EDF’s future is guaranteed for the short term but it needs a thorough reform to continue playing a prominent role in the medium and long term, its CEO said on Thursday after the government shelved an ambitious overhaul plan. Union and sources said on Wednesday that the French government, which owns nearly 84% of the utility, will not move ahead with the restructuring plan in the near future, making it all but impossible to pass a reform bill before President Emmanuel Macron’s term ends in 2022. The reform, involving a broad restructuring of the group and the mechanism through which it sells nuclear power, was supposed to help debt-laden EDF flourish as it competes with rivals investing in clean energy.
Reuters 29th July 2021 read more »
France delays EDF reforms after failure to agree terms with Brussels. France was forced to halt EDF restructuring after failing to agree with EU, a setback in major economic crisis reform promised by President Emmanuel Macron. “Significant progress has been made in our talks with the European Commission, but so far we have not reached an overall agreement,” a government official said. “Therefore, it is not possible to submit a bill to parliament if the principles of the reform have not been agreed in advance.” EDF chief executive Jean-Bernard Lévy on Thursday refused to give a specific timetable for when the reform could be completed, but analysts said it would likely be difficult until after the French presidential election next April.
FT 29th July 2021 read more »