Econ Min Talks Up Energy Price Agreement As Macron Seeks To Meet Pledge

Wires carrying comments from Minister of Economy, Finance and Recovery Bruno Le Maire following the confirmation of a deal with nationalised energy giant EDF. Le Maire states that the deal "will mean stable prices for households" and "includes [a] permanent protection mechanism for consumers against high power prices". Le Marie explains that "Mechanism to protect consumers from high prices will be fully activated if market prices reach more than EUR110/mwh", and that "Above EUR110/mwh, 90% of EDF's profit will be re-distributed to help consumers."

• Le Maire: "EDF has been nationalised, but this does not mean it can be loss-making...We are not in the Soviet Union...EDF must be able to be profitable and raise the money it needs for future investments."
• The deal comes after President Emmanuel Macron pledged in Septemberto "take back control of electricity prices". There has been concern in Brussels that Macron's pledge and Paris' support for the nuclear sector could give France an unjust competitive advantage.
• High energy prices remains one of the most pressing issues facing French households according to opinion polling. Macron cannot run for re-election in 2027 due to term limits. However, that he still has several years remaining in office without a majority for his party in the legislature.
• As such, any recovery in public support for his presidency will afford him much needed breathing room as popular measures such as ensuring low energy prices are less likely to avoid parliamentary defeat.