The European liberalization of the electricity sector led to four paradoxes in France. First, the transposition of European directives into French law has induced a clarification of the public service mandate; previously, its vague definition largely contributed to its quasi-sacrosanct status. Second, while the initial European impulse was to break down national monopolies, we observe that French groups still control the French market, currently Electricite ́ de France and, probably, Suez-Gaz de France in the near future. Third, the partial privatization of these two French operators is one of the key transformations of the electricity sector; this indirect impact of the European liberalization process is rather paradox- ical as the EU has no legal power to regulate the ownership of market operators. Finally, while the current regulatory framework of the French electricity sector has formally changed, the same political and administrative French e ́lites are still in control of the new regulatory agencies. In sum, we conclude that the liberalization of the French electricity sector may result in a fully accomplished French industrial policy.