The figures for energy production and consumption in France during the 3rd quarter have just been published. They show that the energy sector has withstood the shock. Households and businesses, with price increases, have continued to be supplied despite an unprecedented wave of drought causing fires of unprecedented magnitude and an international environment still generating major disruptions for oil and natural gas suppliers with the embargo on Russia, blockades of the Strait of Hormuz and an unstable situation in the Gulf of Aden.
The energy policy aimed at increasing the country's independence while reducing its greenhouse gas emissions has therefore borne fruit. This is good news, but it is rarely mentioned. This is not surprising. The characteristic of France is that it always exaggerates the difficulties encountered and never talks about what is going well, except to criticize it. This is exactly the opposite of Germany, where successes are touted but very discreet about failures. The 150 basis point difference in 10-year government bond yields between the two countries is therefore not surprising.
From one quarter to the next, oil consumption fell by 6%, as households sharply reduced their use of diesel and postponed their purchases of heating oil as much as possible. Natural gas consumption remained stable and the replenishment of stocks is proceeding almost normally, as they had reached a level of 114 TWh PCS at the end of September compared to 123 TWh PCS a year earlier. No particular concern is therefore justified for this winter.
Electricity consumption in the 3rd quarter increased by about 2% due to the increased use of conditioning equipment during the heat wave and the slow process of electrification of the country. But the most important fact was the demonstration of the ability of the production system to adapt. Nuclear production fell sharply due to the closure of several power plants located on the banks of rivers. The discharge of water used for cooling would have caused a warming of rivers that was harmful to fauna and flora.
But the Nuclear Safety Authority had not made any request. These decisions were in fact motivated by the tensions caused by the drought and the heat wave and their consequences on the operation of the electricity transmission network. The production of wind turbines stopped in many regions due to the lack of wind. Similarly, hydroelectric power plants due to the drought reduced their production. Conversely, the very high amount of sunshine caused a leap forward in the production of solar panels. However, as the location of these sources was not always adapted to demand, some thermal power plants had to be put into operation, which was uncommon in the summer, and nuclear power plants were shut down.
Overall, production exceeded domestic demand and the 3rd quarter saw an increase in exports. The surplus balance was more than 20 TWh and made a positive contribution to foreign trade of around €2 billion. Almost 2/3 of the effects of the rise in fossil fuel prices were offset by almost 2/3 of the results. The most important fact, and this is also good news, was the demonstration of the ability of the electricity production and distribution system to adapt to unprecedented climatic phenomena.
France has three major players to meet its energy needs. Thanks to the varied composition of its production system and the quality of its transmission and distribution networks, EDF has demonstrated its ability to overcome all the difficulties caused by the geopolitical and climatic environment. Engie has so far been able to protect its customers in France against the risk of shortages thanks to its long-term contracts and the diversity of its sources of supply, particularly in Liquefied Natural Gas. Not everyone can say the same in Europe.
Total Energies has gone further. Thanks to its integrated structure, which ranges from exploration for new deposits, to their exploitation, to refining and distribution in its service stations, the group has made considerable profits. It has devoted part of this to capping the price of petrol in its network, thus helping to reduce the consequences of the general price increase for the consumer.
No country in the European Union can count on such a set of strategic players and this is a major asset in the face of geopolitical and environmental challenges that will not disappear in the future. Total has been criticized because it was making huge profits and had not made sufficient price reductions, as has EDF, which needs to increase its margins to finance the next nuclear program. But no one has publicly mentioned the advantage, particularly vis-à-vis our European partners, of the presence of players capable of ensuring the energy sovereignty of the country, whose independence rate, which is constantly increasing, reached 58.8% during the 3rd quarter of 2026.
These actors have also contributed to the achievement of environmental objectives. CO2 emissions caused by energy combustion, on a base of 100 in 2010, rose to 84 in 2022 and to 72 in the 3rd quarter of 2026. France is also the European Union's good student. The Climate Watch figures just published by the Financial Times speak for themselves. The 400 million tonnes of emissions increased in 2025 were due to 120 million tonnes to the United States, 60 million to international transport and 30 million to China. The European Union, thanks largely to France, has reduced its emissions by 20 million tonnes.
The COP 31, which meets from November 9 in Turkey, plans to make electrification a central element in the fight against global warming and to increase its share of final energy consumption from 20% to 35% in 2035, thus reducing the share of fossil fuels. But for this to allow a real reduction in emissions, the method of electricity production must be decarbonized. Here again, France has one of the best production mixes.
During the 3rd quarter, and despite the shutdown of several nuclear power plants, 93.6% of electricity production was provided by carbon-free sources, with nuclear still accounting for 67.4%. This predominance of electricity is only justified if the transmission and distribution network offers the highest guarantees of operational safety. The examples of Spain and Portugal, which were completely without electricity for several hours because the network was not ready to withstand sudden variations in the production of solar and wind energy, are widely remembered. The fact that France was able to get through the heatwaves of July and August without difficulty testifies to the quality of the network and the management of production.
The energy sector is a strong point of the French economy and its ability to overcome the current problems is proof of this. This is good news. So let's stop denouncing Total's profits and criticizing EDF's nuclear program.