7/6/2022, 4:18 PM (Source: TeleTrader)
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Chart for: Electricite de France SA

France to re-nationalize EDF, shares soar over 7%

French Prime Minister Elisabeth Borne announced on Wednesday that the electric utility company Electricite de France S.A. (EDF) will be re-nationalized. EDF was state-owned until 2004, and the state currently holds 83.89% of its shares.

Borne stated that "the climate emergency requires strong decisions," arguing that "this development will enable EDF to strengthen its capacity to carry out ambitious and essential projects for our energy future as soon as possible." Earlier, French President Emmanuel Macron said the company should commit to constructing six nuclear reactors as France moves away from fossil fuels.

EDF's shares jumped 7.34% following the announcement.

Baha Breaking News (BBN) / DJ