



EDF RENEWABLES: NET INSTALLED CAPACITY AND CAPACITY UNDER CONSTRUCTION AS OF 30 SEPTEMBER 2019

205 MW

230MW120MWp

25MW

238MW12MWp

2,683MW205MWp

1,676MW

185MW3MW 267MW

18MWp24MW

185MW

588MW42MWp30MW

1,473MW206MWp462MW

6MW

58MW 131MWp

82MW100MWp90MW

56MW

27MW

182MW199MWp344MW

103MW79MWp

132MW

50MW106MWp65MW

Key

Wind installed (MW)

Solar installed (MWp)

Wind and solar under construction (MW)

Other technologies Net

Installed 65MW

Under construction 35MW

Gross Net

Installed capacity 13,094MW 8,183MW

Capacity under construction 4,673MW 3,159MW

Total 17,767MW 11,342MW

193MWp87MW

65MW

Source: EDF Renewables

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

212MW



EDF RENEWABLES: INSTALLED CAPACITY AND CAPACITY UNDER CONSTRUCTION, BY TECHNOLOGY, AS OF 30 SEPTEMBER 2019

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

(2) Net capacity: capacity corresponding to EDF Renewables’ stake

NB: These values correspond to the sum of the exact values expressed to one decimal place after rounding.

In MWGross (1) Net (2)

31/12/2018 30/09/2019 31/12/2018 30/09/2019

Wind 10,309 10,001 6,798 6,642

Solar 2,402 3,004 1,344 1,476

Biogas 70 20 70 20

Biomass 40 0 40 0

Other 69 69 45 45

Total installed capacity 12,891 13,094 8,297 8,183

Wind under construction 1,095 3,442 797 2,271

Solar under construction 1,230 1,196 713 853

Other under construction 35 35 35 35

Total capacity under construction 2,360 4,673 1,545 3,159



5.09.9

15.1

20.1

25.1

30.2

35.4

40.8

45.9

4.48.5

12.6

17.0

21.424.5

28.2

32.3

36.8

January February March April May June July August September

-13.9%

-18.8%

-11.6%

-16.4%

-14.7%

-15.3%

-20.8%

-19.8%

-20.3%

2019 cumulative output

2018 cumulative output

In TWh

UNITED KINGDOM: MONTHLY NUCLEAR OUTPUT (1)

(1) Source: EDF Energy as of 16/10/2019

25 November 2019: expected return to service of Dungeness B reactor 21

6 December 2019: expected return to service of Dungeness B reactor 22

15 January 2020: expected return to service of Hunterston B reactor 3



UNITED KINGDOM: UPSTREAM/DOWNSTREAM ELECTRICITY BALANCE

(1) Including wind output and purchase obligations

Coal 1.8

Nuclear 36.8

Other (1) 1.9

Gas 4.7

-9.1

-1.1

-0.2

-2.1 -12.545.2 -12.545.2

-0.6

-1.8

-8.7

-1.4

∆ 9M 2019vs. 9M 2018

Centrica (20%) 7.3

Residential 7.9

Net wholesale market 5.4

SME & IC 24.6

OUTPUT/PURCHASES SALES

In TWh

∆ 9M 2019vs. 9M 2018



THE CAPACITY MARKET IN UNITED KINGDOM

The capacity mechanism was suspended in November 2018 following a decision by the European Court ofJustice. Without questioning the compatibility of the UK mechanism with the rules governing state aid, theCourt considered that the European Commission had not carried out all the necessary investigations at thetime of its decision in 2014

Since the suspension, the British government’s objective has been a prompt return of the mechanism and aretroactive payment of the capacity made available during the suspension period, once the mechanism hasbeen restored. On the supplier side, capacity collections were maintained during the suspension period.

On 24 October 2019, the European Commission confirmed its approval of the capacity mechanism under thestate aid rules. The British government has since reinstated the mechanism, allowing the payment of thecapacity made available by producers during the suspension period; this payment is expected in early 2020.



EDISON: UPSTREAM/DOWNSTREAM ELECTRICITY AND GAS BALANCES

In TWh In Bcm

Thermal

12.1

Wholesale& other

purchases7.6

Hydro and renewable

3.4

End customers

11.3

Wholesalemarkets & other

8.7

Domesticpurchases

3.8

LT imports & reserves

10.6

Domestic production (2)

0.3

Wholesalemarkets &

other4.2

Residentials & industrial

customers5.5

Thermoelectric5.0

IPEX 3.1

+1.6

∆ 9M 2019vs. 9M 2018

+1.6

∆ 9M 2019vs. 9M 2018

∆ 9M 2019vs. 9M 2018

∆ 9M 2019vs. 9M 2018

23.1 23.1 14.7 14.7-0.3 -0.3

+1.5

-0.3

+0.4

+0.4

+0.2

+1.0

-0.4

+0.1

-1.1

+0.6

+0.2

=

Electricity(1) Gas

OUTPUT/PURCHASES SALES OUTPUT/PURCHASES SALES

(1) Excluding optimisation volumes in 2018 and 2019

(2) Mainly related to discontinued operations


SALES AND

HIGHLIGHTS

2019

THIRD QUARTER

Appendices

France



FRANCE NUCLEAR OUTPUT

112.9 111.8

202.6 203.7

290.0 288.2

2019 cumulated output

2018 cumulated output

Q3H1

(in TWh)

+0.5%

-0.6%

Q1

-1.0%



90.4 86.9 81.0

26.0 25.123.7

0.2 0.9

107.4 102.3 93.6

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 Green tariffs, below 36kVA that persist beyond 2015

In TWh

Residentialcustomers

(at regulated tariffs and not at regulated tariffs for 0.1TWh)

Local authorities, companies and professionals

(at regulated tariffs) (3)


(not at regulated tariffs and including transitional offer)

223.8

199.1

Sales to end customers (1) (2)

214.5

9M 2017 9M 2018 9M 2019

ResidentialcustomersAt market offers



81.0

23.7

0.9

93.6

81.0

17.6

6.1

ELECTRICITY SUPPLY IN FRANCE – SALES UNDER REGULATED TARIFFS SPLIT

Sales to end customers for 9M 2019 (1)(2)

Residential customersAt regulated tariffs


Market offers including transitional offer

Blue residential tariff

Residential customersAt market offers

Blue non-residential tariff (4)

LDC (3) transfer price

In TWh


At regulated tariffs


(2) Including EDF’s own consumption

(3) Local Distribution Companies (LDCs)

(4) Of which Yellow and Green tariffs for 0.2TWh - Tariffs lower than 36 kVA



CAPACITY MARKET IN FRANCE

Capacity auction prices (1)

13.00

18.50 18.24 18.50 18.5016.77

18.05

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

Volume of certified EDF capacities: 72GW

Market Reference Price: €17.37/kW

For delivery in 2019

In €/kW

(1) Data rounded to the nearest hundredth

For delivery in 2020

Volume of certified EDF capacities: 72GW

In €/kW

End date of the next

auctions

12/12/2019

20.00 20.00 22.38 20.0017.78

21/03/201916/05/201927/06/201912/09/201917/10/2019



Maximum annual sales volume of 100TWh (3) by EDF for alternative suppliers and ~25TWh for power grid losses

In November 2018, ARENH requests from alternative suppliers for 2019 amounted to 132.98TWh. The volume was therefore clipped to the legal ceiling of 100TWh.

At the end of May 2019, no new ARENH request was formulated

Volume sold for the year 2019, including 20.4TWh sold for network losses coverage:

59.7TWh for H1

60.7TWh for H2

The volumes of nuclear electricity provided as part of ARENH will not be changed in 2020 (the French Ministry of

Ecological and Solidarity Transition)

12.44.0

40.7 41.446.9 49.4

59.7 60.7

H1 2015 H2 2015 H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H2 2019

ARENH: VOLUMES ALLOCATED

(1) (1) (2) (2)

Source: CRE

(1) The ARENH volumes to be delivered evolved in the first half of 2015 due to the termination of the framework agreement with 4 suppliers

(2) Difference between half year estimated by EDF from the annual data provided by the CRE, and likely to change during the year through the application of legal, regulatory and contractual

provisions (sub-annual window, cancellations, defaults, etc.)

(3) The energy climate bill currently being debated in Parliament provides for the possibility to raise: this ceiling level for ARENH subscription volumes via a ministerial order, up to 150TWh; as

well as the ARENH price, via a ministerial order.



Date

Change in Residential Blue tariff Change in Non-Residential Blue tariff

(VAT excluded) (including VAT) (VAT excluded) (including VAT)

01/08/2016 -0.5% -0.4% -1.5% - 1.1%

01/08/2017 +1.7% +1.4% +1.7% + 0.9%

01/02/2018 +0.7% + 0.6% +1.6% + 1.3%

01/08/2018 -0.5% - 0.3% +1.1% + 0.9%

01/06/2019 +7.7% + 5.9% +7.7% + 5.9%

01/08/2019 +1.49% + 1.26% +1.34% +1.10%

REGULATED SALES TARIFFS IN FRANCE (1/3)

Change in Blue tariff



REGULATED SALES TARIFFS IN FRANCE : CHANGE IN JUNE 2019 (2/3)

68

49.5

22.5

40.5

€180.5/MWh (3)

CSPE

TURPE

Generation and supply costs

Taxes

Average bill breakdown, VAT included(Blue residential customer)

Residential Blue tariff excluding taxes (1)

€109.1/MWh €117.5/MWh

01/08/2018 01/06/2019

+7.7%

+€8.3/MWh

49.6

3.2

49.4

15.3

49.6

1.4

42.9

15.3

Energy + fees TURPECapacityCost to serve (2) & Margin

(1) Source: Data from the deliberation of the CRE of 7 February 2019, confirmed by the Journal Officiel of 30 May 2019

(2) Including cost of Energy Efficiency Certificates

(3) Half-rounded figures



68

51.5

22.5

41

REGULATED SALES TARIFFS IN FRANCE : CHANGE IN AUGUST 2019 (3/3)

€183.0/MWh (3)

CSPE

TURPE

Generation and supply costs

Taxes

Average bill breakdown, VAT included(Blue residential customer)

Residential Blue tariff excluding taxes (1)

01/06/2018 01/08/2019

+1.49%

+€1.76/MWh

Energy + fees

TURPE

CapacityCost to serve (2) & Margin

(1) Source: Data from the deliberation of the CRE of 25 June 2019 approved by official decision published at the Journal Officiel on July 31th 2019

(2) Including cost of Energy Efficiency Certificates

(3) Half-rounded figures

Catch-up

€117.8/MWh €119.5/MWh

51.6

3.2

49.4

15.8

49.9

3.2

49.4

15.3

-0.6



LINKY (1) SMART METERS DEPLOYMENT

2014-2021 investment pattern

0.1 0.1

0.3

0.6

0.8 0.8 0.8

0.4

(2) (2) (2)

In billions of Euros

(1) Linky is a project led by Enedis, an independent EDF subsidiary as defined in the French energy code

(2) Estimated figures

(3) Costs at the end of the program have been revised downwards after taking into account the prices of the last equipment markets (concentrating meters) and delivery services signed

Key elements

Goal of 90% of the metering fleet installed by 2021 (i.e. about35 millions Linky meters)

Amount of investment revalued downwards from €4.5bn to €4 bn (3)

over the 2014-2021 deployment period

Specific regulation over a 20-year period (RAB and Linky-dedicatedremuneration)

9M 2019 key points

Compliance with the objectives of the regulatory incentives (RI) in terms of costs, deadlines and system performance.

~21.5 million Linky meters installed as of end of September 2019

Individual class action suits against the installation of Linky meters:Of the 21 high courts that have issued rulings, only 5 (Toulouse,Bordeaux, Foix, Tours, Grenoble) have issued rulings in favour ofsome 50 electro-sensitive customers (installation of a filter orremoval or non-installation). Enedis is undertaking the necessarymeasures, but is appealing these decisions.

~2.4 million recurring subscriptions to hourly consumption data havebeen made by suppliers and third parties, to which must be added1.1 million “Enedis à mes côtés” accounts opened by customers.


SALES AND

HIGHLIGHTS

2019

THIRD QUARTER

Appendices

Markets



AVERAGE SPOT PRICES IN 9M 2019

(1) Change compared to average prices in 9M 2018

(2) Trade (Source: RTE & ENTSO-E Transparency Website) and change compared to 9M 2018

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

Spot prices are declining across Europe due to a less tight supply-demand balance and to historically low gas prices: A greater production in renewables and

milder temperatures than 2018 contributed to drive the spot prices down across Europe;

A sharp decrease in gas spot prices in the spring owing to mass arrivals of LNG, drawing prices downwards in countries where gas resources are frequently marginal, such as the UK, Spain and Italy.

Market coupling remains limited by available cross-border capacities

Average observed spot market price for

9M 2019:

EPEXSPOT: France & Germany

N2EX: United-Kingdom

OMIE: Spain

GME: Italy (Prezzo Unico Nazionale)

APX: Netherlands

BELPEX: Belgium

€53.7/MWh

€39.2/MWh

€38.0/MWh

€41.8/MWh

€49.8/MWh

€49.9/MWh

€39.3/MWh

-€-8.0/MWh (1)

-€13.1/MWh (1)

-€3.7/MWh (1)

-€6.8/MWh (1)

-€5.1/MWh (1)

-€10.6/MWh (1)

-€5.5/MWh (1)

1.9TWh+0.9TWh (2)

10.8TWh-0.5TWh (2)

1.7TWh-0.8TWh (2)

11.5TWh-2.0TWh (2)

0.1TWh-0.1TWh (2)

14.6TWh-0.3TWh (2)

10.3TWh+0.8TWh (2)

14.5TWh-1.0TWh (2)

4.5TWh-1.2TWh (2)

14.4TWh+1.6TWh (2)

CWE (3)



January March JuneFebruary April May

CROSS-BORDER ELECTRICITY TRADE BALANCE

Source: RTE, except for June 2018 that come from l’ENTSO-E

2018

2019France as an exporter

France as an importer

In TWh

-1

0

1

2

3

4

5

6

7

8

7.0

2.83.1

5.6

7.97.4

6.0

4.1

5.4

1.0

5.3

6.6

4.4

7.37.0

5.4 5.4

4.7

France’s export balance came out at 47.2TWh between January and September (-1.9 TWh vs. 9M 2018). This was mainly a result ofa decline in exports (-2.3TWh), while imports were slightly down (-0.4TWh). During 9M 2019, France was a net exporter across allborders: 14.5TWh to Italy, 9.9TWh to Switzerland, 9.8TWh to Spain, 8.9TWh to the UK and 4.2TWh to CWE. French net exports fellmainly in the spring (-2.1TWh), primarily to the UK and Spain, the result of the reduced availability of the interconnection, and toCWE, owing to strong wind-power production in Germany, compared with low production in spring 2018, coupled with lowhydropower conditions in France.

July August September



FRENCH POWER TRADE BALANCES AT ITS BORDERS

Source: ENTSO-E


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

9M 2018 9M 2019

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

CWE (2)

exports 2.6 7.7 5.3 15.5 2.3 6.9 5.3 14.5

imports 6.3 1.5 1.7 9.5 6.0 2.3 2.1 10.3

balance -3.7 6.1 3.6 6.0 -3.7 4.7 3.2 4.2

United

Kingdom

exports 3.8 3.7 3.8 11.3 4.0 3.1 3.8 10.8

imports 0.2 0.3 0.5 1.0 0.4 0.4 1.1 1.9

balance 3.6 3.4 3.3 10.3 3.6 2.7 2.6 8.9

Spain

exports 4.0 4.9 4.7 13.5 4.9 3.6 3.0 11.5

imports 1.6 0.4 0.6 2.5 1.1 0.3 0.4 1.7

balance 2.4 4.5 4.1 11.0 3.9 3.3 2.6 9.8

Italy

exports 5.8 4.8 4.3 14.9 5.2 4.6 4.8 14.6

imports 0.1 0.0 0.1 0.3 0.1 0.0 0.0 0.1

balance 5.7 4.8 4.2 14.7 5.1 4.6 4.8 14.5

Switzerland

exports 6.3 4.2 2.3 12.8 5.4 4.8 4.2 14.4

imports 1.4 2.1 2.1 5.6 1.4 1.3 1.8 4.5

balance 4.9 2.0 0.2 7.5 4.0 3.5 2.4 9.9

TOTAL

exports 22.5 25.2 20.4 68.1 21.7 23.0 21.0 65.8

imports 9.6 4.4 4.9 18.9 8.8 4.3 5.4 18.5

balance 12.9 20.8 15.5 49.2 12.9 18.7 15.6 47.2



FORWARD ELECTRICITY PRICES IN FRANCE, THE UK, ITALY AND GERMANY (Y+1) FROM 01/10/2017 TO 30/09/2019

In €/MWh

25

30

35

40

45

50

55

60

65

70

75

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

Electricity - Annual baseload contract UK (EDF Trading) Electricity - Annual baseload contract Italy (EDF Trading)



FORWARD ELECTRICITY PRICES IN FRANCE, THE UK, ITALY AND GERMANY (Y+2) FROM 01/10/2017 TO 30/09/2019

In €/MWh

25

30

35

40

45

50

55

60

65

70

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

Electricity - Annual baseload contract UK (EDF Trading) Electricity - Annual baseload contract Italy (EDF Trading)



FRANCE/GERMANY SPREAD FROM 01/10/2017 TO 30/09/2019

Note: Over the period, the France/Germany spread reached its minimum on July 31th 2019 at -€16.67/MWh, and its maximum on 29 October 2017 at €92.37/MWh

Daily spread in €/MWh over 5 rolling days

-20

0

20

40

60

80

100

Spread Spot Spread à terme (Y+1)



Source : EPEX

Between January and September 2019, baseload electricity spot prices averaged €39.2/MWh (-€6.8/MWh vs. 9M 2018). Prices in January 2019 were€26.2/MWh. They were higher than those in January 2018 because temperatures were 3.7 °C lower than last year, leading to an increase inelectricity demand. In contrast, prices in March were down €14.4/MWh, the consequence of milder weather in March. Since June, spot prices havedeclined by €20/MWh on average due to a decrease in gas’ prices, a greater production in renewables (wind, solar) in France and Germany, and aslight drop in consumption.

FRANCE: BASELOAD ELECTRICITY SPOT PRICES

Min base Oct. 2017 –

Sept. 2018 = €2.7/MWh

Max base October 2017 – September 2018 = €91.9/MWh

Max base October 2018 – Septembre 2019 = €115.1/MWh

Min base Oct. 2018 – Sept. 2019 = €3.7/MWh

Daily average in €/MWh

0

20

40

60

80

100

120

140

oct. nov. déc. janv. févr. mars avr. mai juin juil. août sept.

10/2017 - 09/2018 10/2018 - 09/2019



Source : EPEX

FRANCE: PEAKLOAD ELECTRICITY SPOT PRICESDaily average in €/MWh

Max peak October 2017 – September 2018 = €113.2/MWh

Min peak Oct 2017 – Sept 2018 = €5.0/MWh

Max peak October 2018 – September 2019 = €149.6/MWh

Min peak October 2018 – September 2019 = €7.2/MWh

Between January and September 2019, peakload electricity spot prices averaged €45.2/MWh (-€8.3/MWh vs. 9M 2018). The peakload price’s trend is not so different from the baseload price. Prices in January were €27.8/MWh more expensive than those in January 2018 due to colder weather. In contrast, prices in March were €16.4/MWh cheaper than last year, the consequence of milder weather in March. Since June, peakload prices have declined by €21.0/MWh due to decreasing gas’ prices, a greater production in renewables in France and Germany, and a slight drop in consumption.

0

20

40

60

80

100

120

140

160

oct. nov. déc. janv. févr. mars avr. mai juin juil. août sept.

10/2017 - 09/2018 10/2018 - 09/2019



COAL PRICES (Y+1) FROM 01/10/2017 TO 30/09/2019

In US$/t

The coal price for delivery in Europe N+1 averaged $71.6/t during 9M 2019 (-16.5% or -$14.2/t vs. 9M 2018). It has fallen continuously in 2019, losing

$17.5/t since the start of the year. The drop is due to bleak perspectives regarding the demand across the world and very high stocks’ levels across

Europe. Since the beginning of summer, the coal price has fluctuated between $62/t and $72/t. It has been influenced negatively by a decrease in future

demand and positively by a high short-term demand – particularly during heat waves, and following the anticipation of Jaenschwalde’s closure, the lignite

mine in Germany, in the months to come.

55

60

65

70

75

80

85

90

95

100



The price of Brent averaged $64.8/barrel during 9M 2019 (-11.0% or -$8.0/barrel vs. 9M 2018). The contraction mainly resulted from the fall in the

barrel price in Q4 2018 (-$30/barrel). The price has rebounded since January owing to OPEC production limits and sanctions against Venezuelan oil,

as well as forecasts for strong demand. However, the brent price has lost $10/barrel in June due to the Chinese-American trade conflict, perceived as

a threat of economy decline, which created uncertainty. Since then, it has remained between $56 and $67/barrel, being pushed down by limited growth

perspectives, and increasing because of various conflicts occurring in the Middle East, such as attacks in the Arabian Sea and in South Arabia.

BRENT PRICES (1) FROM 01/10/2017 TO 30/09/2019

(1) Brent spot price (M+1)

In US$/bbl

40

45

50

55

60

65

70

75

80

85

90

oct.-17 nov.-17 déc.-17 janv.-18 févr.-18 mars-18 avr.-18 mai-18 juin-18 juil.-18 août-18 sept.-18 oct.-18 nov.-18 déc.-18 janv.-19 févr.-19 mars-19 avr.-19 mai-19 juin-19 juil.-19 août-19 sept.-19



The price of the annual gas contract for delivery in N+1 to PEG averaged €18.8/t during 9M 2019 (-8.1% or -€1.7/t vs. 9M 2018). Prices rose almost

continuously in 9M 2018, but trended downwards in 9M 2019. Gas prices have lost €3.2/MWh since the start of the year, mainly because of very high

stock levels for the season. Gas demand this winter remained moderate, leading to low filling levels. This factor was compounded by a strong increase

in LNG supply in Europe, with cargoes once again heading to Europe following a substantial decline in gas prices in Asia.

GAS PRICES(1) (Y+1) FROM 01/10/2017 TO 30/09/2019

(1) Price of France PEG Nord gas

In €/MWh

14

16

18

20

22

24

26

28

Change of gas year



CO2 PRICES (Y+1) FROM 01/10/2017 TO 30/09/2019

In €/t

The price of the emission allowance for delivery in December N+1 averaged €25.3/t during 9M 2019 (+73.1% or +€10.7/t vs. 9M 2018). This increase –

implemented by the EU-ETS reform and aiming at withdrawing allowances from the market – has been nearly constant until September 2018. Since then,

this upward trend is persisting, even though it has been more moderated and highly volatile.

0

5

10

15

20

25

30



Electricity (1) Gas (2)

2018

2019

147.5

102.7 99.5

141.6

105.898.1

Q1 Q2 Q3

188.8

70.3 59.8

179.0

87.8

61.8

Q1 Q2 Q3

FRANCE: ELECTRICITY AND GAS CONSUMPTION

In TWh

(1) Source 2018 – 2019 : August 2019 RTE Overview (provisional data) – September 2019: ETR and Corsica consumption

(2) Source: base Pégase, Direction générale de l'énergie et de matières premières (DGEMP), Ministry of Ecology, energy, sustainable development and Sea

At the end of September, the consumption declined by 1.2%compared with 2018. This 3rd Quarter largely explains thedifference.

The monthly differences are mainly owed to temperaturevariations.

At the end of September, gas demand in France rose by 3.1%(+9.8TWh) compared with 9M 2018, and now stands at 328.6TWh.This rise is mainly occurring in January and Q2, when temperatureswere colder compared with 2018.

Furthermore, the production for gas resources has increased sinceJune thanks to low gas spot prices.



Even though temperatures in January were as usual, the 2018-2019 winter is one of the ten mildest since the beginning of the 20th century (source: Météo France).After a mitigated springtime, the 2019 Summer was marked by two exceptional heatwaves from the 25th to 30th June, and 21th to 26th July, such that records were set in some areas. September was mainly mild and cool.

AVERAGE MONTHLY TEMPERATURES (1) IN FRANCE

Source: Météo France

(1) Data based on a basket of 32 cities

In °C

-

4,0

8,0

12,0

16,0

20,0

24,0

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

Average observed temperatures October 2017 - September 2018

Average observed temperatures October 2018 - September 2019

Average normal temperatures


SALES AND

HIGHLIGHTS

2019

THIRD QUARTER

Appendices

Documents

SALES AND HIGHLIGHTS 2019 - EDF France · Q3 –Engineering for Inner Containment Lift 1 Complete Q4 –Unit 1 Pressuriser Manufacturing Begins HINKLEY POINT C PROJECT (1) Refer to