EDF shareholder funds put pressure on French government over energy firm plans
The supervisory boards of two EDF staff shareholder funds are pushing for clarity over the French government’s plans for the energy giant, and have written to the head of France’s AMF stock market regulator.
The funds asked AMF regulator to request that the state clarifies its intentions with its equity stake in EDF and whether or not it could launch a public offer in the coming months.
Both boards are deeply concerned about the situation at the state-controlled utility, whose shares slumped 25 per cent last week after the government ordered EDF to sell cheap nuclear power to its rivals.
President Emmanuel Macron is keen to head off public anger over soaring energy bills and faces a tough re-election battle this spring.
The French state owns 84 per cent of EDF’s shares, making it one of the few levers at its disposal when trying to mitigate the cost-of-living crisis across the continent.
The situation is at risk of escalating further, with the energy firm’s major trade unions announcing planned strike action later this week.
The group forecast last week that the government decision would knock around €8bn off its 2022 core earnings before interest, taxes, depreciation and amortization.
Meanwhile, the energy firm’s main trade groups have called for a strike this week to protest against the p
EDF remains a key player in the UK’s nuclear power ambitions, with the company holding stakes in both Sizewell C and Hinkley Point C.