Club Finance with Michel Crémieux (1974), Chairman of ENEL France

The prospect of depleting fossil fuel reserves and the extraordinary development of emerging countries have led many countries to reopen the civil nuclear issue. In just a few years, nuclear power plant projects have multiplied. But the road from project to option, from option to construction, is long and fraught with obstacles. The Nuclear Safety Agencies rightly impose draconian conditions on plant designers/builders and operators alike. Identifying and selecting sites requires complex studies. The implementation of nuclear programs requires the availability of highly qualified skills, which are currently in short supply. Each country requires the world's major manufacturers to commit to involving local industries in the construction of power plants, so that nuclear programs boost their economy. Finally, the major issue remains the acceptability of nuclear power plants to the general public. On all these aspects, the example of Italy, where the civil nuclear file has been reopened after a 22-year moratorium, is enlightening.

But the global nuclear market has changed radically since the 1980s. Whereas 90% of power plants were built in Europe and the United States at the time, today 90% of nuclear power plants are built in emerging countries, led by China. Perhaps one nuclear power plant a year will be built in Europe over the next ten years, and nearly one a month in China. This market situation is not without consequences for the French electro-nuclear industry, and is at the heart of the debate led by François Roussely at the request of the French President. How can a powerful industry that has developed over time on the back of public orders in the domestic market adapt to the internationalization of its market? the internationalization of its market, face up to competition from new manufacturers, and resist the relocation of production and skills? What are the strengths of the French industry, and of the EPR in particular? How can the French industry organize itself? Here again, the example of the Italian project is worth following. Why and how did ENEL, Italy's leading electricity producer, opt for both the EPR and the alliance with EDF?

Michel CRÉMIEUX, Chairman of Enel France since November 2008, has built most of his career around electricity market issues. He was previously Chief Operating Officer of Edison, Italy's second largest electricity operator. Prior to this, he held various positions within the EDF Group, including Director of the Development Division and Director of International Operations. Michel CRÉMIEUX is a graduate of Ecole Polytechnique and ENSAE (1974).