Overview
- In a report to lawmakers, the Cour des comptes calls for a clear split of the financial burden between the State, EDF and end customers to keep the group on a sustainable path.
- EDF faces €460 billion of investments from 2025 to 2040, including €90 billion for nuclear maintenance and life extension, €115 billion for 14 EPR2 reactors, €15 billion for hydro, and over €100 billion for the Enedis network.
- The report says EDF’s investment capacity depends on the operational performance of its existing nuclear fleet and the success of life‑extension efforts.
- It recommends fixing State–EDF risk‑sharing terms before the final investment decision on EPR2, with EDF’s final cost estimate for the program due by year‑end.
- With the ARENH regime ending in late 2025, EDF’s profitability will be more exposed to market prices, and the group plans medium‑ and long‑term contracts as the court also seeks dividend‑policy clarity and potential asset sales.