French Government plans to nationalise electricity giant EDF

French Prime Minister Elisabeth Borne said Wednesday that the government plans to nationalize French electricity giant EDF amid an energy crisis aggravated by Russia’s invasion of Ukraine.

The French state now holds an 84% stake in the company, one of the world’s biggest electricity producers.

“We must have full control over our electricity production and performance,” Borne said in her first major speech to France’s parliament. “We must ensure our sovereignty in the face to the consequences of the war (in Ukraine) and the colossal challenges to come. … That’s why I confirm to you the state’s intention to own 100% of EDF’s capital.”