The company said the move would cost it between €7.7bn and €8.4bn, with analysts warning it may need to raise capital to make up for the hit. Paris has ordered the state-controlled nuclear power giant to sell more electricity at lower prices to French rivals as it tries to moderate the impact of soaring wholesale gas and power costs across Europe.įrance is also cutting taxes on electricity as part of measures to cap bill increases for households and small businesses this year at 4pc, rather than an expected 35pc jump without any action.ĮDF's competitors are already allowed to buy 100 terawatt hours of power from EDF at a heavy discount due to its monopoly position, but will now be able to buy another 20 terawatt hours at the lower rate. Shares in EDF crashed on Friday after it said French government moves to curb soaring energy bills would cost it billions.
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