La problématique du financement des investissements électronucléaires

[fre] La question du financement des investissements nucleaires est aujourd’hui souvent reputee difficile, surtout lorsqu’il s’agit de faire appel a des capitaux prives. Le nucleaire ne dispose plus du meme avantage comparatif que par le passe, et l’evolution de la production d’electricite vers une organisation plus concurrentielle conduit a une analyse differente des risques de competitivite des differentes techniques. La specificite de la filiere nucleaire (son caractere capitalistique notamment) implique d’imaginer une ingenierie financiere adaptee. Celle-ci passe, surtout lorsque le nucleaire est finance par un large recours a l’endettement, par une meilleure repartition de la charge de la dette sur la vie des centrales. Elle repose egalement sur un choix judicieux du montant des capitaux propres. La privatisation recente de la production nucleaire britannique confirme l’absence de reticence des investisseurs a financer l’electricite d’origine nucleaire, des lors que les perspectives de rentabilite des capitaux investis leur semble suffisante. [eng] The issue of financing nuclear investments. Nuclear financing is often considered today as a difficult topic, especially when private financing is required. Nuclear power plants have no longer the same competitive advantage as before, and the move towards a liberalized electricity market leads to a reassessment of the competitive risks of the various technologies. Because of the specific characteristics of the nuclear industry (namely the intensity of its investment costs), a relevant financial engineering has to be conceived. It consists, especially when nuclear is mainly financed through debt, in a better distribution of the debt service over the power plants lifetime. It also rests upon the appropriate gearing. The recent privatization of the British nuclear generation plants provides the evidence of the lack of reserve of the private investors concerning nuclear financing, as long as the expected return of their investment looks adequate.