Towards a renationalisation of EDF
S&P has announced a negative outlook on the rating of EDF, whose total debt could stand at €96 billion
by the end of the year. “Everything is written,” confides a group administrator. Even if the management remains silent, the French state is in the process of blackening an already complicated financial situation to impose nationalization on the European Union. “We privatize the profits and nationalize the losses”
Brussels, which fears for the game of free competition, nevertheless took a very dim view of this idea. “I think they have reached an agreement, guesses another administrator. And that the bill is already written. All that's missing is the shooting window and the legislative vehicle. »
Contacted, neither Bercy nor the new Ministry of Energy Transition wished to comment.
In the middle of the legislative campaign, the subject is explosive. “Because it is not a complete nationalization
of EDF which is planned, but its IT IS A LITTLE MUSIC that is getting louder and louder. In mid-March, in full presentation of his presidential program,
Emmanuel Macron had thrown a stone into the pond by highlighting the need for the French State to have 100% control of EDF. “On some of the most sovereign activities, the State must take back capital, had dropped the President of the Republic. Which goes with a broader reform of the first French electrician. Two months later, the presidential remarks resonate more as EDF's financial situation continues to deteriorate. A drop in electricity production will cost it 18.5 billion euros (€ billion) this year on its earnings before interest, taxes, depreciation and amortization (Ebitda, an English acronym). A new delay has been announced on the construction site of the two EPRs at Hinkley Point, in England. The project now exceeds €30 billion (compared to €21 billion at the start). Result, last Wednesday, the butchering evaluation agency, analyzes Fabrice Coudour, federal secretary
FNME-CGT. The profits are privatized and the losses are nationalized. »
The State wishes to regain control of the production part, in particular to ensure the financing of new
EPR and to better control electricity prices. On what perimeter? “What holds the rope, it seems to be the nuclear and hydroelectric parks, wants to believe one of the administrators.
But why not add renewables to it? The portfolio combining solar and wind power, valued at €12 billion, is indeed whetting the appetites of its competitors Engie and TotalEnergies. “Around 5 billion euros”
“This renationalization consists mainly of hiding granny’s skeleton in the closet, and publishing balance sheets
less detailed financial statements, said Alexis Gléron, president of Augmented Energy. A good way to reduce
financing costs. It remains to be seen how much this project will weigh on public finances. Currently, the state
owns 84% of EDF. "At the current price (less than €9 per share), this should be around €5 billion", says an administrator. “When we know that in 2005, he sold the 15% around €32 and that the share exceeded €80, that
would be a pretty good deal,” said another. And the calendar? “The state will want to go quickly, continues the
first, and probably pass the nationalization law in July. But that would be taking the risk of facing a
new union rebellion. "And then, we shouldn't disorganize the whole system before winter," warns an administrator. Our security of supply has never been so fragile. »