EDF allocates 240 million euros to boost France's transition to electricity

French utility EDF said on Wednesday it will set aside 240 million euros ($280 million) to help customers invest in heat pumps and electric heavy goods vehicles as it seeks to speed up France's transition away from oil and gas and towards consuming more electricity.



The French government in February launched ambitious targets for electrification, aimed at meeting climate goals and reducing dependency on fossil fuels. The country produces an electricity surplus that has led to low market prices and declining profits for state-owned EDF.



EDF said it will allocate 80 million euros to support the development of electricity-consuming industries like data centres, with the rest going to grants for low-income households to switch to electric heating and support for the transport sector to encourage a switch from diesel engines.



"The idea is really to provide visibility to customers and get things moving," EDF's executive director of customer services Beatrice Bigois told reporters.



"We feel that customers are interested, they are asking questions, but they have some apprehensions. The idea is to provide visibility and share information to facilitate this transition more broadly," she added.