Energy
24 October 2023, 6:07 pm 1 minute
Reuters was first to report that Luc Remont’s future as head of France’s state-owned nuclear power giant EDF is in question due to an escalating row over future power prices, raising concern he may resign.
Market Impact
The nuclear power produced by EDF provides 70% of France’s electricity. But last year, due to record number of outages at its reactors, EDF’s output slumped to a 30-year low, forcing it to buy electricity on the market to supply its customers just as Russia’s invasion of Ukraine pushed power prices sharply higher across Europe. As the government imposed a cap on how much electricity prices could increase, EDF found itself selling power at a discount and ended 2022 with an 18 billion-euro loss and almost 65 billion euros of net debt.
Article Tags
Topics of Interest: Energy
Type: Reuters Best
Sectors: Economy & PolicyGovernment & Public ServicesUtilities & Other Energy
Regions: Europe
Countries: France
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story