French Utility EDF's Shares Surge Amid Nationalization Plans
July 06 2022 - 11:40AM
Dow Jones News
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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