France Set to Take Over Major Power Producer Amid Energy Crisis
The French government is prepared to take full control of EDF, one of the world’s largest producers of electricity, as the energy group struggles with increasing debt due to problems with its current and future nuclear power fleet.
Élisabeth Borne, who took over as France’s prime minister in May, in her first state-of-the-nation speech to the country’s parliament on July 6, said a power crisis exacerbated by Russia’s invasion of Ukraine means the government must take action to limit the impact of rising energy prices. Borne told legislators, “We must have full control over our electricity production and performance. We must ensure our sovereignty in the face of the consequences of war and the colossal challenges to come … that’s why I confirm to you the state’s intention to own 100% of EDF’s capital.”
EDF is facing construction delays and cost overruns on new nuclear power plant projects in France and the UK. It also is dealing with corrosion issues at some of its older nuclear facilities.…
