France will fully nationalise EDF, Prime Minister Elisabeth Borne said on Wednesday, in a move that would give the government more control over a restructuring of the debt-laden group while contending with a European energy crisis. EDF, in which the state already owns 84%, is one of Europe’s biggest utilities and sits at the centre of French nuclear strategy that the government is counting on to blunt the impact of soaring energy prices exacerbated by the prospect of an abrupt halt to Russian gas supplies. Instead of being an ace in the government’s hands, however, it has become a major headache owing to years of delays on new nuclear plants in France and Britain, with budget overruns in the billions of euros. “I confirm to you today that the state intends to control 100% of EDF‘s capital”, Borne said in her policy speech in the lower house of parliament as she set out her minority’s government priorities. “We need to ensure our sovereignty in the face of the war (in Ukraine) and the looming colossal challenges,” she said, adding that full nationalisation would help EDF to carry out “ambitious and essential projects” for France’s energy future. Half of EDF‘s ageing reactors in France are currently offline, in some cases because of corrosion problems, forcing the company to cut planned nuclear output repeatedly this year at a time when Europe is scrambling to find alternatives to Russian gas supplies. EDF has also been hurt by government rules forcing it to sell power to rivals at a discount as part of efforts to shield French consumers from a sharp increase in cost of living.
Euro News 6th July 2022 read more »
France is to renationalise its indebted electricity giant EDF in response to the energy crisis aggravated by Russia’s invasion of Ukraine, the country’s prime minister, Élisabeth Borne, has said. Borne vowed to limit the impact of rising energy prices despite the political turmoil of Emmanuel Macron losing control of parliament in recent legislative elections. “We must have full control over our electricity production and performance,” Borne told parliament in her first state-of-the-nation speech to parliament on Wednesday, as she tried to court opposition parties to avoid parliamentary deadlock.
Guardian 6th July 2022 read more »
Emmanuel Macron is to fully nationalise France’s debt-laden nuclear power giant EDF as it scrambles to shore up energy supplies in the wake of Russia’s invasion of Ukraine. The French state will take control of the 16pc of the company it does not already own, prime minister Elisabeth Borne announced on Wednesday, following months of speculation about its future. She said France needed to “ensure our sovereignty faced with the consequences of the war and the colossal challenges ahead,” while “the climate emergency requires strong, radical decisions”.
Telegraph 6th July 2022 read more »
France plans a full nationalisation of EDF in an attempt to help the state electricity giant overcome a crisis linked to spiralling debt, falling revenue and an energy price cap, the French prime minister said yesterday. It is not yet clear what the move means for Britain’s future energy security because EDF wants to build a two-reactor nuclear power station at Sizewell in Suffolk. Laying out her government’s legislative programme before the French national assembly, Élisabeth Borne said the state would take a 100 per cent stake in the group, which is already building two new reactors at Hinkley Point in Somerset. The state’s current holding is 83.88 per cent. Borne, 61, said: “This evolution will enable EDF to carry out projects that are ambitious and indispensable for our future as soon as possible.”
Times 7th July 2022 read more »
The French government will nationalize its financially struggling nuclear giant Electricite de France SA to help it ride out Europe’s worst energy crisis in a generation and invest in new atomic plants. “The climate emergency requires strong, radical decisions,” Prime Minister Elisabeth Borne said during a policy speech in parliament in Paris on Wednesday. “We need to have full control of the production and our energy future. We must ensure our sovereignty faced with the consequences of the war and the colossal challenges ahead.”
Bloomberg 6th July 2022 read more »
French state plans to take full control of EDF.
FT 6th July 2022 read more »
Independent 6th July 2022 read more »
Reuters 6th July 2022 read more »
Energy Voice 6th July 2022 read more »