EDF’s shares fell by 14.6 per cent after Macron ordered the company to sell cut price energy to its rivals to stave off price hikes. The scheme will cost EDF €8bn (£6.7bn), the French state-controlled energy group warned yesterday, forcing the company to revise annual earning estimates. French President Macron promised in September to cap power price increases at four per cent this year, passing the cost of a 44 per cent rise in energy prices onto suppliers in order to protect households. The announcement compounded the woes of EDF investors, who have seen shares shed 25 per cent of their value in a month.
City AM 15th Jan 2022 read more »
“They are very anxious”: EDF in the face of nuclear reactor breakdowns. Ten reactors out of 56 are shut down, i.e. 20% of French nuclear production capacity. “In winter, the availability of the nuclear fleet has never been so low”, observes RTE, the manager of the high voltage network. The black series continues for EDF. Thursday, January 13, the group announced that a fourth nuclear reactor, Penly 1, in Seine-Maritime, was affected by a corrosion problem on its safety injection system – a device of capital importance in the event of a accident. His shutdown has been extended until the end of May. Reporterre takes stock of the situation.
Reporterre 15th Jan 2022 read more »
Electricity: the government’s electoral cynicism: While energy prices are soaring, the government, in the middle of the presidential campaign, has chosen to pickpocket EDF, in the name of defending purchasing power. The operation could cost 8 billion to the public company, while the urgency would be to finance the renewal and maintenance of the productive park.
Mediapart 14th Jan 2022 read more »
Emmanuel Macron facing the EDF and energy bomb. With the blocking of regulated tariffs, to limit price increases to 4%. EDF will have to sell a larger quantity of cheap nuclear electricity to its competitors. Panic wins the electrician whose stock price has collapsed. CEO Jean-Bernard Lévy has just convened for Monday the “top 200”, the 200 highest executives of EDF. We are already talking about a necessary recapitalization of EDF. Will the state back to pot again? Or does the executive imagine calling on outside investors? The question will be explosive three months before the presidential election.
La Tribune 14th Jan 2022 read more »
Shares in France’s energy company EDF plummeted on Friday after the government ordered it to sell more cheap nuclear power to rivals to limit a rise in electricity prices and keep the electorate on-side ahead of presidential polls in April.
RFI 14th Jan 2022 read more »
Why Emmanuel Macron is slow to clarify his nuclear promises. The President of the Republic was initially to present before the end of 2021 the details of his strategy for relaunching new reactors. Procrastination which reminds us that his position has often varied on the subject.
Le Monde 16th Jan 2022 read more »