Foreign elements

7 Jul 2003

The stateowned French utility s problems in Latin America and Italy are well known. Now its German subsidiary, EnBW, is in trouble too. The French government says it still expects to partly privatise EdF next year. In its current state, that looks unlikely.

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Germany's third biggest utility EnBW said it had included significant potential risks on its books which could produce an operating loss this year of the order of three digit millions of euros.

Stateowned Electricite de France, which has a controlling 35% stake in EnBW, said it wanted to see short term results from restructurings at several of its foreign subsidiaries, including EnBW. It is fundamental for EdF that the German power company reaches a level of profitability comparable to other companies in the sector, it said.

Meanwhile, in Paris, a parliamentary commission accused statecontrolled EdF of poor decisionmaking and uncontrolled expansion abroad. The government has said it still expects to partly privatise EdF by 2004.

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