EDF Is Talking to EU Commission Nearly Daily on Reorganization
(Bloomberg) -- Electricite de France SA Chief Executive Officer Jean-Bernard Levy said that a plan for the reorganization of France’s largest electricity producer must be developed and that talks with the European Commission are continuing nearly daily.
“Conversations are happening practically on a daily basis,” Levy said during an interview on France Inter radio on Saturday. “There will be a plan, whether it happens now or not depends on various things, including talks with Brussels.”
EDF has long complained that the regulated price of its nuclear power sales to rivals doesn’t allow it to fund the mounting cost of reactor maintenance and investments in renewables. It’s seeking consent from the European Commission for a higher price for its entire nuclear output, enabling it to better compete in Europe as other utilities expand market share and oil majors enter the clean-energy space.
Earlier this week, French CFDT union representative Sebastien Michel said that during a meeting with labor groups, Finance Minister Bruno Le Maire pledged no overhaul would take place before next year’s presidential election without their support. EDF’s unions are opposed to the management’s so-called Hercules plan, which they call a dismantling of the company.
Levy refuted that idea on France Inter, saying that keeping EDF as a single integrated group is among the red lines in the discussion. The plan could include the delisting of the nuclear and hydropower parts of EDF, which would be fully owned by the state, while the renewable operations would be listed.
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