It is the turn of EDF, this Thursday, to bring together its shareholders. This is no longer the attendance of a few years ago, when the electrician took over the large auditorium of the Palais des Congrès in Paris. The Salle Pleyel, moreover close to the EDF headquarters on avenue de Wagram, is more than enough and with respect for social distancing, the attendance seeming even less numerous than in 2019. A participant undoubtedly summarized the situation during the session of questions and answers speaking of the disillusionment of small shareholders with the share”.
The check-in formalities are very fast, which allows us to make up for lost time at the entrance, congested by the necessary security measures. Investing picked up 71 mandates from its readers, representing 25,395 shares.
Jean-Bernard Lévy, the CEO, quickly attacks his strategic presentation, aided by a video that summarizes the highlights of 2021. As for the future, “ EDF is well placed to take advantage of the exit from fossil fuels that the crisis is accelerating “. Moreover, there is no lack of projects for nuclear and renewable energies, ” the two legs of EDF “, according to the formula of Claire Pedini, the climate referent administrator, intervened a little later.
Steps taken for two EPRs in Penly
As for the atom, Jean-Bernard Lévy recalled that the first loading of nuclear fuel was scheduled for the second quarter of 2023, which will mark the start of this EPR after years of delay. The CEO also welcomed President Emmanuel Macron’s speech on February 10 in Belfort. This ” roadmap will guide our efforts “. Or, for nuclear power, the construction of eight EPRs and a series of smaller reactors, the SMRs, a program which will benefit from support of 500 million euros by 2030 as part of France Relance.
Regarding the eight EPRs, “ we have launched studies “, declared the boss of the energy company, with an authorization requested for the construction of the first two reactors of this generation on the existing site of Penly, near Dieppe. As far as renewable energies are concerned, EDF has “ of a project portfolio of 76 gigawatts gross. » A 3 gigawatt carbon-free hydrogen production plan was also announced.
These heavy investments will have to be carried out while EDF must also support ” operational difficulties “, generated by the low nuclear production in France, where many reactors are shut down for corrosion or investigations following the discovery of this degradation on part of the French fleet. The unavailability of the power plants will lead this year to a shortfall of 14 billion euros on EBITDA (this result reached 18 billion in 2021), because the group must buy at a high price on the market the electricity which it missing for its customers.
It must also do so within the framework of the measures imposed in January by the State to limit the outbreak of electricity prices for consumers. The volumes of current to be sold at low prices to competitors have been increased from 100 terawatt hours per year to 120 TWh (as part of the Arenh), which will cost the energy company 10 billion euros this year, according to the latest estimate. Jean-Bernard Lévy, moreover, announced to the meeting that he had tabled ” a graceful appeal against the decision of the State.
The labors of Hercules relaunched?
Although EDF has taken measures to consolidate its financial situation, such as the recent capital increase of 3.15 billion euros and a plan to sell assets of 3 billion, ” it is clear that these measures will not be enough and that a structural reform of EDF is necessary “, affirmed once again its CEO.
Asked at the end of the meeting about a possible relaunch of the Hercule plan, which aimed to reorganize the group’s architecture into sectors to facilitate the financing of its investments, ” it is not on the agenda “, replied Jean-Bernard Lévy, at least in the immediate future. The latter waits the end of the presidential streak to put the issue back on the agenda of the new government. But he should do it” rapidly “.
Dividend in shares: new shares at 7.44 euros
Among the measures aimed at saving EDF’s cash, there is again this year (and for the next two at least) the option of payment of the dividend in shares. It was voted at 0.58 euro, before a 10% increase for those registered in registered form for more than two years.
For those who opt, like the State, for payment in shares, the reference price of the new shares has been established at 7.44 euros. The balance of the dividend (0.28 euro before increase) will be detached on May 18 and then paid on June 13, whether in cash or in shares. Resolution A presented by the FCPE of employee shareholders of EDF, which recommended limiting the dividend to only the interim payment of 0.30 euro (with however the balance 0.03 euro for the increased coupon), was rejected with a score of 98.7%.
Cécile Le Coz, at the general assembly.