France is ready to take full control of energy group EDF, Prime Minister Elisabeth Borne told parliament on Wednesday, as the state-backed company grapples with financial problems.
“I confirm to you today that the state intends to control 100 percent of EDF’s capital,” Bourne told lawmakers as he laid out the priorities for the new French government following Emmanuel Macron’s re-election as president in April and legislative elections in June.
EDF is now 84% state-owned. Its shares were listed in 2005 but have fallen more than 90 percent since their peak in 2007.
The group is saddled with a large pile of debt related to its nuclear investments and has struggled with production problems this year at some of its reactors that have hit its profits.
The government made EDF foot the bill for its energy price caps in January, a measure aimed at protecting households from a surge in electricity prices, but which sent EDF shares further down.
Add Comment