EDF Weighs Edison IPO To Boost Nuclear Expansion Funding

Since being fully renationalized in 2023, EDF has been under pressure from President Emmanuel Macron’s government to finance up to six new EPR2 reactors and extend the life of the existing fleet. That program could require more than €60 billion through the 2030s, prompting asset reviews that include potential divestments in renewables and non-core foreign units, the Financial Times reported.
By Charles Kennedy – Oct 08, 2025, https://oilprice.com/Latest-Energy-News/World-News/EDF-Weighs-Edison-IPO-To-Boost-Nuclear-Expansio
French state utility EDF is in talks with banks about a potential initial public offering of its Italian subsidiary Edison, according to sources cited by Reuters, in a move that could unlock billions in capital as EDF ramps up financing for its nuclear revival at home.
EDF has begun sounding out major European lenders including BNP Paribas and Société Générale to assess investor appetite for a Milan listing that would value Edison between €7 billion and €10 billion ($8-11 billion). The group would likely retain a controlling stake while selling a minority portion to the public or strategic investors, according to the Reuters report. Sources told the news agency that the discussions remain preliminary, with a formal mandate expected by the end of October.
Edison, which was fully acquired by EDF in 2012, remains one of Italy’s largest integrated energy companies, operating power generation, retail, and gas units with annual revenue of about €15 billion and EBITDA near €1.7 billion. Its CEO, Nicola Monti, said in September that the company was prepared for a market return if EDF gave it the green light, according to Reuters.
The IPO would fit EDF’s broader capital rotation strategy.
Since being fully renationalized in 2023, EDF has been under pressure from President Emmanuel Macron’s government to finance up to six new EPR2 reactors and extend the life of the existing fleet. That program could require more than €60 billion through the 2030s, prompting asset reviews that include potential divestments in renewables and non-core foreign units, the Financial Times reported.
Bloomberg reported in early September that an Edison relisting could gauge investor appetite for European power assets, as utilities face volatile wholesale electricity prices across the continent.
Edison’s partial flotation would be similar to moves by other European energy peers such as Eni and Iberdrola, which spun off renewables and downstream assets to attract capital while retaining strategic control. A Milan listing would also test investor confidence in Europe’s liberalized power markets at a time of rising grid costs and renewed nuclear investment.
Bloomberg reported in early September that an Edison relisting could gauge investor appetite for European power assets, as utilities face volatile wholesale electricity prices across the continent.
Edison’s partial flotation would be similar to moves by other European energy peers such as Eni and Iberdrola, which spun off renewables and downstream assets to attract capital while retaining strategic control. A Milan listing would also test investor confidence in Europe’s liberalized power markets at a time of rising grid costs and renewed nuclear investment.
Flamanville fiasco: EDF blamed by the Nuclear Safety Authority

The French Nuclear Safety and Radiation Protection Authority (ASNR) has severely
criticised the crisis management at the EPR in Flamanville (Manche), which
has been shut down since 19 June due to a valve problem.
On 20 August, the inspectors subjected EDF teams to an unannounced exercise of “deployment of a local crisis means” (MLC), i.e. the replacement of one element of the
electrical panel with another to resupply batteries in the event of a total
loss of power supplies. As a result, the operator was unable to carry out
this operation, which was essential to avoid an accident.
In its follow-up
letter, the ASNR points to a “range of interventions that are not precise
enough”, agents “forced to question themselves on numerous occasions” and a
training follow-up deemed “perfectible”. Even more serious, some crisis
equipment requested by the inspectors could not be presented. “The
organisation of the Flamanville EPR in terms of crisis management and means
appears insufficient”, concludes the nuclear watchdog, an extremely rare
assessment in its usually measured vocabulary.
” I don’t remember such an
observation,” Guy Vastel, of the Association for the Control of
Radioactivity in the West (Acro), told Ouest-France. Yannick Rousselet,
from Greenpeace, believes that “nothing is right” in this report. EDF, for
its part, announced an “action plan” and assured that the findings “do not
call into question the availability of crisis resources or the site’s
ability to manage an emergency”.
Reporterre 10th Sept 2025,
https://reporterre.net/Fiasco-de-Flamanville-EDF-blamee-par-l-Autorite-de-surete-nucleaire
While EDF must invest 460 billion euros over 15 years, its economic model is taking on water.

P.La. with AFP, BFMTV 23rd Sept 2025 https://www.bfmtv.com/economie/entreprises/energie/alors-qu-edf-doit-investir-460-milliards-d-euros-en-15-ans-son-modele-economique-prend-l-eau_AD-202509240079.html
The Court of Auditors has issued a warning about the economic situation of the French energy company, now 100% state-owned. A wall of investment is looming to maintain and renew the group’s nuclear fleet.
The French Court of Auditors is concerned about the financial prospects of the public energy company EDF, calling for “a clear distribution of the financial effort” between the State, EDF and customers, in a report addressed to the Finance Committee of the National Assembly and consulted on Tuesday, September 24.
In this report, first revealed by the media
Contexte , the institution responsible for monitoring the proper use of public funds observes that EDF is “faced with significant uncertainties over its long-term financing capacity”, while it faces investment needs reaching 460 billion euros between 2025 and 2040.
In this context, “EDF’s financing model should, in order to preserve a sustainable financial trajectory for the group, be defined based on a clear distribution of the financial effort between the State, now the sole shareholder, EDF and the end customers,” the magistrates believe.
In detail, EDF plans to allocate 90 billion euros to the maintenance and extension of the existing nuclear fleet, 115 billion euros for the construction of 14 EPR 2 (including 75 for the first six), 15 billion euros for the hydraulic fleet and more than 100 billion euros for the Enedis network, manager of the electricity distribution network.
No more hazards
At the same time, EDF’s profitability will be more exposed “to the vagaries of changes in electricity market prices”, with the end of the regulated system known as Arenh , planned for the end of 2025. EDF intends to replace this system with medium and long-term contracts with electricity suppliers and companies, including high-energy industrial ones.
The Court of Auditors also notes that EDF’s ability to invest will be conditioned “by the operational performance of the nuclear fleet and the success of extending its lifespan.”
The body then recommends “setting, prior to the final investment decision on the EPR2 program, the terms of risk sharing between the State and EDF.” EDF’s final estimate for its EPR2 program should be known at the end of the year.
The Court of Auditors also calls for clarification of the dividend policy that will be applied to EDF and recommends that the group “conduct a strategic review of investments, holdings and subsidiaries.”
Total or partial sales of holdings and subsidiaries would constitute “a financing lever for the group’s investment program,” particularly “in the most unfavorable price scenarios,” argue the magistrates of the Court of Auditors.
EDF: Court of Auditors warns of a model running out of steam.

Debt, deteriorating profitability, investments: in a report submitted to the National Assembly, the Court warns against the sustainability of EDF’s economic model and calls on the State to clarify its choices.
By Géraldine Woessner, 09/23/2025
With rising debt, declining profitability, and €460 billion of investments to finance by 2040,
EDF will not be able to carry out the energy transition alone, the Court of Auditors warns in essence in a report commissioned by the National Assembly’s Finance Committee, which is to be presented to MPs this Wednesday.
Le Point 23rd Sept 2025, https://www.lepoint.fr/societe/edf-la-cour-des-comptes-alerte-sur-un-modele-a-bout-de-souffle-23-09-2025-2599408_23.php
Jellyfish Force another French Nuclear Reactor to Shut Down

By Charles Kennedy – Sep 04, 2025,
https://oilprice.com/Latest-Energy-News/World-News/Jellyfish-Force-another-French-Nuclear-Reactor-to-Shut-Down.html
For a second time in three weeks, a swarm of jellyfish has forced the closure of a nuclear reactor in France in another curious incident in which jellyfish entered the filters of the water cooling systems.
The Paluel nuclear power plant in Normandy, northern France, saw its electricity generation nearly halve by 2.4 gigawatts (GW) out of a total 5.2-GW capacity, due to the presence of jellyfish that have entered the filtering system, French operator EDF said on Thursday, as carried by Reuters.
One of four reactors at Paluel was shut down while power output at another reactor was curtailed to prevent further disruption due to the jellyfish swarm.
oday’s incident at Paluel occurred just over three weeks after a jellyfish swarm clogged the cooling system of the Gravelines nuclear power plant near Dunkerque and Calais. As a result, four of six units at one of France’s largest nuclear power plants automatically switched off, while the remaining two units were already shut down for planned maintenance. Gravelines has six reactors, each with a capacity of 900 megawatts (MW).
At the time, France’s EDF said there was “no impact on the safety of the facilities, the safety of personnel, or the environment.”
Reactors at the Gravelines power plant are cooled from a canal linked to the North Sea, where jellyfish are swarming near the coast during hot weather and warm waters.
Global warming can worsen the jellyfish problem in waters cooling reactors close to seas, scientists have warned.
In recent years, heatwaves and too hot waters in rivers have disrupted France’s nuclear power generation, too.
France’s nuclear power generation accounts for around 70% of its electricity mix, and when its reactors are fully operational, it is a net exporter of electricity to other European countries.
But in 2022 and 2023, EDF was forced to curb power generation at some nuclear plants as heatwaves raised the temperatures of rivers. The power plant operator had to limit electricity output because of environmental regulations for using river water for cooling nuclear reactors.
NFLAs join nuclear test appeal to French and Algerian Governments
On the UN International Day against Nuclear Tests (29 August), the
UK/Ireland Nuclear Free Local Authorities have joined French, Algerian and
global partners in appealing to the French and Algerian Governments for
justice for the victims of French nuclear tests in North Africa.
NFLA 29th Aug 2025 https://www.nuclearpolicy.info/news/nflas-join-nuclear-test-appeal-to-french-and-algerian-governments/
“We gave for France… now that’s enough”: La Hague residents reject Orano’s nuclear pools project

by Marie du Mesnil-Adelée, 08/31/2025, https://france3-regions.franceinfo.fr/normandie/manche/cherbourg-cotentin/on-a-donne-pour-la-france-maintenant-ca-suffit-des-habitants-de-la-hague-rejettent-le-projet-des-piscines-nucleaires-d-orano-3205250.html
“It’s never too late to say: we don’t want it.” Gathered at a public meeting, residents of La Hague spoke out against the “Downstream of the Future” project at the Orano site. A project that includes the installation of three new nuclear pools for storing spent fuel.
An extraordinary nuclear project in La Hague
An extraordinary nuclear project at La Hague, presented by Orano as “the largest industrial project in the world”, costing several tens of billions of euros, “Downstream of the Future” (that’s its name), plans the construction of three new nuclear pools for storing spent fuel and also new workshops and factories on the La Hague site by 2040-2050.
How is this project received by residents?
How is this project being received by residents? In his documentary “Encore de l’énergie” broadcast on Thursday, September 4 on France 3 Normandie and france.tv, Laurent Pannier filmed a public meeting.
Yannick Rousselet, a nuclear expert for Greenpeace, spoke: ” There was no consultation . We would like to debate the appropriateness, the justification of something like this. Today is good. We have given for France, for the nuclear industry and that’s enough. Let’s stop, let’s move on. We want our future to be shaped differently. I think it’s never too late to say we don’t want it.”
A resident adds: “I find it a bit easy for Orano to be able to do whatever they want in terms of construction, however they want, while all the residents of La Hague, as soon as they want to have a window transformed, put in a veranda, do anything, they can’t do anything.”
And a third:
“Today we only have 4 or 5 small hectares of moorland left. It’s more than a relic now, it’s become a symbol. People are saying to us: well, since there’s more than that left, we’re going to remove it and I think that’s a real shame.”
The words are powerful. But the room is far from full… Here, as elsewhere, nuclear power divides. And
those who oppose it are a minority.
Anti-nuclear activists of yesterday and today
In April 2006, the city of Cherbourg held its largest demonstration since the Liberation. Twenty years after Chernobyl, 30,000 activists gathered to protest the proposed construction of a new reactor in Flamanville, the EPR.
Yet, fifteen years later, despite construction delays, despite the additional costs, despite the Fukushima disaster, distrust of nuclear energy has virtually disappeared. Environmental movements are divided between pro- and anti-nuclear supporters. And the announcement of the revival of nuclear power in France, particularly in Normandy, has been generally welcomed by the population.
Laurent Pannier’s new documentary explores this reversal. What happened to the former activists? Is there a new generation? In the face of climate change, is nuclear power a necessary evil?
“Encore de l’énergie” by Laurent Pannier, a documentary to watch this Thursday, September 4 at 10:55 p.m. on France 3 Normandie and on france.tv , for one month.
The final furlong: EDF announces further lifetime extension for aging AGR reactors

Britain’s aging Advanced Gas Cooled reactors may, like exhausted
racehorses, be on their last legs, but operator EDF Energy is clearly
intent on keeping them running for as long as possible.
The company
announced yesterday a twelve month extension in operations at their Heysham
1 and Hartlepool AGR plants until March 2028, citing the retention of jobs
and a desire to contribute to the UK achieving net zero and energy security
– but the NFLAs suspect a more pressing motivation.
In a comment to
industry media, NFLA Secretary Richard Outram said: ‘The EDF announcement
is unsurprising. Although company bosses may crow a lot about the
preservation of local jobs, the NFLAs suspect this is about the
preservation of EDF’s bottom line. ‘Given the parlous state of the
French parent company’s finances, the intermittent output of the domestic
fleet, and the vast overspend on Hinkley Point C, EDF have a clear
incentive to keep open for as long as possible any nuclear plant in their
portfolio which operates and generates profits.’
Dr Ian Fairlie, an
independent consultant on radioactivity in the environment and a former
advisor to the UK Government and European Parliament, is also sceptical as
to EDF’s motives: “The real reason why French parent company
Électricité de France wants to prolong the lives of their obsolete,
past-it, reactors is financial.
NFLA 3rd Sept 2025, https://www.nuclearpolicy.info/news/the-final-furlong-edf-announces-further-lifetime-extension-for-aging-agr-reactors/
How France’s nuclear dream became a financial nightmare

Decades of neglect, spiralling costs and political denial have turned France’s once-vaunted nuclear program into a cautionary tale, writes Jean-Luc Porquet (translated by Dr Evan Jones).
By Jean-Luc Porquet | 22 August 2025, https://independentaustralia.net/politics/politics-display/how-frances-nuclear-dream-became-a-financial-nightmare,20076
Translator’s note: The French nuclear power sector is in deep trouble technically and financially. Formally a cheap source of power, embedded costs have not been counted. There has been a dramatic loss of skills over the decades, inhibiting effective maintenance of existing plants and turning the construction of France’s then most powerful reactor at Flamanville on the Normandy coast into a nightmare.

Technological and resource challenges have escalated, including water availability in the face of climate change. The plan to bury accumulated highly radioactive waste at Bure, 250 kilometres east of Paris, remains at an impasse. And the political class lives in denial.

Meanwhile, sections of the Coalition parties cling to nuclear power as Australia’s post-coal salvation. Australia has uranium. However, regarding nuclear power prospects, there is no history, no capacities, no acceptable locations, no acceptable burial sites and no water. In short, local nuclear power adherents have no brains.
EVERYTHING WAS SUPPOSED to work to plan.
The 58 French nuclear reactors built at an accelerated pace between 1977 and 1996 were due to tranquilly finish their life after 30 years of good and faithful service. And the new super-powerful EPRs [European Pressurised Reactors], designed and built by Éléctricité de France, were to effect a seamless transition.
It was estimated that, by 2012, the first French EPR would be put into operation at Flamanville.
Kapow! Not only has its cost, initially fixed at €3.3 billion [AU$5.9 billion], multiplied by six (!), but its construction site has proved a nightmare. The EPR was connected to the grid only in 2024. And it has hardly run since (it is currently in shutdown).
An emergency patch-up job has been necessary on the aged French nuclear park so that its tired reactors can hang on for another 20 years. Total cost of this major overhaul now in progress: €100 billion [AU$180 billion].
At the moment when the urgent necessity to find €40 billion [AU$72 billion] in economies for the 2026 budget obsesses the Bayrou Government [under pressure from Brussels], Reporterre publishes on YouTube a remarkable documentary by journalist Laure Noualhat, titled Nucléaire – Comment il va ruiner la France. (See also Noulhat’s book, Le nucléaire va ruiner la France, Seuil-Reporterre, 224p.) It is noted there that, in the fairytale world that is nuclear energy, billions waltz out by the dozens. The golden rule is: “Whatever it costs!”
Other inescapable costs to come? To prolong the life of the plant at The Hague, where nuclear fuel is processed and which is at the end of its life — rough estimate: €34 billion [AU$61 billion]. To continue to dig deep at Bure, where the most dangerous nuclear waste will be buried 500 metres below ground — estimated cost: €35 billion [AU$63 billion]. To dismantle the 58 reactors, which, even patched up, will finish by being at the end of their life in ten or 20 years — cost: €50 billion. Total: €219 billion [AU$395.8 billion] to find. This is not all.
The EDF has sold an EPR to Finland for €3 billion [AU$5.4 billion] and two others to the United Kingdom for €22 billion [AU$39.7 billion]. And has promised to take care of any additional costs. Such comes in at €12 billion [AU$21.6 billion] for the former, €56 billion [AU$101 billion] for the latter. Do the maths.
Thomas Piquemal, the EDF’s chief financial officer at the time, went into meltdown. And resigned [in March 2016]. And this is not all.
In 2022, President Macron announced that, at his demand, the EDF will launch six “new generation” EPRs [initially, then eight more to 2050]. Hand on heart, it will happen (in fact, one knows nothing about them). Estimated total price: €100 billion [AU$180.7 billion] (more or less). A former EDF Director, Philippe Huet, interviewed by Laure Noualhat, called this a “crazy gamble”.
If ever this delusional program (transparently dismissed by the Cour des comptes [equivalent to the National Audit Office] as inadvisable) sees the day, who will pay for it? Not the EDF, already indebted to the tune of €55 billion [AU$99 billion]. Nor any private investor (not mad!). Guess… https://www.youtube.com/watch?v=rjfHyhkpef8
Jean-Luc Porquet has been a journalist at Le Canard enchaîné since 1994, where this article appeared on 9 July. He writes a column on ecology and technocratic society, as well as theatre reviews. He has written a dozen books, the latest of which, Le grand procès des animaux, is a satirical fictional account of the sixth extinction in progress.
EDF May Cut Nuclear Output in North France as River Levels Drop.

By Eva Brendel, August 19, 2025
Electricite de France SA will likely cut nuclear power production in northern parts of the country this week because of forecast shallow waters on the Meuse River.
Low flows may affect output from the Chooz plant located near the Belgian border starting Friday, according to a company statement.
“The Meuse is quite far north for this sort of restriction, so it’s notable for that reason,” said William Peck, senior power analyst at Energy Aspects Ltd. “But given the weather forecasts and the time of year, I don’t think we’ll see a major ongoing issue or much additional upside risk from it.”
The country’s atomic power plants have been disrupted recently amid weather-related pressures. A heat wave forced several reactors to curb output because the river water used to cool them became too warm.
In addition, four reactors were shut down after a swarm of jellyfish clogged the filter drums. Their growing numbers can be linked to climate change.
Elsewhere, EDF ended heat-related production warnings on the Garonne and Rhône rivers that were imposed almost two weeks ago………………… https://www.bloomberg.com/news/articles/2025-08-18/edf-to-cut-nuclear-output-in-northern-france-on-low-river-levels
Nuclear Reactor Faces 18 Hours Without Cooling as “Pipes Burst Like Burning Arteries” Following Technician’s Mistake in Shocking Safety Breakdown.

In a dramatic turn of events, a technician’s error at the Golfech nuclear power plant in France nearly sparked a catastrophe, highlighting the ever-present risks of human error in high-stakes environments.
, Sustainability Times, August 17, 2025
The potential for human error in high-stakes environments is a persistent concern, highlighted by recent events at the Golfech nuclear power plant in France. On June 15, 2025, a critical mistake was narrowly averted, preventing potentially severe consequences. A technician inadvertently closed the wrong cooling valve, leading to an 18-hour shutdown of a critical system. This incident, reminiscent of historical nuclear mishaps, underscores the essential role of vigilance and robust safety protocols in nuclear operations. As we examine this event, it serves as a crucial reminder of the delicate balance required to maintain safety in nuclear power facilities.
An Operation That Almost Went Awry
Human error remains a significant risk in routine operations, particularly in high-stakes environments like nuclear power plants. The incident at Golfech underscores this reality. During a standard inspection of Unit 2, a technician inadvertently closed the cooling valve for Reactor No. 1, which was still operational. This mistake resulted in an 18-hour interruption of the reactor’s cooling system, elevating the risk of a major incident.
The cooling system is vital for preventing overheating in nuclear reactors. The technician’s error interrupted this critical process, but the mistake was detected late in the evening, and the system was restored within 30 minutes. Although the swift response prevented severe consequences, the incident serves as a cautionary tale about the potential dangers inherent in nuclear operations and the need for constant vigilance.
Why Is Cooling Essential for Nuclear Reactors?
Cooling is a fundamental aspect of nuclear reactor operations, critical for preventing overheating and potential disasters. In nuclear reactors, electricity is generated through the fission of uranium atoms, which produces significant heat. This heat transforms water into steam, driving turbines to produce electricity. Without proper temperature regulation, a meltdown could occur, leading to catastrophic consequences.
To manage the heat, reactors typically use water from nearby rivers or seas to maintain a stable temperature. The importance of these cooling systems cannot be overstated, as their failure could result in severe environmental and human impacts. The incident at Golfech highlights the critical role these systems play in ensuring the safety and stability of nuclear operations.
Lessons Learned from the Golfech Incident
The Golfech incident serves as a potent reminder of the challenges involved in nuclear plant operations and the importance of stringent safety protocols. The occurrence of such an error during a routine task underscores the need for continuous training and vigilance. It raises questions about the adequacy of current safety measures and whether additional checks are necessary to prevent similar incidents.
In response to this event, nuclear facilities globally may need to review their procedures and consider implementing more robust systems for monitoring and error prevention. The Golfech incident is a valuable lesson in the critical nature of nuclear safety and the potentially devastating consequences of human error in such sensitive environments………………………………………………………………………. https://www.sustainability-times.com/energy/nuclear-reactor-faces-18-hours-without-cooling-as-pipes-burst-like-burning-arteries-following-technicians-mistake-in-shocking-safety-breakdown/
Swarm of jellyfish shuts nuclear power plant in France.
‘Massive and unpredictable’ swarm entered filter drums that pull in water, Gravelines operator EDF says.
Jillian Ambrose Energy correspondent, 11 Aug 25
‘Massive and unpredictable’ swarm entered filter drums that pull in water, Gravelines
operator EDF says.
A swarm of jellyfish has forced the shutdown of one of
the largest nuclear power plants in France after entering the water intake
systems used to cool the coastal reactors. Three reactors at the Gravelines
nuclear power plant in northern France shut down automatically late on
Sunday, according to the French nuclear company EDF, after the filter drums
of the pumping stations became packed with a “massive and
unpredictable” swarm of the marine creatures.
The entire nuclear plant,
capable of powering about 5m homes, was brought offline when a fourth
reactor shut down shortly after the free-swimming invertebrates jammed the
power plant, which had already lost its two other reactors for planned
summer maintenance work. Jellyfish have a long history of derailing the
normal operations of coastal power plants, which tap the ocean for the vast
amounts of cool water needed to keep temperatures in check.
The repeated
problems caused by unexpected jellyfish numbers prompted scientists at the
University of Bristol to develop an “early warning tool” to predict the
sudden, en masse appearance of jellyfish swarms that might disrupt coastal
power plants. The Torness nuclear plant in Scotland, which is also owned by
EDF, was forced to shut for a week in 2021 after jellyfish clogged the
seaweed filters on its water intake pipes, a decade after jellyfish shut
the plant for a week in 2011.
Jellyfish swarms have also closed nuclear and
coal power plants in Sweden, the US, Japan, and even caused a major
blackout in the Phillipines in 1999 that some mistakenly feared was linked
to the Y2K bug or a government coup.
Guardian 11th Aug 2025, https://www.theguardian.com/world/2025/aug/11/swarm-of-jellyfish-shuts-nuclear-power-plant-in-france
EDF shifts nuclear strategy to domestic projects

August 5, 2025, https://www.modernpowersystems.com/news/edf-shifts-nuclear-strategy-to-domestic-projects/?cf-view&cf-closed
rance’s state-run utility EDF is planning to reduce its overseas sales workforce by 60 positions including 10 in management, and withdraw from certain international nuclear projects to concentrate on a domestic construction programme under its new CEO Bernard Fontana, as reported by Reuters. France is retreating from its position as a global leader in nuclear power, amid rising global demand, allowing new competitors to emerge as high costs and design challenges hinder its international competitiveness.
M. Fontana aims to accelerate the modernisation of France’s nuclear fleet, expressing a commitment to focus on domestic projects rather than the international operations that have previously included reactor construction in China, Finland and Britain. Recent changes include focusing on tenders in the Netherlands, Sweden and Finland, while deprioritising projects in Poland, India and Canada. This shift is expected to cut costs and reallocate resources to higher-priority initiatives. EDF’s recent international projects have experienced significant delays and cost overruns. In 2024, it lost a bid for two new reactors in the Czech Republic to South Korea’s KHNP.
The French government identifies the new French nuclear programme as a priority. President Emmanuel Macron announced plans in early 2022 for six new reactors to replace ageing plants, with projected costs of €67bn ($78.7bn). But the company is indebted owing to costly repairs made to its nuclear fleet in recent years. EDF is considering the sale of certain renewable energy assets in North America and Brazil.
French nuclear weapons, 2025

Bulletin, By Hans M. Kristensen, Matt Korda, Eliana Johns, Mackenzie Knight-Boyle | July 15, 2025
France’s nuclear weapons stockpile has remained stable over the past decade and contains approximately 290 warheads for delivery by ballistic missile submarines and aircraft. Nearly all of France’s stockpiled warheads are deployed or operationally available for deployment on short notice. In addition, up to 80 warheads—the older TN75 warheads assumed to have been recently removed from the Le Vigilant submarine—are believed to be in the dismantlement queue and are likely no longer considered part of France’s stockpile.
The current force level is the result of adjustments made to France’s nuclear posture following former President Nicolas Sarkozy’s announcement on March 21, 2008, that the arsenal would be reduced to fewer than 300 warheads (Sarkozy 2008). As Sarkozy said in 2008, the 300-warhead stockpile is “half the maximum number of warheads [France] had during the Cold War” (Sarkozy 2008). By our estimate, the French warhead inventory peaked in 1991-1992 at around 540 warheads, and the size of today’s stockpile is about the same as it was in 1984, although the composition is significantly different.
President Emmanuel Macron reaffirmed the Sarkozy formulation of “under 300 nuclear weapons” in a speech on February 7, 2020 (Élysée 2020) (see Table 1 –on original). Under President Macron, France has engaged in a long-term modernization and strengthening of its nuclear forces, which have included significant budget increases to the deterrent force in recent years (Assemblée Nationale 2024). It is possible but unclear if the decision to add another nuclear air base will increase the stockpile.
Research methodology and confidence
The analyses and estimates made in this Nuclear Notebook are derived from a combination of open sources: (1) state-originating data (e.g. government statements, declassified documents, budgetary information, and military operations and exercises); (2) non-state-originating data (e.g. media reports, think tank analyses, and industry publications); and (3) commercial satellite imagery. Because each of these sources provides different and limited information that is subject to varying degrees of uncertainty, we crosscheck each data point by using multiple sources and supplementing them with private conversations with officials whenever possible.
As a democracy with an active civil society and media landscape, it is possible to obtain relatively higher-quality information about France’s nuclear arsenal compared to many other nuclear-armed countries. France is one of only two countries (the other being the United States) that have publicly disclosed the size of their nuclear stockpile. French policy and military officials also offer regular statements on France’s nuclear doctrine and associated modernization programs.
Despite these positive steps, some challenges persist in obtaining reliable information about France’s nuclear arsenal. France’s freedom of information laws are more restrictive than in the United States and United Kingdom, and since 2008, a law initially designed to limit proliferation of French nuclear information has in practice been implemented on such a broad scale that it has restricted the ability of researchers and journalists to effectively analyze and disseminate data about discrete elements of France’s nuclear stockpile (Cooper 2022; Légifrance 2008). As a result, it is highly challenging to verify information presented by official sources, particularly as such statements rarely contain technical details………………………………………………….
……………………………………The role of French nuclear weapons
Successive heads of state, including Presidents Sarkozy, Hollande, and now Macron, have periodically described the role of French nuclear weapons. The Defense Ministry’s 2017 Defense and National Security Strategic Review reiterated that the nuclear doctrine is “strictly defensive,” and that using nuclear weapons “would only be conceivable in extreme circumstances of legitimate self-defense,” involving France’s vital interests. What exactly these “vital interests” are, however, remains unclear. During and after the Cold War, French leaders considered France’s “vital interests” to extend beyond its national boundaries; this discourse has been revived in earnest with the presidency of Emmanuel Macron. In February 2020, President Emmanuel Macron announced that France’s “vital interests now have a European dimension,” and sought to engage the European Union on the “role played by France’s nuclear deterrence in [its] collective security” (Élysée 2020).
Following Russia’s invasion of Ukraine and the heightened possibility of nuclear use in Europe, this discourse came under greater scrutiny and analysis. In October 2022, Macron clarified that France’s vital interests “would not be at stake if there was a nuclear ballistic attack in Ukraine or in the region,” apparently attempting to avoid being seen as expanding French nuclear doctrine (France TV 2022). Explicitly ruling out a nuclear role in case of Russian nuclear escalation in Ukraine appeared to contradict France’s statement at the August 2022 Review Conference for the Treaty on the Non-Proliferation of Nuclear Weapons, which explained that “for deterrence to work, the circumstances under which nuclear weapons would [or would not] be used are not, and should not be, precisely defined, so as not to enable a potential aggressor to calculate the risk inherent in a potential attack” (2020 Review Conference of the Parties to the Treaty on the Non-Proliferation of Nuclear Weapons 2022).
The discussion around the role of France’s deterrent in Europe has intensified after the election of Donald Trump as US President, and even more so given the Trump administration’s open disdain for the United States’ European allies, overtures toward Russia, and threats to stop supporting Ukraine. While the broad contours of France’s nuclear posture will likely remain largely unchanged for the near future, how it is communicated and demonstrated appear to be evolving (Maitre 2025).
In addition to statements about France’s vital interests in Europe, Macron announced in March 2025 the addition of a nuclear air base at Luxeuil in eastern France, which will become the first base to house France’s new hypersonic nuclear cruise missile by 2035 (Élysée 2025). And when French jets (including Rafale jets from the nuclear base at Saint Dizier) deployed to northern Sweden in April 2025, France’s ambassador to Sweden explicitly stated: “As President Macron has said, it is of course the case that our French vital interests also include the interests of our allies. In that perspective, the nuclear umbrella also applies to our allies and of course Sweden is among them” (Granlund 2025)…………………….
………………..France does not have a no-first-use policy and reserves the right to conduct a “final warning” limited nuclear strike to signal to an adversary that they have crossed a line—or to signal the French resolve to conduct further nuclear strikes if necessary—in an attempt to “reestablish deterrence” (Élysée 2020; Tertrais 2020). Although France is a member of NATO, its nuclear forces are not part of the alliance’s integrated military command structure. …………………………..
……………………………………………………………………….. Command, control, and communication
France maintains strict and centralized control over its nuclear arsenal, with the president having sole and final authority as to the decision to use nuclear weapons. However, in practice, the implementation of such a decision would involve additional military personnel—namely the highest- and second-highest-ranking military officers: the Chef d’État-Major des Armées (CEMA) and the Chef de l’État-Major Particulier du Président de la République (CEMP), who is the president’s top military advisor.
Only one of those officials—the CEMA—is enshrined in the French defense code as the responsible official for ensuring that the president’s order is executed (Légifrance 2025). However, conflicting accounts appear to exist regarding the CEMP’s role, with testimony reportedly indicating that under previous administrations, the president and the CEMP each carried one half of the nuclear codes (Pelopidas 2019; Wellerstein 2019).
The primary command post for the president to transmit nuclear orders is called “Jupiter” and is located underneath the Élysée Palace ………………………………………………………………………………………………………………………………
Submarine-launched ballistic missiles
The French force of submarine-launched ballistic missiles (SLBMs) constitutes the backbone of the French nuclear deterrent. Under the command of the Strategic Ocean Force (Force Océanique Stratégique, or FOST), the French Navy (Marine Nationale) operates four Triomphant-class nuclear-powered ballistic missile submarines (SSBNs) equipped with nuclear-armed long-range ballistic missiles—Le Triomphant (hull number S616), Le Téméraire (S617), Le Vigilant (S618), and Le Terrible (S619)…………………………………………………………………………………………………………
Air-launched cruise missiles
The second leg of France’s nuclear arsenal consists of nuclear ASMPA (air-sol moyenne portée-amélioré) air-launched cruise missiles for delivery by fighter-bombers operated by the Strategic Air Forces and the Naval Nuclear Aviation Force………………………………………………………………………………………………………….
The nuclear weapons complex
France’s nuclear weapons complex is managed by the Direction des Applications Militaires (DAM), a department within the Nuclear Energy Commission (Commissariat à l’énergie atomique et aux énergies renouvelables, or CEA). DAM is responsible for research, design, manufacture, operational maintenance, and dismantlement of nuclear warheads………………………………………………………………………………………………………….. https://thebulletin.org/premium/2025-07/french-nuclear-weapons-2025/?utm_source=ActiveCampaign&utm_medium=email&utm_content=French%20nuclear%20arsenal%20today&utm_campaign=20250724%20Thursday%20Newsletter%20%28Copy%29
French submarine-maker targeted by hackers
Cyber attackers claim to have uncovered source code for submarine weapon systems.
A French naval giant is investigating a potential cyber attack after
hackers claimed to have obtained sensitive data about the country’s
nuclear submarines. Naval Group, a state-owned ship maker that traces its
origins back almost 400 years to the reign of Louis XIII, said it had
“immediately launched technical investigations” after cyber criminals
threatened to publish files on the dark web.
Telegraph 27th July 2025, https://www.telegraph.co.uk/business/2025/07/27/french-submarine-maker-targeted-by-hackers/
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