Market Updates
France Plans to Nationalize EDF
Bridgette Randall
06 Jul, 2022
New York City
EDF SA soared 14.5% to 8.98 euros after French government announced its intention to nationalize the struggling utility company.
French government said it plans to nationalize the financially strapped Electricite de France SA as the utility company racks up billions of euros in losses.
France already controls 84% of the utility company and losses mounted after President Emmanuel Macron put price cap on utility prices and natural gas prices soared after the Russia's invasion of Ukraine.
President Macron had proposed to nationalize the utility company and accelerate the shift to renewable and nuclear energy and make France energy independent.
More than two thirds of electricity in France is provided by atomic power plants controlled by EDF.
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