PARIS, Oct 24: Electricite de France, the world’s biggest civilian nuclear energy producer, is to move towards part-privatization on Friday, the French government announced on Monday, setting the scene for one of Europe’s biggest stock market floatations — and fierce protests by trade unions.

Prime Minister Dominique de Villepin, making the long-anticipated announcement in a joint media conference with EDF chief Pierre Gadonneix, said that 15 per cent of the state-run super-utility would be sold off.

Economy Minister Thierry Breton said the shares would be on the market by Nov 21 and were expected to raise “at least seven billion euros ($8.4bn).”

Gadonneix said the company — currently loaded with 19.7bn euros in debt because of aggressive international expansion — would invest 40bn euros ($48bn) over five years to boost electricity production, mainly in France.

The move signals a big change in Europe’s energy sector. EDF is Europe’s largest electricity utility and generates nearly three-quarters of its output from nuclear power plants, of which it has 19 in France.

It is also a major exporter of energy, providing 22 per cent of the European Union’s needs.

As a state monopoly, it embarked on a deep-pocketed acquisition spree, picking up stakes or businesses in other parts of Europe, as well as in the Americas, Africa and China while private rivals struggled to protect their turf.

Under EU rules opening member states to competition in the sector, it was always on the cards that EDF would have to emerge from the shadow — and the finances — of the state.

But France’s powerful unions, particularly the hardline General Labour Confederation (CGT) which has a solid base among EDF’s 160,000 employees, oppose what they see as rampant capitalism that will threaten jobs, safety at nuclear plants and rates for ordinary consumers.—AFP