Largest vertically integrated electric utility in France, supported by strong positions in the U.K. and Italy. Contribution from domestic regulated earnings, notably through the full ownership of the French distribution network. Tough operating conditions in EDF's main markets, linked to market liberalization and declining power prices. Execution risks associated with highly capital intensive nuclear new build projects. Sizable investment program, with negative free operating cash flows after dividends. Significant remedy plan over the coming years through a capital increase, asset disposals and scrip dividends. Substantial cash balances and excellent access to credit markets. Substantial pensions and nuclear liabilities. S&P Global Ratings' outlook on integrated energy company Electricité de France S.A. (EDF) is stable. It takes into account the remedy plan
