EDF Posts $1.3 Billion Loss as State Readies Nationalization
- Slump in nuclear output hits power generator’s earnings
- Utility’s woes are exacerbating Europe’s energy crisis
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Electricite de France SA reported a historic loss for the first half of 2022 as it suffered a slump in nuclear output in the midst of a severe European energy crisis.
EDF’s dire performance comes as the French government prepares for a full nationalization of the utility, buying back the 16% of shares it doesn’t already own by the end of October. The move is intended to streamline decision making and allow the company to invest in new atomic plants, helping secure French energy supplies in the long term.