Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

French energy giants urge consumers to cut energy use

Stock Markets Jun 26, 2022 11:52
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A couple of stork stands in a nest on the top of a pylon of high-tension electricity power lines in front of a smoke stack of the Electricite de France (EDF) coal-fired power plant of Cordemais in Bouee, France, February 25, 2022. REUTERS/Ste

PARIS (Reuters) -The heads of France's big energy companies on Sunday urged individuals and businesses to limit power consumption immediately to prepare for a looming energy crisis.

"We need to work collectively to reduce our consumption in order to regain room to manoeuvre," the chief executives of Engie, EDF (EPA:EDF) and Total said in an open letter published by weekly newspaper Journal du Dimanche.

The letter signed by Engie's Catherine MacGregor, EDF's Jean-Bernard Levy and TotalEnergies' Patrick Pouyanne cited sharp declines in Russian gas shipments as well as limited electricity generation because of maintenance issues.

France aims to fill its gas storage facilities by early autumn, Prime Minister Elisabeth Borne said on Thursday. The country's gas storage sites are 59% full at present.

Russia's invasion of Ukraine has thrown the spotlight on the Europe's reliance on Russian gas, prompting a scramble to find alternative energy sources.

French media reported in March that the government was in talks with TotalEnergies about boosting capacity to receive LNG after the United States said it was prepared to increase deliveries to Europe.

"Taking action as soon as this summer will allow us to be better prepared at the start of next winter, notably for preserving our gas reserves," the energy company executives said in their letter, adding that efforts to limit consumption should be "immediate, collective and massive".

They cited their own efforts to find new sources of gas and build a floating liquefied natural gas (LNG) terminal in the northern port of Le Havre.

France recently extended its mechanism for regulating gas prices to the end of the year. Originally scheduled to run through to the end of June, the system is meant to limit the effects of soaring energy prices on cosumers' purchasing power. [L1N2YD04A]

French energy giants urge consumers to cut energy use
 

Related Articles

Nyrstar's shut Dutch smelter invigorates zinc bulls
Nyrstar's shut Dutch smelter invigorates zinc bulls By Reuters - Aug 17, 2022

By Pratima Desai LONDON (Reuters) - Expectations of deeper production cuts in Europe, shortages and dwindling stocks after high energy costs forced Nyrstar to shut its zinc...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email