Flash - EDF Reform On Hold

Following the very tense talks between France and the European Commission on the proposed reform of the energy group EDF, it is at this stage not possible to bring this project to Parliament before the end of Emmanuel Macron's five-year term next year, according to government sources released on 28 July 2021.

As a reminder, this project aimed in principle to split EDF into three separate entities ("EDF Bleu" for nuclear, "Vert" for electricity distribution activities and renewable energies and "Azur" for hydroelectric dams) but also to review the sale price of nuclear electricity (ARENH) upwards and to review the status of EDF's hydroelectric dams.

The reform has not been abandoned since discussions between the French State and the European Commission will continue, but the ARENH price should not change on 1 January 2022.

However, the uncertainty remains for 2023.

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