EDF posts EUR 1.31bn loss as state readies nationalization

The French utility books a major net deficit beyond due to troublesome nuclear plants and a capped power price imposed by Paris.

Photo: Lou Benoist/AFP/Ritzau Scanpix

Électricité de France SA reported a historic loss for the first half of 2022 as it suffered a slump in nuclear output in the midst of a severe European energy crisis.

EDF’s dire performance comes as the French government prepares for a full nationalization of the utility, buying back the 16% of shares it doesn’t already own by the end of October. The move is intended to streamline decision making and allow the company to invest in new atomic plants, helping secure French energy supplies in the long term.

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