By Benjamin Mallet

PARIS, Reuters -EDF’s CEO (PA:), broke with French conventions that state company bosses shouldn’t criticize government. Instead, he expressed his “real shock” at the fact that the utility had been told to sell its power to other utilities at below market prices.

Jean-Bernard Levy, in a memo addressed to managers, stated that he attempted to persuade ministers of a different direction and was looking to steps to safeguard EDF interests.

The shares of the company plunged to 25% after President Emmanuel Macron’s government – who is up for re-election in just three months, and eager to avoid public anger about rising power bills – ordered that the utility sell even more nuclear power to its rivals.

Levy stated in an internal memo that “This isn’t what we had suggested to the government.” He said that the firm had instead recommended targeted assistance for small business owners and most vulnerable industrial users.

He said that the move by the government was a shock after having fought against it. We have to face it. It will impact our performance very significantly.”

Levy said that the news was “rocking” the company because of the combination of technical issues at several nuclear power plants and government actions.

“Majority of you have supported me and shared with us your frustrations and support. I can understand these emotions. He said that the executive board and he remain extremely combative.

We will work together with the executive to determine the most appropriate steps for strengthening the balance sheet, as well as any other measures necessary to protect our group’s interests. Our ability to protect our strategic development is at stake. These measures will be made public in less than a month.

French government holds 84% shares in EDF. According to the study, 8 billion euros would reduce EDF’s 2022 core earnings (before interest, taxes and amortization) by the decision of government.

($1 = 0.8764 euros)