VNU mechanism

The VNU (Volumes Nucléaires Utilisables, or Utilisable Nuclear Volumes) mechanism is France's system for distributing regulated access to French nuclear electricity production. Introduced to replace the previous ARENH (Accès Régulé à l'Énergie Nucléaire Historique) scheme that expired in December 2025, the VNU gives electricity suppliers and large industrial consumers the right to purchase a share of EDF's nuclear output at a regulated reference price. The Commission de Régulation de l'Énergie (CRE) estimated the average VNU sale price at EUR 65.90/MWh for 2026.

Under ARENH, eligible volumes were capped at 100 TWh per year at a fixed EUR 42/MWh price, a level significantly below market from 2021 onwards. The VNU retains the principle of regulated access but adjusts the volume and price dynamically to reflect EDF's actual costs. The mechanism is central to French industrial energy policy: it ensures French manufacturers pay less for electricity than competitors in Germany or Italy, sustaining a competitiveness advantage.

The VNU price of EUR 65.90/MWh sits well below the French Day-ahead market level of EUR 96/MWh on 13 April 2026, confirming the subsidy embedded in the regulated access system. Large consumers and retailers who secured VNU allocations are effectively insulated from TTF and carbon price volatility to the extent of their allocated volumes.