Patrick Pouyanné Rencontres économiques Aix en Provence

First, we will never have energy costs in Europe as competitive as in the US. The US has all natural resources. Europe imports its energy. Even with nuclear, we import uranium. For renewables, we need critical metals and supply chains. China controls its entire supply chain; we only look at the final point. The real competitiveness issue is for energy-intensive exporting industries like steel, automotive, refining. The question is whether European states want to detax energy for these industries. The debate is about the cost of energy for consumers vs industry. We need to produce as much as possible on European soil: nuclear, renewables. But we must think as a European continent, not individual countries. For example, if France doesn't want wind and Germany does, let's do wind in Germany and nuclear in France, and interconnect. New nuclear costs 100-120 €/MWh, not 40. We need to be honest. The only way to regain competitiveness is to think European, optimize the cost of our energy collectively. We are all dwarfs compared to the US, China, and the Middle East. We need to deepen the single market. We did the euro, it was a success. Leaders need to carry a vision.

In Europe, deindustrialization is faster than decarbonization. The issue is keeping industry and jobs. We built Europe to fight inflation and for consumers, but we have no European champions. In telecoms, we have 80 operators, none with critical mass. No European digital champion. We have 27 regulators. We need to revise competition policy and accept creating European champions. The current geopolitical situation requires sovereignty. We need to change the algorithm and think European. We need to move forward with coalitions of the willing, like the euro. Leaders need courage and vision. The goal is to avoid Europe becoming a leisure park.