The French Environmental and Energy Ministery (MEDDE) thinks that firms should invest the equivalent of only 8% of their revenues in Energy Efficiency in 2013. This level of investment was very similar the past years. Like we saw lately, Energy Efficiency markets don’t break through. Yet people agree that energy prices should rise and, then, make Energy Efficiency projects more profitable. So why firms don’t invest more in Energy Efficiency in France, and more broadly in Europe?