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French nuclear electric power generation firm, Électricité de France SA — EDF — has been forced by the country’s government to sell power at a high discount, Bloomberg reported.
Despite boosting the economy as well as shielding homes and small firms from the surging energy prices that are sweeping the continent, this move will cost the nuclear giant an estimated $9 billion.
With its fleet reactors delivering cheap and clean electricity to cater to local needs and nearby countries, it is to no surprise that the European country has turned to EDF for help.
However, this comes at a time when the nuclear champion is struggling with maintenance, new reactors, and renewables costs.
The firm’s shares slumped 25 percent as of Friday, on concerns the company would struggle to fulfil its mandate without further financial pain.
The corporation stressed in a statement that it, “will consider appropriate measures to strengthen its balance sheet structure and any measure to protect its interests.”