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French government to subsidise EDF nuclear power company by another €2.1bn, to prop up its failing share price

The French government is to inject about €2.1bn (£1.75bn) into
state-controlled energy group EDF to ease the financial pain inflicted by
nuclear reactors going offline and the state making the firm supply power
below market prices. The finance minister, Bruno Le Maire, said the capital
injection would be made via a rights issue, announced by EDF on Friday,
aimed at raising €2.5bn to plug holes in the company’s balance sheet.
EDF said the combined effect of having to sell power at below-market prices
and the nuclear outages were likely to knock an estimated €19bn off its
forecast core profits in 2022. Its shares fell 2%, extending a slide in
which the company’s stock has dropped 19.3% in value since the start of
this year.

 Guardian 18th Feb 2022

https://www.theguardian.com/business/2022/feb/18/french-government-to-inject-more-than-2bn-in-edf-energy-group

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February 21, 2022 - Posted by | business and costs, France, politics

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