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ENERGY

GDF buys up rest of British power company

International Power on Monday said it had agreed to an improved multi-billion-pound bid from French energy giant GDF Suez for the 30 percent of the British company it does not own.

GDF Suez, via it subsidiary Electrabel, has offered 418 pence per IP share, up from an initial bid of 390 pence, costing the French group £6.84 billion (€8.32 billion, $10.83 billion), according to a joint statement.

GDF Suez last year bought a majority stake in International Power, which owns 45 electric power plants worldwide.

“The acquisition of the minority stake in International Power, based on strict financial discipline, constitutes a major step in the development of” GDF Suez, the French group’s chief executive Gerard Mestrallet said in the statement.

“It will allow the group to fully capture growth in fast growing markets.”

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ENERGY

France increases to €9,000 grants for property owners

A French scheme to provide financial aid to property owners seeking to replace oil and gas boilers with eco-friendly alternatives has been extended, with grants of up to €9,000 now available.

France increases to €9,000 grants for property owners

The French government will increase the amount of money available to replace gas and oil-powered boilers through the MaPrimeRenov’ scheme, part of a package of measures announced by Prime Minister Jean Castex on Wednesday

Environment Minister Barbara Pompili said that from April 15th, some households would be able to benefit from an extra €1,000 to “accelerate the replacement of fossil fuel-powered boilers with renewable heating solutions”, such as heat pumps and biomass heaters. 

It will no longer be possible to use state funding to replace a gas boiler with another, more efficient gas boiler. 

This brings the total state aid available for replacing boilers up to €9,000. 

Who can benefit? 

The funding for boiler replacement is available through the MaPrimeRenov’ scheme – which is available to anyone who owns property in France. 

Applicants for funding do however need a French numéro fiscal (tax number) and a copy of their latest tax declaration, which means those who do not file the annual tax declaration in France are effectively excluded. 

You can only apply for funding if your property is more than two years old. 

The amount of money you could receive depends on a range of criteria including: household income; the number of people living in the household; and the location of the property. 

You can read more about the MaPrimeRenov’ scheme HERE

Why is the government doing this? 

The move essentially allows France to faire d’une pierre deux coups – hit two birds with one stone.

One one hand, it will allow the country to cut down on greenhouse gas emissions in the face of the global climate crisis. 

On the other, it allows France to reduce its dependency on Russian gas – which has become a government priority ever since the invasion of Ukraine.

French Prime Minister Jean Castex said the government would target and end to dependency on Russian energy by 2027. The construction of new nuclear plants announced in February will also assist in reaching this objective.

You can read more about the government’s measures to insulate the French economy from the war in Ukraine HERE

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