France: energy crisis putting pressure on activity and margins

The French economic outlook hinges on the situation on the energy markets, in terms of both prices and available quantities. The “energy shield” introduced from the end of 2021 largely limited the inflation shock, but it will be pared back at the start of 2023. Households are already pulling back on their spending. Furthermore, France is entering the winter period with only just over half of its nuclear fleet operating at normal capacity. There is a risk of power outages. Growing...