The implementation of a carbon price floor mechanism in France by 2017 now seems possible with the French President confirming comments made earlier by the Energy Minister. If confirmed, we estimate French power prices could increase by around EUR17/MWh to EUR45/MWh closer to the 2013-14 level and to the benefit of EDF and Engie. We see strong upside for EDF and Engie if confirmed. Positive.
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