The State will reduce in 2023 the volume of nuclear electricity that EDF will have to sell at low prices

Europe 1 with AFP 6:04 p.m., October 27, 2022

The State has decided to reduce to 100 terawatt hours (TWh) the volume of nuclear electricity that EDF will have to sell at low prices to its competitors in 2023, i.e. around a third of its production, the Minister of Energy announced on Thursday. Economy, Bruno Le Maire, a measure in favor of the heavily indebted electrician giant.

"It is consistent with the commitments we have made," said Bruno Le Maire, announcing this measure on the Arenh (regulated access to historic nuclear electricity), which obliges EDF to sell an annual quota of cheap nuclear electricity to its competitors.

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With this device, in 2023, EDF will thus sell around a third of its nuclear electricity to alternative suppliers, since its planned production is 300-330 TWh.

This mechanism weighs in the accounts of the company which denounces it regularly.

Critics renewed Wednesday by the next CEO of EDF, Luc Rémont, who had said that this system was "out of breath" and induced "under-remuneration" of EDF's nuclear activity.

The group had to buy back electricity at exorbitant prices

This ceiling was 100 TWh in 2021. At the request of the State, which owns 84% ​​of EDF, it had been raised by 20% to 120 TWh this year to help contain the rise in electricity prices at 4% on invoices.

The group had to buy electricity at exorbitant prices on the markets to resell it at a knockdown price.

In response, EDF had appealed in August to the administrative courts against the State, its main and soon to be sole shareholder, to claim compensation of 8.34 billion euros in compensation.

Its gracious appeal before the Council of State having failed, EDF will have to turn to the administrative court, the group told AFP on Thursday.