French power firms fear revival of tax hike proposal, sources say
By Benjamin Mallet and America Hernandez
PARIS, Sept 10 -French electricity producers are bracing for a potential surge in taxes, according to four sources with knowledge of the matter, as concerns grow that a new administration will revive a recent proposal to tax large power plants.
The outgoing government considered levying 40,000 euros ($44,000) per megawatt (MW) on domestic power plants with capacity above 260 MW, said one source at a major energy company.
The proposal could raise around 3 billion euros, 80% of which would be from state-owned nuclear company EDF, three additional sources said, declining to be named because they were not authorised to discuss the matter publicly.
A French finance ministry source confirmed Bercy had drafted a tax on installed power capacity for 2024, but was now up to the future government, which has yet to be formed by Prime Minister Michel Barnier.
EDF, Engie ENGIE.PA and TotalEnergies TTEF.PA declined to comment.
France, threatened with legal procedures by the European Commission for exceeding authorised debt limits, is seeking new ways to raise revenue after a tax on energy companies' superprofits known as CRIM fell far short of expectations in 2023.
Heavy losses incurred by EDF and a normalisation of volatile European power prices lowered CRIM receipts to around 300 million euros last year, down from an expected 3 billion euros.
Outgoing Finance Minister Bruno Le Maire urged new lawmakers on Monday to take up the former government's proposals and pass a budget in coming weeks.
EDF's nuclear capacity tops 61 GW, which would mean a contribution of 2.4 billion euros without adding its hydroelectric and gas plants.
Engie, which owns gas-fired and hydroelectric plants totalling 2.55 GW in France, could be on the hook for 102 million euros.
TotalEnergies' five gas-fired plants totalling 2.67 GW, could see it pay about 106.8 million euros.
French wind and solar farms are too small to be affected.
($1 = 0.9074 euros)
Additional reporting by Leigh Thomas in Paris; Editing by Emelia Sithole-Matarise
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