French government plans to nationalize electricity giant EDF

By SYLVIE CORBET
Associated Press

PARIS (AP) — French Prime Minister Elisabeth Borne says the government plans to nationalize French electricity giant EDF amid an energy crisis aggravated by Russia’s invasion of Ukraine. The French state now holds an 84% stake in the company, one of the world’s biggest electricity producers. In her first major speech to France’s parliament, Borne said Wednesday, “We must have full control over our electricity production and performance.” Shares in EDF jumped on the news. The rise in share price was an apparent sign that investors expect the government to pay a premium to buy up the remaining stock. EDF manages France’s sizable fleet of nuclear reactors, which are facing a raft of technical and other problems.