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Energy · Profile from Energy Research Companion

EDF (Électricité de France)

France's state-owned national electricity company, owner and operator of the largest nuclear fleet run by a single company in the world (56–57 reactors, ~63 GW in France, plus 8–9 reactors in Britain through EDF Energy), builder of the EPR reactor, and since June 2023 once again 100% owned by the French state. EDF's story is the clearest test in the book of one claim: large nuclear is cheap to run and ruinous to build, so whoever owns it needs capital that matches the asset. EDF built ~56 reactors in about fifteen years (1977–1993) under the Messmer plan, then spent two decades trying to repeat the trick with the EPR at Flamanville 3 (budget ~€3.3bn, grid 21 Dec 2024, EDF estimate ~€13.2bn in 2015 euros) and Hinkley Point C (~£18bn at decision in 2016, ~£35bn in 2015 money in February 2026, first unit now 2030). In 2022 stress-corrosion outages cut French nuclear output to ~279 TWh, its lowest in more than thirty years, while the state forced EDF to sell more power at a regulated ~€42–46/MWh into a market trading at several hundred euros; EDF lost ~€17.9bn and was taken back into full public ownership. In the US, EDF is a smaller but real player: it owned 49.99% of Constellation's upstate New York and Maryland nuclear plants (CENG) from 2009 until Exelon bought it out in 2021, built ~26 GW of wind, solar and storage projects through EDF Renewables North America (renamed EDF power solutions), and in June 2026 agreed to sell that North American business to KKR for ~$4.2bn (reported).

At a glance

Founded
Law of 8 Apr 1946 nationalising ~1,450 French electricity and gas companies (EDF and Gaz de France created)
Headquarters
Paris, France
Ownership / structure
100% French state since the squeeze-out of minority shareholders (completed 8 Jun 2023, reported); listed on Euronext Paris Nov 2005–Jun 2023; bonds and hybrid notes still listed
Leadership (2026)
Bernard Fontana (chairman and CEO since spring 2025, previously head of Framatome; reported, verify date); predecessor Luc Rémont (Nov 2022–2025)
Segments
France generation and supply (nuclear, hydro); France regulated networks (Enedis distribution, RTE transmission ~50% through a holding with CDC and CNP, verify); United Kingdom (EDF Energy: nuclear fleet, Hinkley Point C, retail); Italy (Edison); renewables (EDF power solutions); Framatome (reactor components and fuel, ~75–80%, verify); Dalkia (services); EDF Trading
Scale
2025: sales ~€113.3bn, EBITDA ~€29.3bn, net income group share ~€8.4bn, net financial debt ~€51.5bn; French nuclear output ~373 TWh (group nuclear ~410 TWh, total generation ~515 TWh) (company, 20 Feb 2026); 2026–27 French nuclear guidance 350–370 TWh (company)
Signature moves (incl. failures)
1946 nationalisation and the Messmer fleet; 2005 IPO; Flamanville 3 (2007–2024); Constellation nuclear JV in the US (2008–2021) and the 2026 North America sale; British Energy (2009); Hinkley Point C decision (2016); 2022 corrosion outages and record loss; full renationalisation (2023); EPR2 and Sizewell C (2025)

9 strategic moves analysed

Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.

  1. 1946

    Nationalisation and the Messmer Fleet

    Sanctions or nationalisation (1946); strategy pivot and construction programme (1974 Messmer plan)

  2. 2005

    IPO and Partial Privatisation

    Spin-off or IPO (partial privatisation)

  3. 2007

    Flamanville 3 EPR

    Construction or commissioning (first-of-a-kind reactor); failure (cost and schedule)

  4. 2008

    Constellation Nuclear JV and US Exit

    Acquisition (49.99% of a US nuclear fleet), technology bet (US EPR), later divestment

  5. 2009

    British Energy Acquisition

    Acquisition

  6. 2016

    Hinkley Point C Decision

    Project final investment decision; later failure (cost and schedule)

  7. 2022

    Corrosion Outages and Record Loss

    Accident or disaster (fleet-wide technical defect); regulatory action (ARENH increase, tariff shield); failure

  8. 2023

    Full Renationalisation

    Nationalisation / restructuring (public tender offer and squeeze-out)

  9. 2025

    EPR2 and Sizewell C

    Project final investment decision (Sizewell C, UK) and pre-FID programme (EPR2, France); financing with state support and a regulated asset base

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