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France to nationalise EDF amid energy crisis and Ukraine war
France plans to nationalise the indebted French electricity firm EDF amid a broad energy crisis aggravated by Russia’s invasion of Ukraine, the French prime minister, Elisabeth Borne, has said.
The French state now holds an 84% stake in the company, one of the world’s biggest electricity producers. Shares in EDF, which has endured a series of nuclear reactor shutdowns and other problems recently, jumped on the news.
“We must have full control over our electricity production and performance,” Borne said as she laid out her government’s priorities in her first major speech to France’s parliament. “We must ensure our sovereignty in the face of the consequences of the war [in Ukraine] and the colossal challenges to come … That’s why I confirm to you the state’s intention to own 100% of EDF’s capital.”
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