Macron hammerblow: £7bn lawsuit raised after energy giant EDF forced to sell at HUGE loss

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France has said EDF’s nationalisation will increase the security of its energy reserves as Europe scrambles to find alternatives to Russian gas supplies.

Rising prices have squeezed energy suppliers across Europe, and earlier last month Germany moved to bail out Uniper, its biggest importer of Russian gas.

France, which would normally be exporting electricity at this time of the year, is currently importing from Spain, Switzerland, Germany and Britain, and the supply crunch is likely to worsen this winter.

“Nationalisation is ultimately the only way to save the company and ensure electricity production,” said Ingo Speich, head of sustainability and corporate governance at Deka Investment, which has a small stake in EDF.

“This is a bitter but necessary step.”

According to Dr Paul Dorfman, Associate Fellow SPRU University of Sussex, France “currently has the most expensive electricity in Europe”.

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