French state to take full control of EDF

France is set to take full control of power group EDF, prime minister Élisabeth Borne told parliament on Wednesday, as the state-backed utility grapples with financial problems.

“I confirm to you today that the state intends to control 100 per cent of EDF’s capital,” Borne told lawmakers as she set out priorities for the new French government following Emmanuel Macron’s re-election as president in April and legislative elections in June.

EDF is already 84 per cent owned by the state. Its shares were listed in 2005, but have plummeted more than 90 per cent since their peak in 2007.

The group is saddled with a large debt pile linked to its nuclear investments, and is contending with output problems this year at some of its reactors, which have hit its profits.

The government made EDF foot the bill for its energy price caps in January, in a measure aimed at shielding households from soaring power prices but which caused EDF shares to sink further.