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France has announced the 100% nationalisation of its electricity giant, citing the conflict between Russia and Ukraine

French Prime Minister Elisabeth Borne announced Wednesday that the government plans to nationalize 100 percent of debt-laden power giant EDF, citing energy challenges exacerbated by the conflict between Russia and Ukraine.

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The report notes that the French government now owns nearly 84 percent of EDF, one of the world’s largest power producers. Shares in EDF, which has recently been hit by nuclear reactor shutdowns and a series of other problems, rose on the news.
In his policy message to the French National Assembly on Wednesday, Mr Bornet set out his government’s priorities, saying: “We must take full control of our electricity production and its performance. In the face of the consequences of the Conflict between Russia and Ukraine and the great challenges that lie ahead, we must ensure our sovereignty… that is why I confirm to you that the state intends to own 100% of the capital of EDF.”
Bornet described the nationalization decision as part of France’s strategy to gain “energy sovereignty” and “build a stronger France in a more independent Europe,” the report said. “We can no longer rely on Russian gas and oil,” she said. We will have sovereignty because of nuclear and renewable energy.”
The National Audit Office issued a report on Tuesday urging the government to change its policies regarding EDF and the electricity market, saying the situation was “neither tolerable nor manageable,” the report said. The report said France had failed to comply with EU policies to open its electricity market to competition while maintaining affordable prices for consumers.
According to British Sky News, French President Emmanuel Macron said in his presidential election manifesto in March that he planned to increase the government’s stake in EDF. “The country needs to master several aspects of the energy sector,” he wrote at the time. We need to take ownership of several industry players.”

 

 


Post time: Jul-08-2022