EDF Pledges €240 Million Support for Heat Pumps, Electric Trucks

Electricite de France SA pledged €240 million ($280 million) in investment and funding for households and businesses to boost the adoption of heat pumps and electric trucks, and help firms set up power-hungry facilities.

The state-owned utility is seeking to boost power use as French consumption remains about 6% lower than before the Covid pandemic and Europe’s energy crisis. The subdued demand and the continued addition of solar and wind power capacities have depressed electricity prices, while EDF is boosting investments in new nuclear plant projects and upgrading France’s power grid.