France To Renationalise Electricity Giant EDF: PM
Sumaira FH Published July 06, 2022 | 09:49 PM
Prime Minister Elisabeth Borne said Wednesday that France intended to renationalise electricity firm EDF in order to ensure the country's energy security
Paris, (APP - UrduPoint / Pakistan Point News - 6th Jul, 2022 ) :Prime Minister Elisabeth Borne said Wednesday that France intended to renationalise electricity firm EDF in order to ensure the country's energy security.
"I confirm to you today that the state intends to hold 100 percent of the capital of EDF," she told lawmakers in her first appearance since legislative elections.
"This evolution will permit EDF to reinforce its capacities to carry out in the shortest possible time its ambitious and indispensable projects for our future energy" supplies, she added.
Shares in EDF jumped more than five percent higher, having traded down five percent before the prime minister's speech.
The French state already holds 84 percent of EDF, with staff holding one percent and 15 percent in the hands of institutional and retail investors.
The energy crisis triggered by the Ukraine war has weighed heavily on electricity firms like EDF that have state-regulated tariffs.
The French government has also added pressure to the heavily indebted firm with its goal of launching a new effort to replace EDF's ageing nuclear reactors.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From World
-
NFL will allow players to wear Guardian Cap helmets in games
1 hour ago -
Football: German Bundesliga table
1 hour ago -
Football: Italian Serie A result
1 hour ago -
Football: German Bundesliga results
1 hour ago -
US troops to leave Chad in second African state withdrawal
1 hour ago -
Plastics pollution may be solved without production cap: Canada minister
1 hour ago
-
Biden stalls on menthol cigarette ban fearing Black vote backlash
2 hours ago -
Champions Alcaraz and Sabalenka through in Madrid Open
2 hours ago -
6,000 French police to welcome Olympic torch amid bonus boost
2 hours ago -
Taiwan hit by several quakes, strongest reaching 6.1-magnitude
2 hours ago -
'Ballistic' Bairstow stars as Punjab pull off record T20 chase
2 hours ago -
Tennis: ATP/WTA Madrid Open results - 2nd update
2 hours ago