The French government is considering reviving an ambitious plan to nationalize the indebted Electricite de France (EDF) and reorganize its activities with a focus on nuclear production, say insiders, quoted by Bloomberg.
The energy market chaos exacerbated by the Russian invasion of Ukraine is giving new impetus to France’s long-running effort to restructure its largest energy supplier. Officials have begun talks with potential advisers over the idea of ​​acquiring EDF minority shareholders and delisting the company.
The government, which is already the largest shareholder in EDF with 84%, would like to retain ownership of the company’s domestic operations and may reconsider its international operations. If the officials decide to go ahead, any plans will go ahead only after the French elections, provided that President Emanuel Macron remains in power.
EDF could sell shares in some overseas holdings, including renewable energy assets in many areas, according to people, who asked not to be named by discussing confidential information.
This could raise capital to finance the company’s core nuclear and hydroelectric activities in France, and it could also bring in investors in its wind and solar activities to help finance green projects, as it did recently in Italy.
Consultations are at a preliminary stage and there is no certainty that the government will decide to proceed with this plan. A spokesman for the French Ministry of Finance said the information was “false” and that the government was not working on such a plan. An EDF spokesman declined to comment.
Source: Capital
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