EDF soars after government supports market rate power sales to rivals

The French government will now instead explore options for limiting rising energy prices.

Photo: EDF Renewables

Power utility Électricité de France's equity gains in Thursday trading after the French government announced that it would not force the company to sell electricity to its rivals below market price, reports Bloomberg News.

It's not possible to raise the current ceiling of 100 TWh for power generation, said French Secretary of State for Biodiversity Berangere Abba on Wednesday, according to Agence-France Presse.

Even if the government would have reached agreement across party lines, subsequent litigation would have posed too great a risk for the measure to pay off in the short term, sources say.

Rather, the French government wants to explore options for limiting increasing energy prices.

EDF's share price appreciates by 3.9 percent to EUR 10.98 in Paris trading.

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