Résultats

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.

(3) a significant capital spending programme which results in negative FCF; and (4) the construction risk associated with the Flamanville new nuclear reactor in France and the Hinkley Point C (HPC) new nuclear project in the UK... (3) the company' s' exposure to volatile power prices as a result of a predominantly fixed cost generation fleet; and (4) the risks associated with construction of the HPC new nuclear plant.

The identification and management of the material environmental and social risks associated with the Eligible Projects are considered overall good... kWh CO2 direct emissions, based on CBI standards) to formalize all these processes and commitments in the Framework (iii) The identification and management of the material environmental and social risks associated with the Eligible Projects are considered overall good.

-The risks associated with our activities are systematically analyzed and evaluated. The necessary actions are taken to reduce detected risks.

the level and volatility of wholesale electricity and fuel prices and supplies; risks associated with operating nuclear and other power generating facilities. including operating and liability risks and costs.

the level and volatility of wholesale electricity and fuel prices and supplies; risks associated with operating nuclear and other power generating facilities. including operating and liability risks and costs.