By Mauro Orru

 

Shares in Electricite de France SA jumped in Paris afternoon trading after the French government said it plans to nationalize the utility, doubling down on efforts to shift away from fossil fuels at a time of energy crisis in Europe.

At 1505 GMT, EDF shares were trading 14% higher at EUR8.90.

EDF, which is already 84% controlled by the state, has been absorbing billions of euros in losses since French President Emmanuel Macron imposed a cap on electricity prices.

Russia's invasion of Ukraine caused energy prices to spiral as Moscow has cut the flow of natural gas to Europe.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

July 06, 2022 11:25 ET (15:25 GMT)

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