EDF Seeks $8.5 Billion From France Over Low-Priced Power Hit
- Utility asks court to overturn government electricity decrees
- Finance Ministry to defend decision as in consumers’ interest
This article is for subscribers only.
Electricite de France SA asked its main shareholder, the French state, for 8.34 billion euros ($8.5 billion) in compensation after the government forced it to sell power at cut-rate prices to protect consumers from surging inflation.
“Following an in-depth legal analysis, and in light of the losses incurred,” the company asked the Conseil d’Etat, the country’s highest administrative court, to overturn the orders requiring it to sell electricity at a discount, EDF added in a statement late on Tuesday.