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EDF sues French government for €8.4bn after Macron forces it to sell energy at a loss

EDF is suing the French government for €8.3bn (£7bn) after Emmanuel
Macron forced the nuclear giant to sell energy at a loss.

The company has filed a compensation claim with the Conseil d’Etat, the French
administrative supreme court, over “losses incurred” as a result of a
price cap extended in January. Paris ordered EDF, which is currently 84pc
state owned, to sell more of its power to French rivals at below market
prices in an attempt to support households and businesses as energy costs
soared.

EDF, which is in the process of being fully nationalised by the
French state, said the €8.3bn figure reflected losses “estimated to
date”, suggesting the price cap could cost it €15bn over the full year.
EDF estimated the changes would cost it between €7.7bn and €8.4bn when
they were first announced and said it would consider “any measure to
protect its interests”. Before the measure was enacted, competitors were
allowed to buy 100TWh of EDF’s electricity at a heavy discount to balance
its monopoly position. In January, the Elysée ordered that cap to be
increased by a fifth.

 Telegraph 9th Aug 2022

https://www.telegraph.co.uk/business/2022/08/09/edf-sues-french-government-84bn-macron-forces-sell-energy-loss/

August 9, 2022 - Posted by | France, legal

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