CRE sets binding tax quotient (€18,646.63/MW) for France's 2026-2027 capacity mechanism delivery period

CRE issued Deliberation n°2026-186 (10 September 2026) formally constating, on RTE's proposal, the three key financing parameters for the 2026-2027 capacity mechanism delivery period under Article L.322-13 of the CIBS: a total amount to be financed of €1,667,184,865.48, a corrected power draw of contributors of 89,409.45 MW, and a resulting unit tax quotient of €18,646.6302847/MW.

This quotient is the legally binding tax rate applied to all capacity mechanism contributors (suppliers/consumers) for the first delivery period under France's reformed capacity mechanism (post-2025 Finance Law), directly determining the cost pass-through of capacity remuneration to the market and confirming operational parameters (single auction volume, VAT non-deductibility surcharge, reference power) for the new L.316-1 to L.316-13 framework.

This is a concrete, quantified implementation milestone for the reformed French capacity mechanism's inaugural delivery period. Unlike prior parameterization decisions (demand curve, price cap) which set ex-ante rules, this deliberation is an ex-post constatation reconciling actual auction outcomes (single auction, 6 July 2026, 82,446.8 MW cleared, general clearing price €28,182.99/MW) with legacy AOLT contract costs and VAT treatment to derive the final unit tax rate. It establishes a template for how CRE will annually reconcile capacity costs and contributor power draw going forward, with unresolved items (market-based rémunération adjustments, irrecoverable amounts) explicitly deferred to the 2027-2028 period, signaling a multi-year cost-smoothing mechanism embedded in the CIBS framework.

Article L.322-13 of the French Code des impositions sur les biens et services (CIBS); Articles L.316-1 to L.316-13 and R.316-1 to R.316-42 of the Code de l'énergie; Article 19 of Loi n°2025-127 de finances pour 2025

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