Sales of €21.9bn, up 6.2% org. (1)
2021 guidance and 2022 ambitions confirmed


Discussions on the Arenh reform and the reorganisation of EDF are ongoing between the French State and the European Commission and they remain difficult. There is still no certainty on the timing and the outcome of these discussions.


  • Offshore wind: launch of the construction of the Courseulles-sur-Mer farm (448MW)
  • Solar and storage:
    • Three contracts for solar projects awarded in New York (303MW)
    • Attribution and launch of the construction of a 300MW solar plant in Saudi Arabia (Jeddah)
    • Acceleration of development in Kenya in distributed and off-grid solar power with the acquisition of 50% of Econet Energy Kenya and Bboxx Kenya


  • ASN ruling of 23 February 2021 on the terms for continuing to operate 900MW reactors beyond 40 years
  • Flamanville 3 (2): ASN approval of the repair process of 8 penetration welds on the main secondary circuit using remotely-controlled robots
  • UK: temporary restart of Hinkley Point B and Hunterston B before final shutdown; 3-month extension of the outage of Sizewell B until August 2021
  • India: binding technical and commercial offer submitted for the construction of six EPRs (3) at the Jaitapur site

Coal-fired plants step-out process in Europe

  • France: shutdown of Le Havre coal-fired power plant on 31 March 2021 (4)
  • UK: shutdown of the West Burton A plant planned for September 2022, two years before the deadline set by the UK government for coal-fired plants

ESG achievements

  • EDF listed on “CAC 40 ESG”, the new stock-market index including 40 socially responsible companies
  • Upgraded climate governance: EDF group appointed a Climate representative person within the Board of Directors

Sound management of the generation fleet throughout the health crisis in France

Extreme cold snap in Texas: no significant effect on the Group’s net income according to first estimates

Electric mobility & Innovation

  • Pod Point (UK): nearly 110,000 charging points at end-March 2021 (over 13,000 stations deployed in Q1 2021, representing an increase of around 50% compared to the 2020 average)
  • Blockchain: bond issue by the EIB (European Investment Bank) realised via Ethereum (5), based on solutions developed by Exaion, an EDF subsidiary. First commercial success for this start-up, incubated within EDF


  • Linky program: around 90% of smart meters installed at end-March (31.2 million)

Disposal plan

  • Closing of Edison Norge sale (E&P activity in Norway)
  • Closing of IDG sale (gas distribution network in Italy)
  • Signing of a binding agreement for the sale of the West Burton B gas power plant and its battery storage in the UK
  • Exclusive negotiations for the sale of the Dalkia subsidiary, Wastenergy (ex TIRU)

Health situation

  • EDF remains fully mobilised to ensure the continuity of the activities while maintaining reinforced protection measures for employees and service providers


2021 guidance and 2022 ambitions confirmed (6)

2021 Targets

  • EBITDA (7): > €17bn
  • Net financial debt/EBITDA (7): < 3x

2022 Ambitions

  • Operating expenses (8) reduction between 2019 and 2022: €500m
  • Group disposals 2020-2022 (9): ~€3bn
  • Net financial debt/EBITDA (7): ~3x


  • Target payout ratio of net income excluding non-recurring items (10) for 2021 & 2022: 45%-50%
    The French State committed to opt for a scrip dividend payment for 2021 fiscal year


(1) Organic change at comparable scope, standards and exchange rates.
(2) See Q1 2021 appendices on Flamanville 3, pages 5 and 6.
(3) EDF is neither an investor nor in charge of construction.
(4) The coal-fired plant in Le Havre has been shut down and mothballed (multi-year guaranteed shutdown) since end-March 2021 and will be disconnected from the grid by end-2021.
(5) Ethereum is a decentralised exchange protocol that allows users to create smart contracts.
(6) Subject to additional reinforced sanitary restrictions impacts.
(7) On the basis of scope and exchange rates at 01/01/2021.
(8) Sum of personnel expenses and other external expenses. At constant scope, standards, exchange rates and pension discount rate, excluding inflation. Excluding sales costs of energy services activities and Framatome’s nuclear engineering services and specific projects such as Jaitapur.
(9) Signed or completed disposals: impact on the Group’s economic debt.
(10) Payout ratio based on net income excluding non-recurring items, adjusted for the remuneration of hybrid bonds accounted for in equity.

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