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France wants to completely nationalize energy company EDF

2022-07-06T16:06:37.999Z

In the energy transition, France relies on nuclear power plants operated by the energy company EDF. But he is struggling with cost increases - and is now to be taken over completely by the state.



Enlarge image

EDF nuclear power plant in Cattenom, France (archive image)

Photo: PASCAL ROSSIGNOL / REUTERS

France wants to completely nationalize the heavily indebted energy company EDF again.

"I reaffirm the will of the state to hold 100 percent of EDF's capital," said Prime Minister Elisabeth Borne in her government statement.

This enables EDF to "implement the ambitious and essential projects for the future of our energy supply as quickly as possible".

Borne confirmed that France wanted to invest in the construction of new nuclear power plants.

"The energy transition will succeed thanks to nuclear power," said the head of government; nuclear power is CO2-neutral, "sovereign and competitive"".

At the same time, renewable energies are to be expanded.

The aim is "a balanced energy mix with renewable energies and nuclear power," Borne continued.

The state currently owns more than 80 percent of EDF.

The group operates 58 nuclear power plants in France.

EDF is struggling with drastic cost increases at its new nuclear power plants in France and the UK.

There are also deficiencies in some of the older reactors.

Borne emphasized that the state must also prepare for cuts in Russian gas supplies.

On Wednesday, the European Parliament approved a proposal by the EU Commission that would classify investments in certain nuclear power plants and gas plants as climate-friendly.

The controversial concept of the so-called taxonomy came about in particular under pressure from France.

dab/AFP/Reuters

Source: spiegel

All business articles on 2022-07-06

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