Posted on Jul 6, 2022, 7:43 PMUpdated Jul 6, 2022 at 7:53 PM
A new era looms on the horizon for EDF. According to our information, the country is preparing to formalize the launch of the succession process at the head of the EDF, replacing Jean-Bernard Levy, the current CEO of the group whose term ends in March 2023.
“The state, in agreement with Jean-Bernard Levy, begins this process of succession. When the time comes, when his successor is determined, Jean-Bernard Levy will leave his post,” says a source familiar with the matter. Concretely, the latter was not able to complete his mandate. On the state side, a recruitment firm was tasked with finding a replacement for him.
ignite a new era
“The state is back in the EDF and that means changes in governance,” a source within the public authorities explains. This Wednesday, in a policy speech, the prime minister confirmed the plan to write off the French nuclear giant to allow the state to keep 100% of the capital, as opposed to the current 84%.
Elizabeth Bourne argued that the state should have “complete control of electricity production and performance” while half of the national reactor fleet is shuttered, particularly due to corrosion and an unprecedented project to refurbish reactors looms.
Tense relationships and contradictory orders
The minister was careful not to utter the word “nationalisation,” which is an indication that the government, which, for some time, thought about enforcing the law for such an operation, now prefers a simplified public offer to minority shareholders. Another source indicates that “after the prime minister’s speech, measures should be taken in the coming weeks” to implement the increase in the country’s capital.
For Jean-Bernard Levy, this is not a complete surprise. It is one of the prime EDF and has the longest life. He was appointed by François Hollande in 2014, and renewed in his positions by Emmanuel Macron in 2019. However, the latter has reached the minimum age stipulated by EDF laws. Given the contradictory injunctions imposed by the state on the group, its relationship with public authorities has soured in recent months. Thus, it has initiated an uncontested appeal against the decision to increase the shares of nuclear electricity sold under the ARENA mechanism in recent months.
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