Business & Economy

EDF suspends shares amid energy giant’s nationalization plans

Paris, Jul 13 (EFE).- French energy group EDF has requested the suspension of the listing of its shares Wednesday after the government said it would take a 100% stake in the firm.

“Following the Prime Minister’s announcements, and following exchanges with the French Financial Markets Authority, EDF SA has requested the suspension of the trading of its equity securities until further notice,” the company said in a statement.

The French government has said it will announce details of the takeover by July 19.

The state currently owns 84% ​​of EDF shares and prime minister Élisabeth Borne announced last week the goal was to nationalize the energy giant.

The objective is to guarantee long-term access to electricity and energy sovereignty as France faces the energy fallout triggered by Russia’s war in Ukraine.

EDF’s capital carries a liability of 43 billion euros.

The energy provider has also been tasked with commissioning six new nuclear reactors between 2035 and 2050 at an estimated cost of at least 52 billion euros.

Plans include the creation of eight additional reactors, which will be confirmed once the government assesses the long term energy needs of the nation.

A further 50 billion euros will also be necessary to keep the current atomic park, made up of 58 reactors, in service.

Nuclear power plants normally generate 70% of France’s electricity but they are producing a much lower volume at present due to technical failures and the need for maintenance work.EFE


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