France’s Court of Auditors criticises EDF renationalisation

France’s Court of Auditors considers that the renationalisation of EDF, which cost the state 9.7 billion euros, has failed to significantly improve the company’s financial position. The Court argues that full state ownership of EDF was not necessary to guarantee France’s energy sovereignty and independence, as the government—already holding 83.7% of the capital prior to nationalisation—had sufficient leverage to influence the company’s strategy.EDF was floated on the stock exchange in 2005, at a time when the initial public offering was justified by the company’s substantial financing needs amid the liberalisation of energy markets.