Energy has been at the core of French industrial policy, consistent with a tradition of “Colbertism.” This vertically defined policy has been eroded and redefined during the last two decades. First, France transposed the directives adopted by the European Commission, deregulating electricity and gas industries. Second, after a long debate, a law passed in 2015 defined a strategy of low-carbon transition. This law defines a large series of objectives diversifying energy sources and expanding renewables. Nevertheless, this energy transition strategy runs counter to an industrial “path dependency” and, as highlighted by the “yellow vest” movement initiated in 2018, induces issues in terms of burden sharing. Therefore, the energy transition represents an unattended stress test for whole French society.