Welcome to this press conference for the EDF results for the half. Before we give the floor to our Executive Director and our CEO, I would like to remind you of course the rules for this call. Questions are to be sent in writing and we will take them at the end of the call. The floor is to Luc. Thank you very much. I'm very happy to be here with you for these result announcements. Unfortunately, we had to do it remotely. Given the ongoing Olympic Games, it made sense to meet in cyberspace. Myself, Xavier Girre, will be presenting the results and also the operating performance and some forecast and outlook for the group that will be important as we go into the second half of the year. I'd like to start with some strategic and operational concerns before I give the floor to Xavier for the financials. Over the last months we have of course worked a lot on our strategies, on our priorities for the coming year. This has led us to define our company project which we're calling Ambition 2035. This project has quite a simple goal which is to work on four major pillars which to our mind are the future of the electrical system. This is our mission, it's our calling to build the energy infrastructure of tomorrow. Having a successful energy infrastructure system means that we need to work on four major things and just these four major things. First of all, clients. Of course, our clients are many in number. We have tens of millions of clients in all of the countries where we work. All of our clients have their own strategies, their own needs for lower carbon. Our aim is to support them as they aim to draw down their carbon emissions and to help them understand that electrical energy is the most competitive and sustainable for the future. That means that we need to support them well beyond just providing them with energy, with all of the skills, business lines and know-how that we have for them. Secondly, of course, production of low carbon electricity generation. This is something for which we are a world leader and we're continuing to strengthen our position with some specificities for EDF. As a group, of course we're a big low carbon producer, but we are also one of the few that produces energy 24/7 with a carbon emission rate that is extremely low. So the aim is that we continue to strengthen our ability to generate low carbon energy through successful projects and through setting up new means of production so that we can always be available to meet demand in the future. The future of our electrical system will of course require allowing for new modes of production and new consumption patterns versus the past. So we need to adapt the grid and work with the network managers that are part of the group so that they can meet their own goals as they seek to be resilient, as they seek to manage energy that has become much more unstable, and as they seek to meet demand that is more and more requiring flexibility. And flexibility, in fact, is our third pillar. If we want to meet the needs of our customer base and manage the intermittent production of the electricity production systems, we need to be flexible in a way that affects the entire group. Sales, production, storage, and the various other capacities that we have and will be developing. These are pillars that will structure the group in the coming years. You will be seeing in the coming quarters that we'll be coming back to this, including in the way we present our progress in operational matters. Jumping right in with some of the things that were highlights of the first half for EDF. Starting off with probably one of the most important things for our future success, which is of course, talent, talent that we already have in the group and talent that we're able to draw into the group. We of course have been focusing significantly on the importance of getting new people into our businesses. So young people who believe in a low carbon future, who believe in our energy. We have set a target of 20,000 new hires in France, 10,000 of which will be new employees within EDF, but also 4,500 work study trainees and 5,000 interns. Because it's not just about the people who we hire. We are a company that is at the head of an entire industry, an entire patchwork of industries in nuclear production, electricity grid operation. Of course, 1,000 jobs in France rely on that sector. So we believe that it's EDF's role to get as many work study trainees and interns as possible in EDF, so that many of them join us, of course, afterwards. But for those who don't join us, they can then work within the industry as a whole. We're continuing to be ahead of our needs, looking for skills with some very visible success stories, such as the ForIndustrie event. This was an awareness raising campaign, getting young people involved. 52,000 young people involved this year, in fact, a fantastic success. We also have partnerships, very operational, real, concrete partnerships with 200 schools, so technical high schools, middle schools, specialized diploma programs, with 9,000 students being trained in grid and nuclear operations. All of this has been recognized. We are in the second place of the Universum ranking of companies preferred for engineering executives. We're not doing this for the awards, but because we are fully aware that this will be necessary and important for our future successes. Of course, we continue to work as part of our CSR policy in the same direction. As I just mentioned, we have our foundation. The term of that foundation has just been renewed and they have decided to focus on professional career development. With a couple of examples that I won't get into here one by one. In all cases these are partnerships with grassroots organizations working to get young people into jobs if they may be out of a school or not, but getting them into a professional career with a particular skill set. Once again, all of this has been recognized and we're very proud to have been recognized as part of the 2024 Social Benchmark. This is the World Benchmarking Alliance that had us in second place in the utility sector worldwide. A great source of pride for us, even though of course we'd prefer to be number one. That's where we intend to get. That's what I wanted to share with you for this first part, which we believe is the most strategic in nature because this is our future talent that's at stake for our businesses that need to get new people and young blood. Coming back to some more operational concerns right now, as you probably know, last autumn we launched a new commercial policy. This aims to allow all of our customers who so desire to have long term visibility on their electricity. This commercial policy has been highly successful. To date we have signed with all sorts of companies more than 2,200 contracts. This is for energy supply over 4 years -5 years and these contracts allow access to power at prices that reflect the prices that are about only 50% of what they were this time last year. That policy is bearing fruit with more and more companies deciding to work with us or with our competitors who also have access to our production to stabilize the conditions at which they can purchase power in the long term so that they can decide how they want to electrify their operations and plan their own business. We have also signed a number of letters of intent. These are basically pseudo finalized contracts with industrial players. These are industrial partnership contracts. Basically for those of you who know these well, these are the nuclear production allocation contracts for 10 terawatt hours per year with those 2,200 contracts that I just mentioned are for 13 terawatt hours for 2028. So right now we're looking at medium term contracts for significant volumes of power. And EDF intends to continue to forge forward on these medium term contracts, aiming to continue to develop complementary offerings and extra capacity for the weeks and months ahead to continue to meet the needs of our clients from a commercial standpoint as well. We've continued to increase our customer portfolio in G4 countries with about 37,000 new residential customers who joined us. We now have a portfolio of 29.7 million in June 2024 and our average basket continues to increase with a number of contracts at 1.3 per customer. Of course we want to work on all aspects of our customer relations, not just giving them power. So self consumption is up in France and we're continuing to round out our offering of self consumption options with a 73% increase in photovoltaic installations for B2B clients on rooftops and car park canopies for the first half 2024 versus the equivalent in 2023. So that is 57 MWp by EDF ENR in the first half. All of this goes to show the dynamism of the self consumption movement and the number of clients indeed who wish to have a full rounded approach to their energy needs, even by becoming their own producers. We are also of course continuing to work with all customers who want to work with us on decarbonizing businesses and usages. We have a lot of successes. A number of them are highly visible, such as Dalkia. Dalkia is working hard on industrial services to a number of our customers. Dalkia has in fact set up the first high temperature heat pump for industrial clients. This is the WEPA Greenfield paper plant which has enabled them to reduce their emissions by 1,000 tonnes of CO2 per year. We also have the Chambéry heat pump network which enables the city of Chambéry in France to now have 94% of its consumption being renewable and recovered. We're very proud of that on some things that maybe are a little bit less positive in the short term at least, which go to show a general market trend. We have seen a significant fall off of new heat pumps installed in individual customers by our subsidiaries who work in that, such as IZI by EDF, IZI Confort and EDF ENR. This is a reflection of a number of factors, but in large part instability in the regulatory framework. We need to get back to more stability so that our customers can make the reasonable choice, which is of course to switch to electric. However, we are still seeing strong increase in vehicle charge stations which are being deployed or operated with 12% growth in 2024 versus the first half of 2023. So there we go for the commercial side of the business. Moving on to production. Now we have seen a significant increase in electrical production, which is of course matching our own characteristics, which is that it's always available. Going from 232 TWh in the first half of 2023 to 259 TWh in the first half of 2024. 94% of our production is decarbonized for this half, 92%, which was the case in 2023. This is due to a significant increase in nuclear production of 19 TWh there and a significant increase again in hydroelectric production. So in both cases there's good availability of our means of production and favorable conditions for hydroelectric production which are better in 2024 than they were at this time in 2023. All of this has enabled us to achieve significant improvement in our carbon intensity, which is of course, if you look at world benchmarks, one of the best in the world. But it's continuing to improve quickly because we've gone from 40 grams of CO2 per kWh produced to 29 grams of CO2 per kWh produced. For the scope of the Group. If you look at just mainland France, I think that we are pretty proud to be able to say that we are now at 3 grams of CO2 per produced kilowatt hour for energy that is available 24/7 year round. I think that it's no exaggeration to state that there's nothing like it in the world. So furthermore, we brought down by 19% the CO2 emissions Scope 1 to 7.9 MtCO2. So at the end of the day MSCI gave us a ranking. They gave us, said that we had. We were able to bring down 1.3 degrees and we moving down the same avenue. Let me take up the generation. The increase in the nuclear generation we went up by 19 TWh during the first half we confirmed. Generation estimates. 315-325 TWh in 2025 and 335-365 TWh in 2026. And we'll keep on working to deliver those very ambitious goals. We have signed green bank loans dedicated to financing the extension of the life of the nuclear fleet to the tune of EUR 5.8 billion. And there is a green bond emission multi tranche to the tune of EUR 3 billion. So we are increasingly supplying solutions. We need abundant and permanent low carbon energy in order to meet the economic requirements. We keep on working on our projects, beginning with our nuclear projects. You know that we are at the very last stage in the completion of Flamanville 3. We keep on working every day so that divergence is about to happen, so generation should take place after a few weeks and it should be connected to the network in Hinkley Point C. We are still working to go full steam ahead in integrating the mechanical components of the first reactor. We're completing the preparations for the second reactor. We saw the project with the board, we were on site with most of the executive committee members a couple of weeks ago. This is going ahead. We want to move on to industrial construction and we still have a lot of work to achieve. Sizewell C. We did get the nuclear site authorization from the British agency. Framatome has signed contracts with Sizewell C team on boilers, control system and fuel supply. After the elections in July, we are talking to the new government to complete the financing side of this in the coming months. EPR2. New important stage in 2023, external experts completed the review of the project. A number of recommendations were hammered out and we decided to wait July this year to look at the maturity of the design. To see what was achieved. We decided that the design was mature so we can go into detailed design, which is a very important stage. Of course we had to mobilize all of our engineer teams and our partners as well as at the same time, we did get all of the environmental necessary authorizations to set up the two reactors on Penly. As regards NUWARD over the last few weeks we displayed our decision to manage this project. To limit technological risks that were implied, we decided to go for a more simple design. Currently the market requires speed and competitiveness and so we need a design to be among the winners. In the coming months we will review the new design to change it into a more simplified version. Finally, we have finalized Arabelle Solutions, the acquisition of Arabelle Solutions, which is now part of the group and is fully operational at this stage. We can work with them, work with Framatome, which will be beneficial both for internal clients as well as external clients. Let us talk about renewables. This first half was very active. An increase in installed capacity of 1 gigawatt. So we are now standing at 24.8 gigawatts at the end of June 2024. New commissionings such as the offshore farm in Fécamp, the Serra do Seridó farm in Brazil wind farm. In July, CEME 1, the biggest solar farm in Chile, will be inaugurated, 480 megawatts, the biggest in that country. This means financial partnerships where we fulfill the role of a developer. Those projects, as well as new projects under construction, are underway. So in terms of comparison with H1 2023, this new developing model is useful. We use our know-how with financial partners and our wind solar project portfolio increased by 13% vis-à-vis the same time the end of 2023, 111 GW. And we're still working on those projects. Let me mention a few of them. Al Ajban, a solar farm in the Emirates, the second biggest solar farm after Al Dhafra, which we connected last year. And then the Oman Hydrom project. Both wind and solar, 4.5 GW. And then also battery storage and green hydrogen electrolysis storage. 2.5 GW. Very complex. And all of our skills can be displayed. All of our businesses can be involved, including our electricity business. Finally, with Edison, we initiated the building of a floating offshore farm in Sicily. 975 MW. And Edison acquired 50% of wind energy. Pozzallo. Now the Nachtigal project in Cameroon, 420 MW commissioned its first generation group. Let us look at networks, lots of developments. Enedis is facing a connection demand which is very strong. During the first half, 2.5 GW in new capacities were set up and connected to the distribution network, as opposed to 2 GW that were connected during the first half of 2023. So that amounts to 121 producers. That gives you some idea of the industrial intensity for Enedis. In just half, 121,000 producers. Can you imagine that they were all connected to the network and they currently contribute to the generation. All in all, that means an additional 33% connections. We went from 90,000 to 120,000. Comparing the H1 last year and H1 this year. As regards the quality of networks, Enedis has a cut, an average cut time of 31.6 minutes as opposed to 30.8 minutes during H1 2023. There were a number of events explaining that as regards investments, Enedis keeps on increasing its investments. There are connection difficulties, but by and large the whole of those networks are increasing, plus 9% investments. So we're talking about regulated businesses, Enedis and EDF SEI, Électricité de Strasbourg. This is mostly connected with the rise in connections. Now one of the major features of this first half was the signing of the new concession contract with Paris by Enedis finally in France. Still in France, EDF has gone through a very major step in terms of the connection between Sardinia, Corsica and Tuscany. They will keep up the improvement of electric resiliency in Corsica. Now flexibility solutions. This is the fourth pillar of our Ambition 2035 strategy. There's a lot of flexibility involved. We're looking at the generation, resources, storage and also use as flexibility as regards generation. We keep on working on the qualification project, development of thermal decarbonized resources. So we're talking about islands such as the Corsican project, the Ricanto project that moved to liquid biomass. You know that there are some islands where we have 100% renewable energies. We want to do the same for Guyana with the Larivot station. So that Ricanto station means a very major step ahead for Corsica. And then we have a durable liquid system replacing stations, so high demand systems can be improved. And then the storage market in France is very limited. But we are very present in other geographies. For instance, we move forward battery projects and we use our know how to connect them to our networks. We have for instance, two projects under construction, one in the U.S., one in the U.K. for 225 MW and 215 MW respectively. As regards use, we have seen a significant increase in the charging stations that can be managed by the group, which means more flexibility between supply and demand. So we currently have 27,000 of those and we can aggregate and move off. We have a lot more capability in these terms, be that for individuals plus 68% of those clients, or B2B flexibility offers. So this is but a summary. A lot of things remain to be achieved in terms of flexibility. So in the coming weeks we will detail on those subjects. This is one of the crucial future aspects of our system and our strategy. Today the opening ceremony of the Games will take place. I would like to tell you that we are full speed ahead on the Games. We mobilized the whole of the company. We're very proud to bring our contribution to the Games. This is the very first time that a major sports event takes place with a direct connection to the electric network, whether it be a big game or the Games. Generally, up until now it was always carried out on the basis of using fuel. Diesel engines on the site. Generally, the organizers wouldn't take the chance for the supply to be interrupted just even just for a few seconds. Let's say you have to score a goal, for instance. Because of this, the organizers were not willing to take the chance. The International Olympic Committee decided to work with us and eventually decided to manage the whole of the Games in Paris with a connection to our network. That's a huge improvement and a huge achievement in two ways. First, our subsidiary entities carry down all of the connections to secure the resilience of connection to the network throughout operations. But also because we are committed to provide certified electricity which is certified 100% renewable to all of the Games. This is a major feat at a grand world premiere. And of course this is entirely renewable certified, of course. We also worked on all of the facilities to integrate our know how. For instance, floating solar stations on the sand, recharging stations, temporary electric stations. And some of those facilities were built for the Games, but they will remain. For instance, in the Belvédère area we have 15 self consumption roofs. Enedis used all of its know how with EDF ENR and also used its management skills for the aqueducts. So that's only but a few a small number of achievements. Please watch very carefully the opening ceremony tonight because you might discover other of our achievements, more of our achievements. So this is what I had to say regarding the Games. We are very happy and proud. Finally, let me give you a few figures before giving handing over to Xavier. Excellent operational performance success. I'd like to thank all of the EDF teams because I know you were constantly working on this and you managed to solve the operational problems that we had during the last few years. The prices are significantly decreasing. This will keep up during the second half. More about this later. The second half will be lower than what we have. But these figures, as you can see them, EUR 18.7 billion EBITDA first half vis-à-vis EUR 16.1 billion last year. And the debt has been stabilized in terms of last year. Let me give the floor to Xavier who will give you more concrete facts on financials. Thank you very much, Luc, and good morning everyone. Now let me give you some important notes to help you understand our financials for this first half of 2024. Just quickly, on some of the numbers that Luc didn't give. We have revenue sales, which is down 20%, EUR 60.2 billion, which is directly related to the drop off in energy costs. The NFD over EBITDA ratio is good. Even better than at the end of 2023. 1.28x. If we look at the changes in EBITDA year-on-year. One of the first things, and I know that Luc underlined that and was correct to do so, is the excellent operating performance. We sought here to underline the solid production for nuclear and hydro. Together they contribute EUR 2.8 billion to the increase in EBITDA over this semester. Now drop in market prices and other similar effects are starting to have an impact on our EBITDA. You can see two orange bars here. The first one, the largest, is the drop in market prices estimated at -EUR 8.1 billion. And the second orange bar that you can see on the right is less significant but is still noteworthy. EUR 1.2 billion. A little bit more than EUR 1 billion is related to a drop in volatility and prices on EBITDA for EDF Trading about EUR 1 billion less than in the first half of last year. From them there are two green bars that show the effects of the prices on our purchasing with two things here. First of all, our net purchases on markets in France for +EUR 7.8 billion. That is because in the first half of 2023 production was still significantly suffering from the pre-stressing issues that we had. So we were having to buy at high prices. That is no longer the case in 2024. And the final green bar, EUR 1.3 billion, is the lower cost of network losses purchases for Enedis, which is now a market price. So a favorable impact on us moving on to nuclear power generation. Now, as you just heard, nuclear production is significantly up for this half 19 TWh. So once again we are able to be confident in confirming our range, expecting to be in the higher end of that range between 315 and 345. EBITDA is of course up EUR 9.6 billion, and that is in large part due to EBITDA. However, on the impairments and other operating incomes and expenses line, you can see EUR -4 billion. I'd like to explain the three things that are behind that figure. First of all, provisions for EUR 3.2 billion after the restatement of our project for storage of waste in France. Secondly, depreciation of what had previously been put on the balance sheet as an asset for NUWARD. Following changes in that moving towards a technological brick approach, there's a depreciation there and then finally a provision of about EUR 400 million for environmental risks from Edison, following an agreement over there. And that is the result of some long negotiations. Financial profit now, now financial profit is balanced. However, there are three major things in this. First of all, the cost of debt, which is EUR -2 billion, up 0.2 given the increase in interest prices. However, we have been able to mitigate that through active management of our debt, in part paying back short-term debt and reissuing medium- and long-term debt at better rates. Overall, the maturity of the debt is longer, from 11 years to 12.1 years, year-on-year. Secondly, we have that discount expenses EUR 1.3 billion, about EUR 500 million went to the nuclear provisions. That went from 2.5% at the end of December 2023 to 2.6% end of June 2024. And then other financial income and expenses. EUR 3.3 billion positive there, up EUR 1 billion. In large part by the good performance of our asset portfolio and particularly our shares portfolio, with a performance of 13.1% for this half versus 11.6% during the first half of last year. On net income, the group share is now at EUR 7 billion, up EUR 1.2 billion. Beyond the different elements that I already explained, there are a number of things to note here. The tax on profit EUR 2.5 billion is at EUR 1.1 billion. And this is related to the increase in our profit before tax once restated. For non-recurring items, we're at EUR 8.4 billion, up EUR 2.1 billion for net income. Overall Net Financial Debt for this half is stable. EUR 54.4 billion. EUR 54.2 billion. Sorry, just slightly down versus the previous year. This is in large part thanks to positive cash flow at EUR 1.9 billion. Within that cash flow we have EBITDA cash, of course, but also WCR changes which are quite low with the impact of the drop of costs for outstanding liabilities for clients. But also CSPE mechanism came in to offset that on the other side. So basically WCR remains stable. Investment is EUR 11.1 billion, up EUR 2 billion versus the first half of last year with an increase in development investment, EUR 6.1 billion this year. And on the other side by purchasing of GE Steam Power for about EUR 1 billion, as you can see on this slide here. Overall, I wanted to present you with the same graph as I presented last February to share with you the fact that given the business environment that we know we have strong operational performance, prices are high, but are down. That has already started and quickly. So. And EBITDA of the group will be down next year. Well, the one this year will be down versus last year and the one next year will also be down. This is explained by two things. First of all, a very positive effect, which is our increase in operational performance within the group as part of our ambitious Ambition 2035 program and also our developments in France. But we've also seen some negative developments due to market prices for energy that will have an impact that we have estimated at between EUR 8 million-EUR 11 million over the forward year, given the negative price effect. Thank you very much. I'd now like to give the floor back to Luc Rémont. [Foreign language] Xavier. [Foreign language] So clearly that's the equivalent of a generation which is biddable at the same time as neighboring countries are in the same situation. And second, those market prices will probably go down. And it shows that market prices during one year. We are talking about a halving of market prices in 2028 or 2029. So this market price trend in the midterm 2028, 2029 should enable us to set up the trade policy that would provide our clients long-term prospects, the more competitiveness, more access to electricity and to undertake corrections. So to our vis-à-vis our clients and vis-à-vis competitors, we provide the capability to provide that electricity. So that's where we stand in the short and midterms. So currently the demand is weak and the supply has significantly increased. And this means that prices are weaker in the midterm. We'll keep on working so that we to make electrification successful. This is our mission, believe that we can be competitive and to decarbonize France. It is our mission to do that. So we're going to use all the levers that are available in order to reach that goal. This is our Ambition 2035. We're going to work on our commercial policy and also in terms of mid- and long-term supply contracts. And then industrial partnerships with businesses will keep on working with all of the businesses and individuals. Let's remind ourselves that an EV is less costly by a factor of four in comparison with an internal engine, a traditional engine. So we tended to forget the fundamentals of electricity, which is a competitive resource, to decarbonize on top of efficiency. So we should keep that in mind. We're going to work on all of these, supporting our customers and providing them with solutions to meet their requirements. Of course, as business, we're going to provide a lot of decarbonized electricity at low price over the long term. We want to have an electric system in order to meet requirements by modernizing the network and providing flexibility solutions. Our investment schedule is about the same, about EUR 25 billion per year. It is ambitious and we must work steadfastly in order to make it more efficient. That's on this note I would like to end. We have a lot of work to achieve on our scope and the scope of our partners in order to become more efficient, in order to achieve the figures I just mentioned in a price environment which is lower. We have to be even more efficient, both in terms of operations and investments. The economic success of the group is key. We need this in order to be competitive in the midterm and also we want to work on the four Ambition 2035 investment pillars so that at the end of the day we have an electric system that meet demand and that hits just the right balance. This coming fall, there will be discussions with the government and there are some components that are key for us in terms of public policy, such as more stability and clarity in terms of electrification incentives and the use of electricity. Also, we should take on board the impact of different types of investments on the electric system. In the short run, there's a lot of supply, not enough demand. So there are certain types of investments that are relatively too costly. So we should discuss them. And then finally, one of the key components this fall for our work and for our conversations with the government, all of this should be consistent with our goal of competitive decarbonization. So these are the key components looking to this fall and the steps that we are considering. Finally, I'd like to say a few words about two figures, guidance figures. This won't come as a surprise. You know that we have set up a balance sheet discipline that should be the hallmark of our investments and the outside limitations. So we will stick be very strict. We don't want to go beyond 2.5x in terms of Net Financial Debt and EBITDA. And the adjusted economic debt on adjusted EBITDA should not go beyond 4x. Actually, we'd like to be way below that guidance. These are actually long term figures. Keep that in mind. That's what we wanted to share with you this morning. We can now answer your questions. Thank you. Luc First question on market prices. You mentioned the coming up. Those are coming up. How do you explain the impact on the agreement with the government on the regulation of prices on the French market? Should it change? Does it still apply on regulations? There's no laws. Are you still opposed to CFD? We talked about market prices. This reflects the balance between supply and demand. As I mentioned earlier, you saw the curve in the coming years. The market prices reflect an anticipation of a lot of supply in terms of the demand. So prices will be weaker throughout Europe and also in France. Electricity prices are based on market prices. We are committed with the agreement to the government, with the government last year. We want to naturally stabilize those prices over the long term. This is still a commercial policy. This is not about regulations. Now we have this agreement last year with the government that this is supplemented by a financial balance between EDF and the government. So should market prices go above a given limitation, given line, we would pay back some of the revenues, you know that the government is the sole stockholder. So the government doesn't want prices to go too far. And that's what we committed to, we were committed to last year and that agreement should not change. Basically the weak prices we currently see show that the mid-term commercial policy we plot for works and we want to keep that up still on prices. prices. Les Echos, what is the impact of those weak prices on your long-term financial perspectives and the way that you can finance investments? So those weak prices mean that we'll have lower revenues, simple as that. So we have to work on the whole of our economics, our capabilities, in order to improve our operational efficacy, improve costs, improve the efficacy of our investments so that in spite of weak prices, we can keep up the investment program that we are committed to in agreement with the government. Now that's no stroll in the garden, but we're going to keep on working on this to keep up sustained investment capability. Having said this clearly, in the whole of the electricity area for the last 20 years in Europe or throughout the world, all heavy generation investments were carried out under price financing or price guarantees in order to offset price fluctuations. This applies to EDF as well. So far, major investments in France and EPR2 in particular we need a financing agreement with the state, with the government. We're going to work on this in the coming months hand in hand with the government. The outgoing government was considering a new tax based on installed capacity which could be bad for EDF. What do you think your exposure to such taxes will be? Well, kind of by definition, we don't really know ahead of time what hasn't even been decided by the government yet. We have seen some ideas floating around related to electricity production. However, it's difficult to imagine a tax on electricity capacity having a positive impact on reducing carbon emissions. And it's also difficult to imagine how a tax on electricity production would have a good impact on electricity prices and on investment. Because when you tax something, you drive prices up and you reduce investment. And when you tax something that is commendable and low carbon, then you end up going against your own green policy. Thank you. Question on commercial offering. Alternative operators say that they're not able to offer similar offers to EDF's 4 years -5-year contracts at current prices. They say that it's too aggressive. Is this a competition issue? And is EDF expecting to put liquidity on the market in 4 years -5 years? And what about agreements with the European government? Well, I'd like to first of all say that that is not true. We'd like to see competitors offering medium-term contracts because that's good for our customers. It means that they have a range of choices and I think that's something that's very good. I think it's good for the market and for our customers. We are committed to supplying power to our customers with necessary liquidity and that our offerings be liquid enough. We of course refer to the financial market authorities, no matter what some people might claim. L'Usine Nouvelle, have you set targets for 2025 for the four major pillars for Ambition 2035? And what about all the storage, hydrogen and solar projects from the last years? Well, EDF loves KPIs so we have set KPIs on a number of things, but we have tried to keep KPIs low in number. There is a little bit of inflation in KPIs over time though, so for the time being we haven't made public now, but we could do that when they're more mature in the autumn. For each pillar we have hard targets that all organizations in the group are currently working to achieve. These are not set by technology or business line or organization, but indeed group wide. And that is quite an innovation because we are getting closer to working as a single team. And that means that over time we'll be able to measure our group impact, for example on our achievements with our customers to help them reduce their carbon emissions and to convert them to reducing their carbon emissions through electrification. That will probably be coming at some point in autumn with some more detailed explanations on those KPIs which are currently maturing within the organization. Les Echos, again, you suggested that there was a full audit on HPC. What about finding an investor to replace your Chinese investor? Yes, we did a full audit for HPC with in-depth work with all of our teams as well. That effectively led us to continue the operational work on the work site. This, one of the largest in Europe with industrial civil engineering integration issues. And the audit that we carried out enabled us to remain one step ahead of the issues that we're going to need to handle 2 years, 3 years, 4 years ahead of time. That's what the audit was for. And it enables the team that's heading up the project to always be ahead of potential issues. And the aim is to industrialize things. That is our approach to HPC. As to finding an investor, we're working on that. We have a number of contacts. I don't know what exactly wants to have come back to that. We're working on it. But it's no emergency. We want an investor or we desire to, as is the case for all of our other assets. In fact, to find an investor that can provide good conditions. And we already have one, of course, with CGN. La Tribune related to new. Will the pivot have an impact on the launch of a new unit? And what about the depreciation related to that change? Okay for the launch? I think it's still a bit too early to answer that question. The answer is probably yes, but the change might not be significant. And EUR 230 million is the provision. So the entirety of what we had on the group asset. EUR 230 million. Could we get more information on the timeline related to the Czech project? What other export opportunities are there? And still again, the current political instability and how it might delay the launch of six EPR2s. We're still working the same timeframe for EPR2. For the coming steps for EPR2, of course. In the coming months we will need to move on to detailed design to prepare for construction, to optimize our construction timeline. Shortening construction delays to increase productivity and therefore to increase chances of success of the project. The need to work on financing of the project alongside the state. All of these things with an updated cost understanding means that by the turn of the year we should have the necessary conditions to launch the program. It's not finalized, but we are working with the European Commission seeking approval of the financing plan for the project before a final investment decision. Probably end 2020, 2025, early 2026. That's where we're at for EPR2. That means that in September we're going to need to have operational discussions that will be effective with the state. Of course a lot of work has already been done with the various administrations that are involved. But that still needs to be further confirmed by the state in the autumn. For Czech Republic, you would have seen the decision handed down by the Czech authorities. Our approach is still valid. Our bid is a bid from the only industrial player that will be able to develop, build and operate these third generation nuclear power plants in Europe, fully controlling the industrial and safety rules. Knowing how difficult this could be now we get held. This gets held against us a lot. But we know how to do it. And having a controlled approach to design that we would own and industrial risk and commercial risk that we also control. That's what our bid is. The bid is still there, and we are available to the Czech authorities and to all other European authorities that remain motivated by the idea of getting back into nuclear so that together we can build up a European nuclear sector. Following up on the Czech Republic, should you improve your bid, make them more aggressive? Are you still planning to build two EPRs per year from 2030 on, with one in France and one in Europe? And is there a risk that KHNP might take over the European market? Our aim is still to build two per year from 2030. I think that that's the target we need to set if we want to keep the industry up with other trends. And relaunching the European industry means that that goal is within reach. We have competitors, which by definition means that we need to consistently strive to be better. It's a good thing to have competition, but once again, at this stage we are the only ones who can design, build and run these types of installations at a European scale. And we're continuing to work with all of our partners and our Sizewell C EPR2 and all of our potential projects that we're discussing, sorry. Continue to bear fruit. So, on the nuclear power allocation contracts, apart from ArcelorMittal and a couple of others who has signed up, what about that 30 megawatt hour contract? Well, the other signatories have not designed, have not wanted to have their name published, but there are still many ongoing negotiations with industrial players. Some of them have already signed, some of them are still negotiating and we are continuing to carry out these negotiations with anyone who wants to have access to these allocation contracts for industry in the medium term. I believe that this is how we can work with these industrial partnerships to achieve stability for industry players that want to set up in France and want to benefit from this unique opportunity, which is abundant, renewable, sustainable energy. And I think that their desire to do so is commendable. It's a real competitive edge for our country. L'Usine Nouvelle, can you tell us exactly what that EUR 3.3 billion provision is for spent fuel storage? That's for Xavier. So these are storage conditions for sure. This is in the La Hague site. This is a MOX storage especially. A plan was presented to the ASN by Orano and EDF. The industrial scenario is still being discussed and might include building a single pool or others, but that is one of the first things that is being looked at and was audited by ASN. And then also some decisions made based on that single basin approach that led us to that EUR 3.2 billion provision. As I said a minute ago, work is ongoing seeking to define the exact industrial scenario we'll use going forward. But our best guess right now is that single basin. Thank you. We have a question from Bloomberg next. What concrete measures is EDF intending to implement to make its investing operations more effective for electrical systems? You mentioned CapEx. That's going to be less high priority because of drops in price. To make our investments more efficient. Some of them are quite efficient the way it is now. Where they should become more efficient. New nuclear facilities should be more efficient. This is basically in terms of industrial manufacturing speed. We're looking at our methods, we're looking at our processes, at our partners. The whole industry, the whole nuclear electricity industry should have a fresh look at its methods, especially building sites. And this includes institutional partners. We want to be safe, secure, on time in terms of success. So all that work is underway. We are learning as we go. We have taken lessons from Flamanville and so on. And we want to move directly to a stage which is upstream. So we want to build more quickly on the six EPR units. Building times between the beginning and the end by 70%. We're still very far from that goal. But when you look at all the building site stages, clearly the capability to repeat the same gestures and the same procedures will bring us to more efficiency and we can be realistic when we set up those times. Chinese partners are currently ahead of us, but in so many months we should be there on our programs. So this probably meets about 90% of your question. And the remaining 10% will be looked at very carefully by the whole of our industry. You mentioned the necessary work on the scope. Should you divest some assets? Did I say anything about the scope? I don't know who came up with this. I believe that the EDF scope is set by Ambition 2035. With the four pillars I mentioned. We don't want to become giants. What we do want is to be the best, the best electric utility to serve our clients with the most decarbonized, durable and competitive electricity. That's one first goal. Then we need the generation base that we decarbonized that be biddable by and large clients who want electricity when they need it. So we need a mix between wha t's biddable and what's renewable, which is not biddable. So we want to build that portfolio that be adapted to our clients. What we want is to have the best and optimal impact in terms of decarbonization. And that impact is determined by know how. We are a reference company throughout the world in this industry. So overseas we want to become a developer that uses its know-how, its technology, its implementation skills, maintenance skills with financial partners and so that's how we want to using this model that we want to develop. EDF. We want to have a bigger impact. We want a developed gross gigawatt and whatever we can connect to the network throughout the world, rather than what we have within our current scope. This is how we measure our impact. So this is how we're going to keep up developing. Regarding the new nuclear in France, when. You do the feasibility study on the new facilities, site studies are very heavy to carry up at least two years. That's what it takes. You have to analyze these sites. They have to be documented in order for you to make a proper decision. So we need at least two years to analyze the whole of the cycle components. As far as those eight reactors are concerned at this stage, what we want first and foremost is to launch the first six. In order for them to be successful, they need a good design, they need a sensible construction and proper financing. Le Monde. How can you move less hours with less demand in order to adapt them to the new setup? Anything that means more flexibility is useful. In point of fact, what we currently see growing is that we have solar generation from spring to fall. At times of the day, when they make up a higher percentage of electricity generation, it is increasingly difficult to remove that activity from the network because our neighbors want electricity at the same time. This solar generation comes on, comes on stream and it brings down at the same time and it brings down spot prices. We have to look at the total cost of what we buy. When you add generation, which is subsidized in terms of purchase bonds, at times when you cannot remove it from the network and the connection of that generation is paid two or three times, we pay it through a purchase bond, we pay through a higher cost of connections and we pay it a third time because of other reasons. So maybe we should think twice about this type of connection and forget it. Now this electricity exists, so we should use it through commercial vehicles. Aside from regulations, regulated rates and also regulated rates that incentivize consumption at times when there is not much consumption now. So we have to talk about this with the Energy Regulation Commission. Last question. La Tribune. In 2022 you talked about hydrogen with a goal of 3 GW in 2030. Do you still keep that goal 3 GW of hydrogen capability in 2030? Hydrogen is a potential use of electricity. So we are interested. It is a newborn market. It is a technology. Those technologies are newborn, are new. And hydrogen uses also have to be developed. This is on the way, what we want to do. We're not going to speak in terms of gigawatts. That's not what we sell. What we do, what we wish is to be all over, to be everywhere. When there are projects that are directed to final hydrogen users, electricity is decarbonized, it is biddable. And most industrial processes that create, that generate hydrogen need that kind of electricity decarbonized in base generation. And then they take it to hydrolysis processes and chemical processes. So we are involved in a lot of projects, but what we want to do is to learn and to know early what are the right technologies and the application markets where you can scale up. A lot of literature has been published on hydrogen. They talk about gigawatts or millions of tons, for instance, to produce gas from hydrogen. When you do your computing yourself, you can see that those figures are not to be trusted. We first look at technologies, access to applications in order to be as early as possible on those that can be scaled up. As I said, this is an electricity application. So we are interested and it is part of our strategy. Last question. Because of the schedule you mentioned for the EPR2, the first building stage should take place in 2027. Really no reason to change that date. You see, there's a lot of issues to be solved. Until then. I don't have a firm commitment on the first building stage. What we need is components to carry out the final investment decision. That's the key to the schedule. This is the end of this video conference and thank you for being here. Have a good day. Thank you all. Have a good summer holiday. Don't forget to watch the opening ceremony tonight.