Bulletin: Electricite de France's 2020 Results Exceed Expectations, But Debt Continues Upward Trajectory

PARIS (S&P Global Ratings) Feb. 19, 2021--S&P Global Ratings today said that although Electricite de France S.A. (EDF; BBB+/Stable/A-2) reported better-than-expected 2020 financial results, its credit metrics should remain pressured over 2021-2022 by increasing debt, despite additional cost cutting and €3 billion of disposals projected over the period. EDF's EBITDA reached €16.2 billion in 2020, down only 2.7% on an organic basis, but above our expectation of €15.7 billion, thanks to a lower drop than initially guided in nuclear output in France to 335 terrawatt-hours (TWh), from about 380 TWh in 2019. The EBITDA impact from the pandemic amounted to about €1.5 billion, including €0.7 billion in nuclear generation as a result of maintenance calendar disruptions, €0.6 billion in customer

...February 19, 2021 PARIS (S&P Global Ratings) Feb. 19, 2021--S&P Global Ratings today said that although Electricite de France S.A. (EDF; ###+/Stable/A-2) reported better-than-expected 2020 financial results, its credit metrics should remain pressured over 2021-2022 by increasing debt, despite additional cost cutting and 3 billion of disposals projected over the period. EDF's EBITDA reached 16.2 billion in 2020, down only 2.7% on an organic basis, but above our expectation of 15.7 billion, thanks to a lower drop than initially guided in nuclear output in France to 335 terrawatt-hours (TWh), from about 380 TWh in 2019. The EBITDA impact from the pandemic amounted to about 1.5 billion, including 0.7 billion in nuclear generation as a result of maintenance calendar disruptions, 0.6 billion in customer services activities related to power demand reduction, and 0.2 billion in lower distributed volumes by Enedis. Overall, regulated network activities contributed to 32% of total EBITDA in 2020....

Bulletin