Cooling towers at the Dampierre-en-Burly nuclear power plant, operated by Electricite de France SA (EDF), in Dampierre-en-Burly, France, on Tuesday, May 3, 2022. EDF’s falling nuclear production, combined with Russia’s invasion of Ukraine, is exacerbating Europe’s energy crisis as France is traditionally a net exporter of electricity.
Bloomberg | Bloomberg | Getty Images
The French government is aiming for a full nationalisation of debt-laden utility EDF, French Prime Minister Elisabeth Borne announced on Wednesday.
“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.
EDF, in which the state owns over 80%, faces delays and budget over-runs on new nuclear plants in France and Britain, and corrosion problems in some of its ageing reactors which have heavily hit its shares price in recent months.
The option of nationalising EDF was flagged by President Emmanuel Macron who intends to make the company the main pillar of a massive investment in new nuclear reactors.