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    France launches full nationalization of electricity provider EDF


    October 4, 2022 - dpa

     

      ParisFrance has launched the purchase of the remaining 16% stake in national electricity provider EDF that is not currently in state hands, the AMF financial markets authority announced in Paris on Tuesday.

      The state has submitted a simplified public takeover offer in an initial step to take EDF shares off the market, in an operation estimated to cost around €9.7 billion ($9.7 billion), according to a report by broadcaster Europe 1.

      The step by the French government is being seen as part of its plan to expand nuclear power generation in a country already largely dependent on nuclear power for its electricity generation.

      President Emmanuel Macron announced the intention of fully nationalizing EDF in March, and in her government statement in summer, Prime Minister Élisabeth Borne said the aim was to secure French sovereignty in response to the war in Ukraine.

      The transition is to occur on the basis of nuclear power, with the aim of making France the first major power to do away with fossil fuels completely. France is to expand renewable sources and build at least six new nuclear power stations.

      Around half of EDF's 56 nuclear power stations are currently off-grid for maintenance and repair work, with a resultant impact on its financial position.

      Also on Tuesday, broadcaster BFMTV reported that a reactor at the Flamanville nuclear power station on the English Channel, which has been shut down for maintenance, would not start producing power as planned over the next few days. An EDF spokesman told the broadcaster the startup had been delayed to November 26.

      ©2022 dpa GmbH. Distributed by Tribune Content Agency, LLC.

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