In order to weather the energy crisis, the French government is planning a complete nationalization of the energy company EDF, Luminus’ parent company. Shares shot up 14 percent on the Paris stock exchange on Wednesday.
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“The climate emergency requires strong decisions.” For example, French Prime Minister Elisabeth Borne announced plans to
, already 84 percent owned by the French government. “I can confirm that the state plans to increase its stake to 100 percent,” she told the Assemblée Nationale, where she made her policy statement on Wednesday afternoon.
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The nationalization of France’s largest electricity producer does not come as a complete surprise. President Emmanuel Macron has alluded to it several times recently. He wants to make the debt-laden EDF the hub for the multi-billion investments that Paris plans in new nuclear power plants.
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Macron is committed to nuclear energy – which does not emit CO2 – in the fight against climate change. But the move was mainly prompted by the Russian war in Ukraine, which led to a crisis and high prices in the energy market. “We must have complete control over production and our energy future,” Borne said. “This step will enable the EDF to increase its production capacity and to realize ambitious and indispensable plans for our future as quickly as possible.” EDF already operates a considerable arsenal of nuclear power plants.
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