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France announces that it will nationalize 100% of the country’s main electricity company

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The Government of France announced this Wednesday that it will be done with control of one hundred percent of the share capital of the electric company EDF. This was confirmed by the French prime minister, Elisabeth Borne, during a speech in the National Assembly.

“I confirm today that the State intends to control one hundred percent of the capital of EDF“, Borne said when exposing the priorities of the Government, which currently controls 83.88 percent of the capital of the electricity company.

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During the campaign for his re-election last March, the French president, Emmanuel Macron, had defended the nationalization of the company to reinforce French energy independence and its zero emissions ambition by building new nuclear plants.

“We will be the first great ecological nation to come out of fossil fuels,” said the French prime minister, for whom the climate emergency demands forceful decisions and radicals.

We need to be in full control of production and our energy future, Borne added, stressing that the pandemic has shown excessive dependence on foreign industries. “We can no longer depend on Russian oil and gas“, he added.

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Source: Lasexta

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