France to Pump $2.4 Billion Into EDF as Profit Set to Slump
- French utility hammered by reactor halts, government price cap
- Company will sell more assets, offer to pay dividend in shares
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The French state will inject about 2.1 billion euros ($2.4 billion) into Electricite de France SA as the combination of reactor shutdowns and a government power-price cap batters the utility’s finances.
The value of EDF has already slumped this year, with its French atomic output set to drop to the lowest in more than three decades due to repairs and maintenance at its reactors. The situation has been made even worse for the state-controlled company after the government of President Emmanuel Macron, who faces re-election in April, forced it to sell more power at a steep discount, to protect consumers and businesses from soaring energy prices.