France to force EDF to take €8.4bn hit with energy bill cap

Company loses fifth of market value after French government sets out plan to protect households

The French government will force EDF, the state energy giant, to take an €8.4bn (£7bn) financial hit to protect households from rocketing energy costs by limiting bill hikes to 4% this year.

The company lost a fifth of its market value on Friday after the French government set out plans to cap rising energy bills, which include forcing EDF to sell electricity generated by its fleet of nuclear reactors to rival home suppliers at well below the current record high market prices.

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Source : France to force EDF to take €8.4bn hit with energy bill cap