Before the shareholders of EDF gathered in General Assembly this Thursday, the boss of the public energy company Jean-Bernard Levy returned to the charge once morest the choices of the State shareholder. In particular, the very controversial one, to increase the volumes of nuclear electricity sold at low prices within the framework of the “Arenh” mechanism. Taken at the heart of the crisis and once morest the advice of EDF, it made it possible to finance the tariff shield and to partially contain the soaring electricity prices.
“I have just addressed to the State a gracious recourse to request the withdrawal, both the price and the conditions of these attributions penalize us considerably”, declared the CEO of EDF in front of his shareholders. As a reminder, this measure, associated with the freezing of electricity tariffs decided by the public authorities, cost approximately 8 billion euros in gross operating surplus at EDF, according to its estimates, in 2022 .
Responding to shareholder and union anger
If the energy company had vigorously criticized this measure “imposed” by the public authorities at the start of the year and indicated that it was studying “any measure likely to protect its interests”, it has so far avoided initiating litigation with the State. , its leading shareholder, which holds approximately 84% of the group’s capital.
However, with this gracious appeal, he is taking a step that might bring him to court. This procedure makes it possible to submit the request for cancellation of additional “Arenh” volumes to the government. And, in case of refusal, to seize the competent administrative jurisdictions. Moreover, it extends the deadlines offered to EDF to do so.
For the public group, this bellicose attitude vis-à-vis its shareholder marks a change of attitude. If its competitor Engie has not hesitated in the past to challenge the government’s tariff arbitrations in court, EDF has always been more cautious in this area.
But for several months, EDF has been in a hurry to react to the decisions of the State that the unions and shareholders denounce as a “spoliation” of the company. Since early January, EDF’s share price has fallen nearly 20%. And new punctures in nuclear electricity to sell it at discounted prices cannot be ruled out for next winter.
Ongoing litigation in Brussels
“We would have liked the company to defend its shareholders sooner, but this appeal is a start. We hope that this will lead to compensation for the company up to the level of the damage suffered in the context of the nationalization of the group in particular”, argues Martine Faure, who chairs the board of directors of mutual funds for EDF employees. .
For their part, the employee shareholders and the unions of the group have already initiated several disputes on this subject. A summary procedure was filed with the Council of State to request the suspension, then the cancellation of the additional volumes of “Arenh” put on the market by the State. For the moment, the suspension has been set aside but the Council of State has yet to render its judgment on the merits.
In addition, another procedure has also been initiated before the European Commission, on the grounds that the increase in the volumes of nuclear electricity sold does not comply with European law since it was not the subject of a notification. beforehand.
With this gracious appeal, Jean-Bernard Levy responds to the anger of his shareholders, without however fully engaging in litigation. An in-between that might change in the coming months, depending in particular on the speed of execution of the group’s nationalization projects, announced by Emmanuel Macron.
Corrosion: EDF details its strategy to ASN
The energy company must submit this Friday the file detailing its strategy for repairing the reactors affected by the phenomenon of stress corrosion to the Nuclear Safety Authority. ASN will have to decide on the repair strategies but above all on the schedule planned by EDF. This is crucial if we hope to spend the next winter without a power cut. Given this unprecedented problem, nearly half of EDF’s reactor fleet is now shut down.
