Falling market prices undermine EDF's strategy

Electricity market prices have fallen by 50% in six months. The Calendrier France base load 2026 closed on Thursday evening at €58.40/MWh. This price is significantly lower than the 15-year average price (€70/MWh) quoted by EDF in its negotiations with the French government on regulating the price of nuclear electricity. CRE estimated the cost of producing nuclear electricity from the historical fleet at €60/MWh. Market prices for 2026 and beyond have therefore fallen below this figure. The agreement between EDF and the government provided for a tax on EDF's turnover in the event of high market prices, but did nothing to protect EDF in the event of falling prices. The level of prices does not encourage customers to contract in the medium term, as they anticipate, rightly or wrongly, that prices will continue to fall.