Europe and France experienced a huge heatwave event in the summer of 2003. The impact of this climatic "uncommon" event on the water resources and the electricity generation system of Electricite de France (EdF) was more than significant, and brought up the question of EdF generation exposure to climate-induced water resources scarcity in the long-term. This presentation will first provide some insights of the 2003 heatwave features, and will show how the event has been managed in terms of electricity generation. Then we will focus on some research activity currently developed by EdF R&D along with the US Electric Power Research Institute (EPRI) on risk assessment & management analysis associated with water availability issues, using a combination of deterministic and probabilistic approaches, and applied on some US and French critical watersheds.