France's EDF says owed 4.8 bn euros for green scheme

Mar 14, 2012
French power giant EDF is owed 4.8 billion euros by the French state as part of an elaborate scheme to encourage investment in renewable energy, chief executive Henri Proglio said Wednesday.

French power giant EDF is owed 4.8 billion euros by the French state as part of an elaborate scheme to encourage investment in renewable energy, chief executive Henri Proglio said Wednesday.

"EDF finds itself with an accumulated deficit of 3.8 billion euros ($5.0 billion) that weighs on its debt and costs and another billion euros in financing charges," Proglio told French senators at a hearing.

The funds, totalling 4.8 billion euros, must be caught up, Proglio said.

A special sales tax on electricity spending by the EDF's 30 million French clients was created in 2003 to help it bear the extra cost of buying energy generated from and .

But an official watchdog has said the tax would need to jump from the current 9.0 euros per consumed to 13.7 euros in order for the scheme to break even for EDF.

Explore further: Ambitious EU targets for renewable energies make economic sense

add to favorites email to friend print save as pdf

Related Stories

Dutch hi-tech company ASML profits rise

Jan 18, 2012

ASML, key global supplier of computer chip-making systems and high-tech bellwether, Wednesday posted record sales for 2011 alongside a fourth-quarter slump of nearly 30 percent in net income.

France approves soda tax

Dec 28, 2011

France's top constitutional body on Wednesday approved a new tax on sugary drinks that aims to fight obesity while giving a boost to state coffers.

German software giant SAP raises dividend

Feb 24, 2012

German software giant SAP said on Friday it would pay a substantially increased dividend to shareholders for 2011, its 40th anniversary year, which was its best-ever in terms of profits.

SAP profits up strongly in third quarter

Oct 14, 2011

German software giant SAP said Friday its profits more than doubled in the third quarter thanks to strong sales and lower legal costs related to litigation with arch-rival Oracle.

Recommended for you

Should the Japanese give nuclear power another chance?

22 hours ago

On September 9, 2014, the Japan Times reported an increasing number of suicides coming from the survivors of the March 2011 disaster. In Minami Soma Hospital, which is located 23 km away from the power plant, ...

UK wind power share shows record rise

Oct 24, 2014

The United Kingdom wind power production has been enjoying an upward trajectory, and on Tuesday wind power achieved a significant energy production milestone, reported Brooks Hays for UPI. High winds from Hurricane Gonzalo were the force behind wind turbines outproducing nuclear power ...

Global boom in hydropower expected this decade

Oct 24, 2014

An unprecedented boom in hydropower dam construction is underway, primarily in developing countries and emerging economies. While this is expected to double the global electricity production from hydropower, it could reduce ...

User comments : 0