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French state advances in renationalization of electricity giant

French state advances in renationalization of electricity giant

Paris, Oct 4 (Prensa Latina) The French State today made official the renationalization process of the multinational Electricity of France (EDF), a measure framed in its vision of energy security.

The Financial Markets Authority disclosed in a statement the step taken, which activates the mechanism in view of the objective announced by the Government in mid-July of regaining one hundred percent control of the energy giant on Gallic soil.

This year has been difficult for the EDF, which last year had to take several nuclear reactors with corrosion problems out of service, a situation that according to experts accelerated the executive’s decision, in a scenario aggravated by the conflict in Ukraine.

The French state owns 84 percent of the multinational’s shares, and with the process made official today, it seeks to withdraw it from the stock market. To materialize its objective, the Government included 10 billion euros in the budget bill for 2023, still pending discussion in parliament.

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