Energies: EDF bailed out by the State to face the "difficulties" to come in 2022
Electric pylons near Valenciennes, in the Hauts de France.
REUTERS - Pascal Rossignol
Text by: RFI Follow
2 mins
EDF unveils solid results for the year that has just ended.
The French electrician saw its net profit multiplied by eight last year to reach 5.1 billion euros.
However, this is not the time to party.
The forecasts for 2022 are not good and EDF presents an "
action plan
" to deal with the difficulties.
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The results of EDF should be weighed down this year by French nuclear production at half mast and measures imposed by the government to freeze electricity prices.
The State has forced EDF to sell a larger volume of cheap electricity to its competitors in order to limit the rise in tariffs next month.
A measure that will
cut into the profits of the French electrician
.
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However, EDF, already in debt to the tune of 43 billion euros, is in great need of financing, to extend the life of its French nuclear fleet, build new reactors as announced by Emmanuel Macron in Belfort on February 10, and further develop the renewable energies.
Recapitalization project
Given the storm warning, EDF announces a recapitalization project. 510 million new shares will be issued for around two and a half billion euros.
The State, which holds nearly 84%
of the group's capital, will contribute a little over two billion euros.
By the very admission of Bruno Le Maire, questioned by our colleagues from RTL this Friday morning, that will not be enough.
But it is in the eyes of the Minister of the Economy, "
a signal to private investors
", a way to inspire confidence.
The State will participate in the recapitalization of EDF to the tune of more than 2 billion euros.
The State is alongside EDF, alongside the employees.
Bruno Le Maire on RTL, about the recapitalization of EDF
RFI
The State will also continue, this year and next year, to receive its dividends in shares and not in cash.
This allows EDF to keep several billion euros in its coffers.
The electrician will also make about three billion euros in sales by 2024.
At midday, the title of EDF was down 4.3% on the Paris stock exchange.
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