EXCLUSIVE-EDF boss’s future in question over price row -sources, ET EnergyWorld

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<p>FILE PHOTO: Luc Remont, Chairman and Chief Executive Officer of EDF. REUTERS/Benoit Tessier//File Photo</p>
FILE PHOTO: Luc Remont, Chairman and Chief Executive Officer of EDF. REUTERS/Benoit Tessier//File Photo

By Benjamin Mallet and Elizabeth Pineau

PARIS: Luc Remont‘s future as head of France’s state-owned nuclear power giant EDF is in question due to an escalating row over future power prices, two high ranking company officials told Reuters on Tuesday.

Remont was appointed by President Emmanuel Macron less than a year ago to turn around EDF, which runs the world’s second biggest nuclear fleet after the U.S. one and is central to France’s renewed bet on cheaper atomic energy as it seeks to gain a competitive advantage for its industry.

But he has become entangled in a stand-off with authorities as his attempts to make EDF more profitable to fund investments clash with the government’s aim of shielding French households and businesses from high electricity prices.

Some EDF managers and board members fear Remont could walk if he believes he doesn’t have the political backing to substantially grow EDF’s revenues and cut debt by setting prices closer to their market levels, the two officials told Reuters.

The relationship between the state and EDF – which was fully nationalised as its finances worsened in 2022 – is “as tense as ever,” according to one of the sources, who is a top manager at the group.

EDF, the finance ministry and the prime minister’s office declined to comment.

  • Published On Oct 25, 2023 at 04:23 PM IST

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