(Oil Price) – EDF, the French state-controlled utility, considers selling up to 100% in its U.S. renewable energy business, the power giant’s chief executive Bernard Fontana told Reuters on Wednesday.
Fontana, who was previously CEO at nuclear engineering company Framatome, among other roles, became EDF’s chief executive officer in May this year. Fontana won the approval of the French Parliament to lead the state-owned power giant after pledging to prioritize nuclear power projects in France and look to supply cheaper electricity to France’s vast industrial base.
EDF’s large nuclear reactor fleet provides around 70% of France’s electricity and has made France a top power exporter in Europe.
EDF has planned to build six new nuclear reactors of the so-called European pressurized reactors (EPR) type. This was part of a pledge from 2022 from French President Emmanuel Macron, who promised new advanced nuclear reactors to meet France’s climate goals and rejuvenate the nuclear fleet.
Macron and other French politicians moved to replace the previous chief executive Luc Rémont after EDF failed to show progress in new nuclear reactor projects and drew criticism for higher costs for the industry.
EDF’s new boss now prioritizes nuclear energy in France and the group is moving to sell a majority stake or its entire renewable energy unit in the United States.
EDF considers selling “between 50% and 100%” of the U.S. renewables unit,
Fontana told Reuters on the sidelines of an industry conference in Paris.
Previously, EDF planned to sell only a minority stake in the U.S. clean energy business.
EDF power solutions North America, which operates in the U.S., Canada, and Mexico, has a portfolio of 23 gigawatts (GW) of developed projects and 16 GW under service contracts, most of these in the United States. EDF power solutions North America develops and operates solar, wind, energy storage, green hydrogen, and transmission projects.
By Tsvetana Paraskova for Oilprice.com
