Industry and investment, Marine Tondelier
Nationalisations and privatisations: Exceptional public management of strategic companies if necessary
Direction of change: change of another kind, or uncertain direction, compared with current law.
The lever. The State taking or relinquishing stakes: nationalisation of companies or sectors, privatisations, sales of holdings. Direction rule: ↑ public ownership extended.
« En cas de nécessité, passer sous gestion publique exceptionnelle. Renforcer les outils juridiques comme le décret Montebourg permettant d’intervenir dans la reprise des entreprises. »1Translation by the editorsIf necessary, place under exceptional public management. Strengthen legal tools such as the Montebourg decree, which allows intervention in company takeovers.
Encoding
No cost-schedule parameter for this position: see the costing for the reason.
Costing
Announced by the candidate
not announced
The programme does not cost this measure.
Published costings
none
No external costing of this position recorded to date.
Our calculation
not costed
Public management « en cas de nécessité » [“if necessary”], with no company or amount: nothing to cost.
Current law, sources and limits of the cost schedule
Current law. The State has held 100% of EDF since the 2023 takeover bid (buyout of the 15.9% of the capital and of the convertible bonds it did not hold, about €9.7bn according to the Ministry of the Economy). The historic motorways are under concession until 2031-2036. There is no privatisation programme under way according to the sources read.
Horizon. Interest charge in a full year, at the AFT issuance rate (2.73% on average in 2025, 3.14% for long-term rates at end-2025). The purchase price is a financial transaction: it increases the debt, not the deficit.
Limits. The figure does not take into account dividends received or lost, which may offset or exceed the interest charge. For motorways, the Senate commission of inquiry (2020) estimated dividends at about €40bn beyond 2022 until expiry. The price of a nationalisation depends on the premium and on litigation: the Cour des comptes (May 2026, read in a blog article) reportedly judged that a lower premium on EDF would have saved €1bn. Sign convention for options: negative = gain.
- Agence France Trésor — Rapport annuel 2025 / Bulletin mensuel juillet 2026 (via résultat de recherche), 2026: « Le taux moyen à l'émission « passant de 3,06 % en 2024 à 2,73 % pour l'année 2025 » ; taux longs qui « passent de 2,91% à 3,14% à fin 2025 » »
- Ministère de l'Économie, communiqué de presse n° 34 du 19 juillet 2022 sur l'offre publique visant EDF (pages 1 et 2), 2022-07-19: « 12,0 euros par action EDF […] 15,64 euros par OCEANE […] Cette Offre représenterait un montant total en numéraire, pour les actions et les OCEANEs, d'environ 9,7 milliards d'euros, en supposant un taux d'apport des actions EDF et des OCEANEs EDF que l'Etat ne détient pas de 100%. »
- Sénat, rapport n° 709 (2019-2020) de la commission d'enquête sur le contrôle, la régulation et l'évolution des concessions autoroutières (pages 17 et 18 du PDF), 2020-09: « Au-delà de 2022, les dividendes versés atteindraient environ 40 milliards d’euros, dont 32 milliards pour Vinci et Eiffage, à comparer avec les coûts d’acquisition des sociétés. […] Prévu par les contrats de concession pour motif d’intérêt général, le rachat aurait un coût évalué par le ministère de l’économie et des finances entre 45 et 50 milliards d’euros. »
How to read these amounts. These are static costs and revenues, with no feedback effect, over a full year: nothing on growth, employment or the revenue that economic activity would gain or lose. A higher net cost does not on its own make a worse policy, nor net savings a better one: each programme rests on an economic model (demand-led stimulus, lower compulsory levies, consolidation of the public accounts…) that the cost schedule does not settle. GDP itself measures a volume of activity, not well-being or the usefulness of what is produced. Economic models and feedback effects.
- Pour une prospérité écologique, programme des Écologistes, p. 77. Open the document at this page.
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