The EDF judgment of the CJEU in case C-124/10 P: towards a public investor test in EU State aid law?* On the 5th of June 2012, the Court of Justice of the EU (hereafter ‘CJEU’) delivered an important judgment in the field of European State aid law on the very notion of State aid and the application of the private investor test to situations where a priori a private investor could not adopt the same behaviour as the State. To put things in context, it will be recalled that the private investor test is normally used in order to determine whether a public company has been granted an advantage within the meaning of Article 107 TFUE, by comparing the behaviour of the State with that of a private investor operating in normal market conditions. It was settled case-law (see notably the
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The EU Court of Justice reaffirms the objective character of the notion of state aid finding that the private investor test remains applicable even in cases where the means employed by the state are not available to a private investor (EDF)
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