EDF Asks France to Revoke Expensive Plan to Protect Consumers
- CEO says power sales below market rates are penalizing firm
- EDF may ultimately challenge government price cap in court
Photographer: Balint Porneczi/Bloomberg
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Electricite de France SA called on the French government to rescind a key feature of its plan to cap electricity bills that’s costing the state-controlled utility 10 billion euros ($10.4 billion) this year, Chief Executive Officer Jean-Bernard Levy said.
The government’s decision to force the power producer to sell more electricity to rivals at a loss is “considerably penalizing” the company, which is 84% owned by the government, Levy said Thursday at EDF’s annual general meeting in Paris.