Pension hitch for French utilities


A ‘no’ vote on pension reforms from the employees of both Electricité de France and Gaz de France last month gave credit investors a stark reminder that things are unlikely to go smoothly in the liberalisation of the French gas and electricity markets.

Final salary pension schemes oblige GdF to contribute roughly €400 million each year and, in the case of EdF, the figure is closer to €2 billion. The proposed reforms would have meant that these pension schemes would have been transferred into

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