France To Complete Nationalization Of Energy Giant EDF In June - Finance Minister

French Finance Minister Bruno Le Maire said Tuesday that the nationalization of France's largest energy company, EDF, would be completed in early June

PARIS (UrduPoint News / Sputnik - 23rd May, 2023) French Finance Minister Bruno Le Maire said Tuesday that the nationalization of France's largest energy company, EDF, would be completed in early June.

"98% of EDF shares have already been taken over by the state. On June 8, it will be all 100%. This will allow us to start the construction of six new nuclear power units in the best conditions and strengthen the country's energy independence," Le Maire told RTL radio on Tuesday.

He noted that, as of now, 19 reactors were still shut down, while 37 were operating and France had returned to exporting electricity. The minister added that it was important to bring back electricity generation to 350 TWh, the level needed for the country.

In May 2022, the French Nuclear Safety Authority detected traces of corrosion at 12 nuclear reactors and had to shut them down, later another 18 were suspended for scheduled repairs. EDF has pledged to restart all nuclear units by winter to avoid electricity shortages in the country.

The company said in a report that its losses amounted to 18 billion Euros ($19 billion) in 2022 due to a decline in electricity production, as well as exceptional regulatory measures imposed by France amid difficult market conditions.

The head of the corporation, Luc Remont, said that the planned production of electricity in 2023 would be between 300-330 TWh.

In July 2022, French Prime Minister Elisabeth Borne announced that the government would completely nationalize EDF as the "climate emergency" requires radical solutions. She argued France must ensure its "energy sovereignty" against the backdrop of the Ukraine conflict.

The French government is willing to spend 9.7 billion euros on the nationalization of the country's largest energy company. Electricite de France (EDF) is France's largest state-owned power generating company and the world's largest nuclear power plant operator. It operates 56 nuclear power units, providing power to 25 million homes.