Engie SA CEO warned that Marine Le Pen’s far-right party’s energy policy overhaul would create a “disaster” for France, specifically targeting renewables expansion and deregulating the energy sector. The plan, which seeks to dismantle the country’s renewable energy targets and abolish the independent energy regulator, has sparked alarm among industry leaders. Engie, a global energy giant with operations in 70 countries, argued that scrapping these policies would destabilize energy markets, increase consumer costs, and undermine France’s climate commitments. The critique comes as Le Pen’s National Rally party gains momentum ahead of the 2024 presidential election, with polls showing her party in a strong position to challenge President Macron’s centrist alliance.

The proposed changes would eliminate mandatory renewable energy quotas for utilities, a cornerstone of France’s green transition strategy. Without these mandates, experts fear a regression in investments toward solar, wind, and nuclear energy, sectors critical to reducing the nation’s reliance on fossil fuels. Engie’s CEO emphasized that deregulation could lead to monopolistic pricing practices, disproportionately affecting low-income households. The utility also highlighted risks to grid stability, as removing regulatory safeguards might discourage infrastructure upgrades needed to integrate intermittent renewable sources.

Politically, the clash underscores deepening tensions between Macron’s pro-business but climate-conscious government and Le Pen’s anti-establishment platform. While Le Pen’s team has not directly responded to Engie’s remarks, the criticism signals growing business community opposition to her energy agenda. Analysts suggest the debate could reshape campaign priorities, forcing candidates to clarify stances on energy security and environmental policy. Investors monitoring the election are closely watching how these disagreements might impact France’s credit rating and attractiveness for green finance.

If implemented, Le Pen’s plan would position France at odds with global trends toward decarbonization, potentially triggering legal challenges from the European Union over non-compliance with climate agreements. Engie’s warning serves as a stark reminder of the economic stakes tied to energy policy, particularly as the country prepares to host COP29 in 2024. The outcome of the election will determine whether France accelerates its green transition or retreats into fossil fuel dependency.