Overview

• EDF’s investment needs total about €460 billion for 2025–2040, including roughly €90 billion for life extension of existing reactors, €115 billion for 14 EPR2 units, €15 billion for hydropower and more than €100 billion for Enedis’ distribution network.
• The Cour des comptes says EDF’s long-term financing capacity is uncertain and urges a clear allocation of financial effort among the state owner, the company and end customers.
• With the ARENH regime ending at the close of 2025, EDF’s earnings will be more exposed to wholesale prices, and the group plans to pivot to medium- and long-term contracts with suppliers and large industrial buyers.
• The report calls for risk-sharing terms between the state and EDF to be set before the final investment decision on the EPR2 program, with the final cost estimate due by year-end 2025.
• Auditors recommend clarifying dividend policy and launching a strategic review that could include asset sales, while CEO Bernard Fontana has signaled prioritization of French assets and potential disposals to help fund the plan.