EDF chairman to step down as French Government seeks nationalisation
he chairman and chief executive of EDF Group the contructor of the £26 billion Hinkley Point C reactor in Somerset Jean-Bernard Lévy is to stand down from his post following the move by the French government to renationalise the energy giant.
Lévy will depart the position “no later than 18 March” next year according to the company and will be replaced in his duties before that date.
The French Government owns an 84% stake in EDF which is one of Europe’s largest electricity producers and is now moving to control its own energy needs following the shockwave sent through the markets due to Russia’s invasion of Ukraine.
In a speech to the French Parialiment yesterday, Prime Minister Elisabeth Borne, said: “We must have full control over our electricity production and performance.
“We must ensure our sovereignty in the face of 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.”
EDF builds and maintains France’s portfolio of nuclear reactors, with some being close to decommissioning. However, new sites are years behind schedule and heavily over budget.
On the renationalisation of the business, the company added: The board of directors has taken note of the [French] state’s intention to hold 100% of EDF’s capital and will provide all its support to achieve this, according to the terms adopted by the state and in the interest of all the parties concerned.”
The energy giant made €84.5 billion euros (£72 billion) in revenue last year and €5.1 billion ($4.3 billion) in profit.