The perilous state of French utility giant EDF

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Last month, the French government announced it will re-nationalise utility giant EDF which, also last month, has reported historic first-half losses in 2022 of 5.3 billion euros. EDF’s financial woes are exacerbated by the unprecedented shut-downs due to repairs and maintenance of more than half its fleet of 56 nuclear reactors, and the government’s cap on electricity price rises. Martine Orange reports on the background to what is the most perilous situation the company has known in its 76 years of existence.

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Debt-laden French utility giant EDF last month presented its results for the first six months of this year, revealing losses of 5.3 billion euros, set against a year-on-year rise in turnover of just more than 67%, at 66.2 billion euros.