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

March 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.

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