French government plans to nationalize electricity giant EDF

PARIS (AP) — France's government plans to nationalize French electricity giant EDF amid an energy crisis aggravated by Russia’s invasion of Ukraine, Prime Minister Elisabeth Borne said Wednesday.

The French state now holds an 84% stake in the company, one of the world’s biggest electricity producers. Its share price jumped on the news.

“We must have full control over our electricity production and performance,” Borne said in her first major speech to France’s parliament. “We must ensure our sovereignty in the face to the consequences of the war (in Ukraine) and the colossal challenges to come. ... That’s why I confirm to you the state’s intention to own 100% of EDF’s capital.”

EDF manages France's sizable fleet of nuclear reactors, which are facing a raft of technical and other problems. New-generation reactors are years behind schedule and billions over budget.

Borne is laying out her main priorities to the National Assembly on Wednesday after parliamentary elections last month that resulted in French President Emmanuel Macron's government losing its majority.

The prime minister was expected to face harsh criticism from lawmakers from the left and from the right, who together now outnumber members of the president's centrist alliance in the National Assembly.

The leftist coalition, known as Nupes, has said it would bring a no-confidence motion to symbolically mark its opposition to the government.

The motion has very little chance of passing since it is highly unlikely to get approval from more than half of all lawmakers. The major opposition group, the far-right National Rally, has already said its representatives would abstain.

If confirmed, the no-confidence vote would be organized within a week, but no earlier than Friday afternoon.

Borne's office said her...