EDF Revenues Up 66.4% To EUR232 Million In Q1 2009

The generation of wind and solar electricity (up 49.1%) driving expansion in the Generation business (growth of 29.6%)

Operations & Maintenance revenues double.

Brisk growth in the Development and Sale of Structured Assets business (108.3%) together with a favourable base of comparison.

Trends in production capacity:

The Group’s installed capacity stood at 2,462.3 megawatt (MW) gross (1,673.9 MW net), up 51.1% compared with 31 March 2008, breaking down as follows:

In wind energy, EDF Energies Nouvelles commissioned the 150 MW Shiloh II facility in the United States during the first quarter. In Europe, the final tranche of the Arada wind farm, with 112 MW in total capacity, was brought into service. The Group also commissioned 10 MW in Belgium as part of its offshore project developed by C-Power. At March 31, 2009, gross wind energy capacity under construction stood at 793.8 MW (541 MW net).

In solar energy, the commissioning of new facilities continued, mainly in Italy and the United States. Total installed capacity now stands at 26.5 MW. Close to 45 MW gross was under construction at March 31, 2009 (36.5 MW net).

All segments combined, capacity installed or under construction at March 31, 2009 stood at 3,307.9 MW gross (2,258.1 MW net).

Breakdown Of Revenues By Geographic Area:

Revenues in Europe recorded a 62.9% increase to EUR149.2 million. This growth was attributable to the strong increase in wind-generated electricity (up 39.1%) owing to the full-year impact of the numerous facilities commissioned in 2008. The Development and Sale of Structured Assets business also contributed to growth in the region, with revenues reaching EUR47.7 million.

Revenues in the Americas grew by 73.2% to EUR82.6 million. This strong growth is the product of brisk expansion in the Generation business (74.2%), which was boosted by newly commissioned plants, notably including the Wapsi North and Shiloh II wind farms. It was also attributable to the firm performance of the Development and Sale of Structured Assets business, which grew by 69.7% with revenues reaching EUR60.6 million.

Breakdown Of Revenues By Business Segment

The Generation Business:

In spite of the poor wind conditions in the United Kingdom and in Italy, wind and solar generated electricity advanced by 49.1% owing to the numerous facilities commissioned in 2008 during the first quarter of 2009. Separately, the Group’s longstanding thermal and hydro generation businesses recorded a steep decline in their revenues. This downturn was attributable to the combined effect of very poor hydro conditions in Bulgaria, a scope of consolidation effect linked to the end of a contract for a cogeneration facility and a slowdown in generation owing to largescale industrial action strike affecting operations in the French Antilles.

Revenues from the Operations & Maintenance business doubled to EUR8.4 million. This strong performance was chiefly attributable to the US, where business was particularly upbeat in 2008, with 19 new contracts signed for 2,139 MW in capacity.

Revenues from the Development and Sale of Structured Assets business advanced by 108.3% to EUR108.3 million. The pace of growth in this business remained brisk both in Europe, with the completion and disposal of the Fierville (28 MW) facility in France, and in the US with the development and sale of part of the Spearville II project in Kansas. As indicated when the Group’s 2008 full-year results were published, the continued expansion in this business during 2009 depends on buyers’ ability to secure financing on acceptable terms, excluding operations already benefiting from firm commitments.

Revenues from the Distributed energies business moved up 57.5% to EUR41.9 million. EDF Energies Nouvelles Réparties and Tenesol each contributed EUR12.8 million to revenues. Supra’s contribution totaled EUR11.5 million. The remainder was generated by Ribo and PPT.

Other First-Quarter Highlights:

During March 2009, EDF Energies Nouvelles signed an agreement with Canadian renewable energies group SkyPower Corp. for the supply of 180 GE wind turbines during 2009 with capacity totalling 270 MW. Under this agreement, the Group is set to acquire equipment on favourable terms, which will help to secure its supply for its own account and for third-party projects during 2009, 2010 and 2011.

Silicium de Provence (SilPro), a company in which EDF Energies Nouvelles holds a 12.8% shareholding, faced significant funding problems, which obliged it to apply for administration on April 7, 2009. The commitments made by EDF Reparties to the SilPro project amount to EUR19 million.

Outlook:

EDF has reiterated its target of posting EBITDA of between EUR280 million and EUR300 million in 2009.