The state will bail EDF up to 3 billion euros – L’Express

In a statement issued Friday at the end of a board of directors, the group held almost 85% state said he wanted to make this rescue operation by the closure of its accounts in 2016 (that is to say the beginning of next year), and if the conditions in the financial markets allow.

Bercy announced in the wake of its intention to participate in the capital increase of the electrician, for $ 3 billion.

The government also agreed to receive EDF dividends will be payable to it under the 2016 and 2017 in the form of shares, rather than cash, which will greatly ease the cash group.

“ The State reaffirms its confidence in the management of the company and all its employees for the success of EDF as part of a quality social dialogue “, argued the ministries of Economy and Finance in a joint statement.

Meanwhile, EDF will bring even more to the plan. He now intends to reduce its operating expenses by one billion euros in 2019 compared to 2015, well beyond the 700 million that was already in 2018.

The electricity giant will also cut 2 billion euros planned investments between 2015 and 2018, and intends to sell 10 billion euros of assets during the period 2015-2020.

These sales include include a “ changes in capital ” RTE, ie a total or partial sale of the manager of the high voltage electricity network, currently 100% owned by EDF, a hypothesis that was under consideration for months.

Bercy confirmed this perspective, indicating you load the presidents of RTE and EDF to prepare “ the end of June an opening pattern of the capital of RTE, which can be carried in place by the end of 2016 . ”

The other assets which EDF plans to separate consist of electrical thermal plants (that is, running on gas, oil or coal), located outside of France, and “ minority interests “explains EDF.

While the group underwent the sharp drop in electricity prices in Europe and should in the medium term fund a battery of huge investments, these measures aim to “ allow him to face these unfavorable market conditions, to continue its strategic development “by 2030, the group said.