The 2027 finance bill (PLF), a key piece of legislation outlining the French government's budget and financial policies, includes significant financial support for the nuclear sector. One of the measures allows the use of funds from the Livret A savings account — a popular savings product in France — to finance the construction of six EPR2 reactors at three sites: Penly, Gravelines, and Bugey. The bill authorizes the Caisse des dépôts — a public financial institution that manages funds from Livret A and Livret de développement durable et solidaire (LDDS) accounts — to lend up to 60 billion euros to EDF's project company. This loan would be interest-free during the construction period and is intended to cover 60% of the program's total cost. However, the financial burden of this arrangement could be substantial, with estimates ranging from 44 billion euros if the Livret A earns an average of 1.5%, to as high as 89 billion euros in the worst-case scenario, which includes a 3% interest rate and a seven-year delay in construction.
In addition to the loan, the PLF includes a guaranteed loan for the nuclear industry until 2090, a reduced tax rate for new nuclear installations, and a forty-year contract for difference (CfD) that sets a maximum price of 100 euros per megawatt-hour for nuclear electricity. The financial cost of this mechanism for the state is not officially disclosed, but estimates range from 27 to 133 billion euros over the contract’s duration, depending on market electricity prices. Critics have pointed out that the government had already committed to supporting the new EPR2 reactors through this contract, making the additional financial burden even more concerning.
The overall cost of the EPR2 program, including financing, could exceed 153.6 billion euros, or even reach 189 billion euros if construction is delayed by seven years. Florence de Bonnafos of Greenpeace France estimates the total cost could be as high as "roughly 300 billion euros." She raises concerns about investing such a large sum in a technology that is not yet fully proven, which produces radioactive waste with no clear disposal plan and whose operation is becoming more unpredictable due to climate change.
The PLF also includes a tax reduction for nuclear installations during their construction, which would save more than 1 billion euros over ten years for the six EPR2 reactors. This measure comes at the expense of renewable energy support, which would see 120 million euros in savings. Critics argue that the financial support for the nuclear industry could have been used to promote renewable energy, energy efficiency, and energy savings instead. Some individuals have also raised ethical concerns about using Livret A savings to fund nuclear power, noting that they may not want to support the industry with their personal savings.
French 2027 Finance Bill Provides Substantial Support for Nuclear Industry Amid Concerns Over Cost and Ethical Issues
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