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(Bloomberg) — A moratorium on new renewables projects included in an energy law under discussion in France is endangering €5 billion ($5.8 billion) of solar and wind projects that Engie SA is considering over the next 10 years, according to Chief Executive Officer Catherine MacGregor.
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“This moratorium on wind and solar projects is both absurd and a disaster,” MacGrgegor said on Monday at an event on the Yeu island off the French Atlantic coast. “We can’t handle stop and go” in an industry that requires long-term planning, she said.
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Her warning came as lawmakers of Marine Le Pen’s anti-immigration party and some conservative legislators amended an energy-planning bill to include a moratorium on new solar and wind projects. French lawmakers are due to vote on the amended bill on Tuesday.
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The government and renewable industry groups have warned that the legislation will jeopardize jobs, hinder France’s fight against global warming, and prolong the country’s reliance on imported fossil fuels.
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The moratorium would be “a death sentence for the entire renewable industry” in France, Industry and Energy Minister Marc Ferracci said in a speech alongside MacGregor in Yeu. Engie and its partners are building a €2.5 billion offshore wind farm near the island.
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He said the bill will be discussed in the Senate for a second reading in the coming days, and reaffirmed that the government aims to publish an energy planning decree that sets targets for the development of renewables and nuclear energy in the coming months.
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