France’s newly-installed Prime Minister Elisabeth Borne signalled EDF is to become fully nationalised during a speech earlier today.
“The state intends to control 100% of EDF’s capital,” she said in a policy address to the French parliament.
The energy company is already under 84% state ownership, but the move to fully nationalise will aim to steady the ship amid significant disruption across Europe’s energy markets that has increased the financial pressures it faces.
Specific details of how and when the plan will be implemented were not given.
As reported by Bloomberg, Borne added: “The climate emergency requires strong, radical decisions.
“We need to have full control of the production and our energy future. We must ensure our sovereignty faced with the consequences of the war and the colossal challenges ahead.”
Shares in the company have risen by as much as 10% since the announcement according to various reports.