Résultats

Billet and the High Representative appointed by the French government for the nuclear cooperation with Poland, Mr... embarking the Polish supply chain ;building the human capacity of the future owner operator for security of supply and independence; and exploring, with the support of the French government, the various financing tools and options to secure the Polish program.

Of course, it is up to the French government to make any announcement in that respect... But again, this is up to the French government to make any comments or announcements in that respect... As part of this law, the French government has to prepare a multi-year vision of the energy mix, which is called PPE in France.

Of course, it is up to the French government to make any announcement in that respect... But again, this is up to the French government to make any comments or announcements in that respect... As part of this law, the French government has to prepare a multi-year vision of the energy mix, which is called PPE in France.

which support cash flow stability" Likely support from the French government... given lack of progress in negotiations between the French government and the European Commission and potential for further delays given French elections in April 2022" Increasing competition in the French supply market" Construction risk associated with the Flamanville 3 and HPC nuclear power plant projects in France and the UK Rating outlook The stable outlook reflects Moody' s' expectation that EDF will comfortably maintain credit metrics commensurate with the baa2 BCA.

Finally, the A2 rating incorporates two notches of uplift given the French government' s 84 9 % ownership... Moody' s Investors Service estimates MOODY' S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE Credit Strengths" ""Leading and still dominant position as electric utility in France Regulated activities and geographic diversification support cash flow stability Expectation of high support from the French government given 84 9 % state ownership Credit Challenges" """Low power prices will exert pressure on cash flows as hedges roll off Increasing competition in the French supply market Significant capex programme results in negative free cash flows Execution risk associated with EDF' s' action plan Rating Outlook The negative outlook reflects (1) the execution risk associated with certain elements of EDF' s' action plan.

MOODY' S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE Credit strengths" Leading electric utility in France" Regulated activities and geographical diversification support cash flow stability" Expectation of high support from the French government... which results in structural negative FCF without asset disposals" Uncertainties surrounding the future nuclear regulations (although new regulatory framework proposed by the French government may increase earnings visibility.

-We consider that there is a high likelihood that the French government would provide timely and sufficient extraordinary support to EDF in the event of financial distress... following the recent announcements from the French government regarding the capital increase... The involvement of the French government and presidency in EDF' s strategy and financial health is a key driver in our assessment.

Thomas PIQUEMAL I will not comment on statements by the French government... It' s' up to the French government to announce the tariff effect during the summer... I hope that you will appreciate that it is up to the French government to make such an announcement... On the Conseil d' Etat decision and what effect it could have from an accounting standpoint, nothing can be booked unless there is a decision by the French government.

which support cash flow stability" Support from the French government... (2) French government policy with regards to the ARENH mechanism; and (3) the result of the ongoing nuclear fleet audit and the implications of the fleet ageing for its sustainable availability... including support provided by the French government.

Strong support from the French government (owning 84 %) as the main power generator and grid operator in France... These cash flow protective measures confirm a supportive stance from the French government and aids our assessment of a high likelihood of extraordinary government support for EDF, if needed.