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EDF Jumps on Report France to Pay $8 Billion to Nationalize

  • Shares of the power generator rise as much as 9.4% in Paris
  • Government plans to acquire all of EDF to secure energy supply
The Electricite de France SA smartside campus in Saint Ouen, France.

The Electricite de France SA smartside campus in Saint Ouen, France.

Photographer: Nathan Laine/Bloomberg
Updated on

Electricite de France SA shares jumped on a report that the government will pay more than 8 billion euros ($8 billion) to nationalize the company. 

In the midst of Europe’s worst energy crisis in a generation, France wants to take the debt-laden utility back into full state ownership in order to keep households’ electricity bills in check while making massive investments to reduce the country’s dependence on fossil fuels.