At a time when France is wondering about the financing of its energy transition, the question is coming up in the presidential campaign: should the status of the electrician EDF, listed on the stock market since 2005 but 84% owned, be changed? by the State, in order to accompany the revival of nuclear energy desired by the government?
If it were up to Emmanuel Macron, in any case, the file would already be closed, or about to be. And for good reason, in its former project to reorganize the group called “Hercule”, then “Grand EDF”, the executive hoped to bring nuclear activities fully into the public fold, thereby separating them from the “renewable” pole. Refused by the unions, headwind against a ” dismantling from EDF, and by the European Commission, worried about a new state monopoly, this idea was finally abandoned in the summer of 2021.
Or at least suspended. Because a “Hercule bis” could well be put back on the table during the next term. In the speech presenting his program, Thursday, March 17, the now candidate Emmanuel Macron has indeed paved the way for new discussions on the subject in the event of re-election.
« I think that on some of the most sovereign activities, we must consider that the State must take back capital, which also goes with a broader reform of the first French electrician “, did he declare.
Lower financing costs
Implicitly, the Head of State mentions EDF’s nuclear activities, after having acted on February 10 last his desire to relaunch the civil atom in France, and announced the construction of six new EPR reactors – plus eight optional over the longer term – as well as the extension the longest time possible » of the existing stock. In view of the investment wall that EDF is now facing, the executive therefore hopes to ensure lower financing costs for future EPRs.
And for good reason, if the nuclear assets of the electrician returned to 100% in the bosom of the State, these costs would be reduced, since EDF could raise debt directly on the markets. ” This is an essential question. If it is a public structure in which the State can inject 30 billion euros without the European Commission considering that this distorts competition, the question of the financing of the park is partly settled “, emphasizes Nicolas Goldberg, senior manager Energy at Colombus Consulting
“The government wants to avoid doing as Hinkley Point, England, where the EPR was financed mainly with private funds. Because we see that it is too expensive, around 100 euros per MWh! According to the National Audit Office [l’équivalent de la Cour des comptes outre-Manche, ndlr]changing the financial package could have enabled 30% savings “, illustrates the consultant.
But Emmanuel Macron risks, once again, coming up against opposition from the unions, worried about a possible division of the group in the future. ” Will this nationalization concern the new nuclear only? The extension of the historical park? The hydraulics? And what will happen to assets in renewable energies, which are strategic today? asks Sébastien Michel, FCE-CFDT federal delegate.
« Beware of the great announcement effects fifteen days before the election of a renationalisation, which would be purely electoral and would not answer the questions that annoy “, had for his part warned in January Fabrice Coudour, secretary general of the CGT mines-energy.
Discussions cut with the unions
In fact, these questions remain numerous. ” And in particular on the future of EDF R&D, on the viability of EDF Commerce, or even on a possible separation between RTE and Enedis. One can wonder what are really the public service obligations of EDF for the government “, develops Nicolas Godlberg.
While the executive had promised a ” great consultation of the stakeholders on the subject, between EDF, the State and the trade union federations, the latter regret not having “ still haven’t received a phone call ». « The group lives, sells, buys. It is the course of things. But it must remain integrated, i.e. have overall consistency “, argues Sébastien Michel.