France will acquire almost 90% of the 3.1 billion euros ($3.43 billion) of the capital increase that energy giant EDF announced on Friday to strengthen finances under pressure.
On February 18, EDF already advanced this measure, in the face of a difficult 2022 due to problems in nuclear production and the government's demands to limit the price of electricity.
“The capital increase we are launching today will allow the group to strengthen its financial structure, in the context of the events of 2022,” said the group's executive chairman, Jean-Bernard Lévy, in a note.
The energy giant will offer 2 new shares for every 13 existing ones, at a unit price of 6.35 euros (about 7 dollars) for each new share, maintaining the preferential subscription right.
The State, which holds about 84% of EDF's capital, confirmed in another statement that it is renewing its “commitment”, with a subscription of 2,654 million euros (2,935 million dollars).
“The State contributes (...) to ensuring EDF's financial situation and its financing capacity in the short and medium term, and allowing the company to continue its profitable development strategy within the framework of the energy transition,” he added.
EDF seeks, along with other measures, to clean up finances, especially when its debt amounted to 43 billion euros (about 48.8 billion dollars) at the end of 2021 and faces significant investments.
In 2021, the group's net profit amounted to 5.1 billion euros (about 5.64 billion dollars), but things become difficult in 2022.
Corrosion problems in security systems, which forced it to close several reactors for inspection, will reduce its capacities to produce electricity.
In addition, the government forced him to sell more electricity at low prices to his rivals to limit the rise in the bill to 4% this year, when the main concern of the French in the April presidential election is purchasing power.
French President Emmanuel Macron has also announced his intention to build 6 EPR2 reactors in France, as well as the study of eight others, as part of his plan for the “renaissance” of the nuclear sector.
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