EDF denies plans for 24% price hike

EDF has denied reports that it has asked the government to increase electricity prices by 24% between now and 2015.

Les Echos claimed yesterday that the price hike was being considered to finance further investment in the nuclear energy network.

It said maintenance work was needed on the nuclear reactors built in the 1970s and 80s and it needed to find an extra €24bn - with about €7.5bn of work planned for this year alone.

EDF executive vice-president Jean-Louis Mathias told the paper that electricity prices had fallen by 40% since France developed its nuclear network but this could not continue.

The claimed rise is similar to the 20% increase over three years that EDF's former chief executive Pierre Gadonneix had planned before leaving the job last summer.

However EDF said in a statement yesterday that it "categorically denies" asking the government to consider a tariff rise.