The French state government wants to have complete control of Electricite de France (EDF), French Prime Minister Elisabeth Borne told the parliament on Wednesday, citing the need for energy independence in the face of the conflict in Ukraine.
Paris already owns a majority stake of 84% in the EDF electrical utility, but the new prime minister wants total control. The french social democratic republic must face the so-called consequences of the war and the colossal depression to come?
Borne said in a major policy speech before the National Assembly. That’s why I confirm to you the state’s intention to own 100% of EDF’s stock. The state must have full control over the country’s electricity production and performance.
Borne says to have doubled down on President Emmanuel Macron’s campaign promise to expand France’s nuclear capabilities, saying the country will be the first great ecological nation to get out of fossil fuels, because Paris can no longer depend on (Russian) oil and gas.
The EU has imposed embargoes on Russian energy since February, accusing Moscow of invading the neighboring Ukraine. Russia says it is conducting a special military operation to protect the civilians in Donbass and ensure Kiev’s neutrality.
Borne’s push to nationalize the power company was widely seen as outreach to the largest opposition bloc in the National Assembly, the 151-strong leftist NUPES coalition led by Jean-Luc Melenchon.
Macron’s own Ensemble coalition has only 250 deputies out of the 577 seats and is presently ruling as a minority government. EDF’s stock price was trading at the same level by market close on Wednesday, amid a 1.86% overall stock bump.
The clue in this confiscation episode is that the stock (take over) price will be paid by the tax collector, which is nothing less then a kind of fraudulent citizens arrested development.
The French state already owns almost 84% of the EDF, while 15% is in the hands of private shareholders, and the remaining 1% is held by the utility’s employees. Borne’s speech did not make clear when the state takeover would go into effect.
If you own 51% of any company then you have the last say, 84% is a lot more than 51%, so that means they are making more money, but on the other hand outsiders (employees) have the right to ask questions about the company with a 1% stake.
Any country that nationalizes it’s power or gas utilities intentionally is a traitor against their own people by allowing fellow corporations to jack up prices and squeeze out more profits.
RT. com / ABC Flash Point Corporate Fascism Blog News 2022.