I really doubt ARENH is the problem because as far as I understand it, it only applies to EDF's existing nuclear power plants. At 42 EUR/MWh wholesale, those plants should still make a tidy profit. Apparently, too few of them were actually running last year, and the French government imposed further price restrictions that also affected resale of energy that EDF purchased elsewhere at market prices (not coming from EDF's own nuclear fleet or its other power plants).
It costs nothing for fossil plant operators to pump carbon and sulphur into the atmosphere; that's why it takes regulation to make them install scrubbers. Scrubbers help, but don't prevent the outcome.
The outcome can be measured in human deaths and loss of arable land. That cost is hidden.
The "free market" is a grim joke while these costs can be ignored.