As France prepared for a night of soccer frenzy, hoping to see its team crush Switzerland in the World Cup, Economy Minister Arnaud Montebourg appeared in Paris with a surprise announcement.
Electricite de France SA, operator of the country’s 58 reactors, sank the most in five years in Paris trading after the energy minister said a promised tariff increase won’t happen.
A proposed French energy law seeks to “find a balance” between the needs of the world’s biggest atomic generator and the country’s ambition to cut nuclear dependence.
European stocks rose the most in more than a week after the Federal Reserve repeated its pledge to leave interest rates near their record low and said the world’s largest economy should experience sustained growth.
Electricite de France SA won’t be compelled to shut reactors and nuclear capacity will be capped at the current level under a law to be unveiled tomorrow, according to energy ministry officials.
French Energy Minister Segolene Royal said more transparency is needed on planned increases in consumer power prices charged by Electricite de France SA.
France wants to grant extensions to holders of hydroelectric concessions, scrapping plans to hold competitive bids for the contracts.
"I am negotiating with EDF to protect purchasing power. No decision has been taken."
- Segolene Royal on Jul 04, 2014