The Strategist

France assumes full control of EDF energy company

06/09/2023 - 03:34

According to a statement posted on the website of the French finance ministry on Thursday, France has completed the nationalization of energy business EDF. The company has also totally stopped selling its assets on the stock exchange.

Mick Garratt
Mick Garratt
"In accordance with the Financial Markets Authority's conclusion from May 26, 2023, the state completed the process for withdrawing EDF shares today. As a result, France now has all of the shares and all of the voting rights in EDF," the message states.

The nationalization of the corporation was hailed by the French Finance Minister Bruno Le Maire, who stated that gaining complete control of the power generation company was the government’s objective.

Elisabeth Borne, the prime minister of France, said last summer that the French government would increase its ownership of the energy firm EDF to 100%. She provided an explanation for her choice by stating that extreme solutions were necessary to address the "climate emergency" and that France has to protect its "energy sovereignty" in light of the current situation in Ukraine. The largest energy business in France would be nationalized at a cost of €9.7 billion, according to the French government.