Has ARENH really disappeared?
Yes. Regulated access to historic nuclear electricity (ARENH) ended on 31 December 2025. The mechanism allowed alternative suppliers to buy part of EDF's nuclear output at a regulated price.
According to the page of the Commission de régulation de l'énergie (CRE) on the universal nuclear payment, electricity suppliers have sourced their supply entirely on the markets or from their own generation assets since 1 January 2026. There is no longer any volume of nuclear electricity at a guaranteed price in suppliers' offers.
For a business, the consequence is direct: the price of its electricity now depends entirely on how its supplier buys energy, and on the purchasing strategy written into its own contract. Our guide to buying electricity and gas for businesses presents these pricing mechanisms.
What is the universal nuclear payment?
The universal nuclear payment (VNU) is the scheme that succeeds ARENH. It was created by article 17 of the 2025 finance act and has applied since 1 January 2026.
Its principle is the opposite of ARENH. ARENH set a price of access to nuclear electricity. The VNU lets EDF sell its nuclear output on market terms, then levies part of its revenues when they exceed certain thresholds.
According to the CRE, the scheme rests on two tools:
| Tool | What it does |
|---|---|
| A tax on the use of nuclear fuel | Levies a share of the revenues of EDF's historic nuclear fleet above two thresholds |
| The universal nuclear payment itself | Redistributes the proceeds of this tax to all consumers, as a rebate on the electricity bill |
The fleet concerned is EDF's historic nuclear fleet: according to the CRE, it comprises 57 reactors, Flamanville 3 included, but not the future EPR2 reactors.
The 2026 finance act designated RTE, the electricity transmission system operator, as the recipient of the proceeds of this tax. RTE then pays the VNU to suppliers, who are responsible for applying the rebate on their customers' bills.
At what level does the tax start to apply?
The tax applies when the unit revenues of the historic nuclear fleet exceed a first threshold, called the taxation rate. A second, higher threshold is called the capping rate.
| Threshold | Level set by the order of 11 February 2026 | Share of revenues levied above the threshold |
|---|---|---|
| Taxation rate | 78 €/MWh | 50% |
| Capping rate | 110 €/MWh | 90% |
These thresholds are built from the full cost of production of the historic nuclear fleet, which the CRE must assess at least every three years. In its assessment published on 30 September 2025, the CRE adopts a full nuclear cost of 60.3 €/MWh, in 2026 euros, for the 2026-2028 period.
Decree no. 2026-75 of 11 February 2026 provides that the taxation and capping rates are indexed to inflation. It also allows them to be changed if the CRE revises its assessment of full costs, or if EDF's financial situation changes substantially.
Does the VNU reduce the electricity bill in 2026?
No. For the rebate to apply, the tax must bring in something, so EDF's nuclear revenues must exceed 78 €/MWh.
The CRE's latest estimate for 2026, published on 1 December 2025, stands at 66.08 €/MWh. In its deliberation of 26 February 2026, the CRE draws the conclusion that tax receipts are estimated at zero for 2026.
"The CRE proposes a zero unit rate for the rebate for the year 2026."
In practical terms, a business should expect no VNU-related reduction on its 2026 electricity bills. The price it pays reflects its supply contract, taxes and network charges, without any nuclear adjustment.
When and how would the rebate appear on the bill?
A decree and an order of 4 February 2026 set out how the VNU works in practice. Decree no. 2026-55 lays down the rules for calculating the unit rate of the rebate, applied to the quantities of electricity supplied to final consumers.
The rebate does not apply all year. According to the CRE's legal watch, the application period covers at least the four months for which the least tension on the electricity system is expected. By default, it runs from 1 April to 31 October inclusive.
The order of 4 February 2026 sets how the rebate is shown on electricity bills. On the day it becomes non-zero, it will therefore appear as a separate line that the consumer can identify.
What does the CRE expect for 2027?
The CRE publishes its estimates of EDF's nuclear revenues twelve months and six months before the delivery year, then every month from three months before. These estimates determine whether the VNU will apply the following year.
| Date of the estimate | Estimated unit revenues for 2027 | Source |
|---|---|---|
| 13 January 2026 | 60.94 €/MWh, for a target output of 360 TWh | CRE press release |
| 1 July 2026 | 63.82 €/MWh, or EUR 22.975 billion | CRE VNU page |
In its press release of 13 January 2026, the CRE asks that its first estimate for 2027 be treated with caution, given the high degree of uncertainty at this horizon. The two estimates published to date nevertheless remain below the taxation rate of 78 €/MWh set for 2026.
These estimates rest on the appropriate accounting kept by EDF, which isolates revenues from the sale of nuclear electricity from its other sources of revenue. Decree no. 2025-909 of 5 September 2025 sets the framework, and the CRE approved the rules for its preparation on 14 January 2026.
According to the CRE press release of 13 January 2026, the estimate adds up four components: revenues already secured by transactions, revenues from long-term contracts, forecast revenues from output not yet sold, and the value captured by real-time modulation of the fleet. The further away the deadline, the larger the forecast share, hence the CRE's caution.
The monthly estimates preceding 2027 will show whether this gap holds. A business preparing its 2027 energy budget has an interest in following them.
What this means for you
For an SME or a mid-sized company
ARENH cushioned part of the rise in market prices in some offers. That safety net has gone, and the VNU does not replace it as long as nuclear revenues stay below the thresholds. The price of your electricity now depends on when your supplier bought, and on how your contract passes on market prices.
For an energy-intensive manufacturer
Your exposure to wholesale prices becomes stronger. The structure of the contract, fixed, indexed or mixed price, weighs more on the final bill than before. The CRE's monthly estimates give a useful signal for timing your purchases.
For a tertiary property manager or a public buyer
Multi-year energy budgets must factor in a framework where no share of regulated-price nuclear power exists any more. The VNU will only come into play when market prices are high, and only during the rebate's application period.
What we recommend
Re-read your contract in light of the new framework. A contract signed before 2026 may have relied on assumptions linked to ARENH. It is worth checking how it now handles market prices.
Follow the CRE's estimates. They are public, dated and updated every month as the delivery year approaches: they are the best indication of whether a rebate will exist.
Do not count on the VNU to build a budget. In 2026, the rebate is zero. It would only become significant with lastingly high market prices, that is, precisely when the bill is already rising.
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