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Unions at French power group EDF call for Jan 26 strike

01/18/2022 | 06:00am EDT
FILE PHOTO: EDF's nuclear power station in Fessenheim, France

PARIS (Reuters) - The main trade unions of French power group EDF called for a strike on January 26 to protest against a government plan to increase the amount of cheap energy EDF must sell to rivals at under-market prices, which would hit EDF's results.

"Instead of calling into question the startling failure of this opening up of the market, the government has decided to sacrifice EDF," said the unions in a joint statement.

The CEO of EDF on Monday expressed "real shock" and indignation after EDF was told to sell more power to rivals at below-market prices in a bid to head off public anger against rising power bills in a French election year.

The French state owns 84% of EDF's shares. The group forecast last week that the government decision would knock around 8 billion euros ($9.1 billion) off its 2022 core earnings before interest, taxes, depreciation and amortization.

($1 = 0.8778 euros)

(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE -0.86% 8.296 Real-time Quote.-16.00%
ON SEMICONDUCTOR CORPORATION 0.43% 56.07 Delayed Quote.-17.45%
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Financials
Sales 2022 78 227 M 82 824 M 82 824 M
Net income 2022 -6 565 M -6 951 M -6 951 M
Net Debt 2022 64 976 M 68 794 M 68 794 M
P/E ratio 2022 -4,16x
Yield 2022 -
Capitalization 30 992 M 32 813 M 32 813 M
EV / Sales 2022 1,23x
EV / Sales 2023 1,10x
Nbr of Employees 163 423
Free-Float 15,0%
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Last Close Price 8,30 €
Average target price 10,72 €
Spread / Average Target 29,2%
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Jean-Bernard Levy Chairman & Chief Executive Officer
Xavier Rene Louise Girre Executive Director-Finance
Christophe Salomon Group Chief Information Officer
Laurence Parisot Independent Director
Claire Pédini Independent Director
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