The Court of Auditors presents its report on the state's 100% takeover of EDF

The Court's investigation focused on the motivations for the operation, the conditions of its execution in 2022 and 2023, as well as its impact on the governance and financing arrangements of the group.

In its report, the Court notes that:

• Owning 100% of EDF's capital was not necessary to defend national interests and guarantee France's energy sovereignty and independence, as the State already exercised a high level of control over the company (83,7% of the shares). The State takeover occurred against a backdrop of a gradual loss of market confidence in EDF, illustrated by the decline in its share price, and the stalling of restructuring projects planned between 2019 and 2022.
• The French state spent nearly €10 billion to regain sole ownership of EDF, almost eighteen years after its initial public offering. Considering the capital increase carried out in March 2022, just a few months before the simplified public takeover bid (OPAS), with an estimated additional cost of €454 million, and a premium offered of nearly €3 billion, the overall cost of transforming EDF's shareholding model appears relatively high.
• The State continues to face contradictions between its roles as shareholder and regulator, which argues for a clarification of its expectations of EDF. Similarly, the details of EDF's financing arrangements, in order to meet the high investment needs required for the revival of the French nuclear sector following the notification of the support plan to the Commission in November 2025, remain to be finalized.

The Court recommends that the State Holdings Agency (APE) specify, before the communication on the accounts for the financial year 2026, the dividend policy that the State will apply to EDF, in order to strengthen the visibility of the group's financial trajectory.

Illustrative image of the article via Depositphotos.com.