In the Elysée Palace’s grand plan for the French energy sector, execution has often trailed ambition. The deal agreed between the managements of Suez and Gaz de France to create one of the world’s largest energy companies would have been impossible without the intervention of Nicolas Sarkozy. The French president set the terms for agreement and emerged once again as the man who makes things happen.

After 18 months of corporate and political wrangling, this degree of certainty is welcome. Some questions remain, even though the European Commission is unlikely to revisit its decision to approve the deal, subject to certain disposals. There are two hurdles.