EDF panic: Major energy firm risks new investigation after vital resources ‘plundered’

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National Rally leader Marine Le Pen has called for a formal review of the major energy company, which she argued is becoming weaker at a time of greater need. Ms Le Pen, who recently failed in her bid to become the next president of France, told BFM TV: “We are going to ask for an investigation on EDF.

“We have lost a quarter of our electricity production in 20 years: what is going on?

“We want the truth: EDF is being plundered! We can’t ignore it.

“We must know what’s happening at this company that belongs to all of us.”

Reports show that around half of the company’s 56 nuclear reactors in France are currently offline.

This is in part due to corrosion issues.

Because of this shortfall, EDF has cut its planned nuclear output for this year.

Commentators highlight that the timing, amid rising energy costs and prompted in part by the war in Ukraine, is most unfortunate.

Emmanuel Macron has announced plans to build six new nuclear reactors, but it is unclear how this project will be funded.

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The French government is also looking to fully nationalist the company, in which it already has an 84 percent stake.

Silvia Aloisi and Forrest Crellin argued EDF being under full state control would likely not fix its woes.

They wrote: “A fully nationalised EDF may be able to reduce borrowing costs on its debt, which rating agency S&P estimates could rise to almost 100billion euros this year.

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“Yet, the group’s financing needs could rise even further.”

Ms Le Pen also described the plan as “useless”.

She said: “80 percent already belongs to the French State. That means that the State already decides the policies of EDF.

“So what’s the point of having 100 percent of the company?

“The reality behind this idea of nationalising EDF is that the government wants to dismantle EDF…

“The objective is to dismantle EDF, to leave to the State the heavy investments and to privatise the renewable energies.”

Finance Minister Bruno Le Maire argued, however, that full nationalisation would allow France to respond more quickly in the face of an energy crisis, which he described as a “considerable problem”.

Additional reporting by Maria Ortega.

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