Jean-Bernard Lévy, chairperson and chief executive of Électricité de France (EDF), the French state-backed electricity giant plans to resign before the completion of his term.
Électricité de France (EDF), the French state-backed electricity giant has stated that its chairperson and chief executive, Jean-Bernard Lévy, plans to resign before the completion of his term. Lévy is up for retirement next year.
The French government has announced plans that it will renationalise EDF, as the company is known, to give it more control to fix problems plaguing its nuclear power program and shield consumers from soaring energy prices. The French finance ministry also confirmed Mr. Lévy’s departure, which will take place as soon as a successor is appointed.
The state currently owns 84% of EDF’s capital. Élisabeth Borne, the French prime minister, told lawmakers in Parliament on Wednesday that acquiring 100% of the company was needed to ensure France’s energy independence.
EDF is France’s main electricity producer and operates all of its nuclear plants, which generate about 70% of the country’s electricity, a bigger share than any other country in the world. But nuclear power output has tumbled to its lowest level in 30 years, as many reactors—mostly built in the 1980s—stand idle for repairs, the result of a lack of investment at the company, which is €43 billion in debt.
That was hardly enough to resolve EDF’s woes, and the government has concluded that taking full control of the company would enable it “to strengthen its capacity to carry out ambitious projects that are essential for our energy future as quickly as possible,” Ms. Borne said.