Leadership Shakeup at EDF as France Powers Up Nuclear Ambitions

France is revamping leadership at state-owned EDF to oversee the construction of six nuclear reactors. Bernard Fontana is proposed as the new CEO, replacing Luc Remont. EDF faces challenges securing customers and managing costs, crucial for its future success amid nuclear expansion plans.

France is undergoing a significant leadership change at its state-owned utility, EDF, as it prepares to construct six new nuclear reactors. Bernard Fontana, head of Framatome, is proposed to take over as CEO from Luc Remont, the French president's office announced on Friday.

This transition, pending parliamentary approval, follows a state loan arrangement to cover half of the reactor construction costs, a key step in an ambitious project initiated by President Emmanuel Macron in 2022. EDF has only completed one reactor in the past 25 years, a project plagued by delays and budget overruns.

Prime Minister Francois Bayrou highlighted Fontana's experience in accelerating construction projects as vital for EDF's future. The utility, heavily reliant on nuclear energy for 70% of France's power, struggles with securing long-term power agreements while maintaining its existing nuclear fleet and investing in new reactors.

(With inputs from agencies.)