The renationalisation of EDF is about to be completed. The Minister of the Economy, Bruno Le Maire, announces this Tuesday on RTL that the State will own 100% of the shares on June 8.
"The state has taken back 98% of control of EDF and, on June 8, the state will have 100% control of EDF," says the boss of Bercy. "This will allow us to carry out in the best possible conditions the construction program of six new EPRs", nuclear power plants. "This reinforces the country's energy independence," he adds. The aim of the operation is also that EDF "increases its production of nuclear electricity".
🗣️ @BrunoLeMaire announces that "the State has taken back 98% of control of EDF and will have 100% control on June 8" and that "there is no risk of electricity shortage."
🔴 Guest to @amandine_begot in #RTLMatin ⤵️ pic.twitter.com/GrHb3V1lTa
— RTL France (@RTLFrance) May 23, 2023
The full takeover, announced in July last year and valued at 9.7 billion euros, is strategic for the State shareholder, which already held 84% of the national electricity flagship. Its goal: to free EDF from the stock market to enable it to relaunch nuclear power faster by financing the renewal of an aging fleet, at a time when Russian gas is lacking.
A legal battle took place with some shareholders who deemed the share buyback price too low. On May 2, the Paris Court of Appeal ruled in favour of the State, thus opening the door to the finalization of the complete takeover of the company by the State.
"We are exporting electricity again"
Bruno Le Maire also returned to the consequences of the 100% takeover by the State on the risk of shortage mentioned last winter. This situation was envisaged because of the destabilization of the market due to the war in Ukraine and the numerous shutdowns of reactors for maintenance. "There is no risk of shortages. We spent the winter in good conditions. We are exporting electricity again. This is proof that we can regain control, especially on nuclear electricity."
Regarding energy tariffs, by "producing more, it will allow us to have the lowest possible price". "This is important for households and decisive for the competitiveness of our businesses. Having the cheapest electricity possible, with visibility, is what we want to guarantee both to households and to the French economic world. »
