Macron: Thousands of companies involved in French electric plan

On Tuesday, French President Emmanuel Macron'said' that thousands of companies will be involved in the effort of the country to double the percentage of electricity produced domestically in its energy mix by 2030.

Macron signed with major companies a national electrification agreement on Tuesday. The agreement details pledges of private investment, as part of an energy program unveiled in February.

The French government announced that it would double its support for renewable energy, nuclear power, and heating to EUR10 billion per year by 2030. This will help to reduce France's dependency on fossil fuels, increase the amount of electricity generated from nuclear power, and to boost the use of this type of energy in industries, power generation and transportation.

Macron stated that the plan would involve 6,000 companies, and create or maintain more than 600,000. "It is good for purchasing power and competitiveness. It's also good for the independence of the country."

The pact signed on Tuesday does not include new government funds, but it does feature investment pledges by French companies in order to achieve the goals of the state.

STELLANTIS AND EDF ANNOUNCE CONFIRMATIONS

Macron announced that Stellantis, a carmaker, will invest over EUR1 billion in its Mulhouse factory to begin producing a new electric vehicle generation by 2029.

Last week, the automaker announced a EUR60 billion strategy ($69.85billion) with a flurry of 60 new models in order to remain competitive.

Stellantis stated on Tuesday that he was working with his stakeholders, in particular our unions, to determine the future of our factories. This includes the Mulhouse factory. He declined further comment.

State-owned utility EDF announced that it would spend EUR240m ($279m) on accelerating electrification. The funds will be used to prepare industrial?sites to host major electricity users, assist households in purchasing heat pumps, buy electric heavy-duty vehicles and install public charging station.

RTE will be investing in the construction of 45,000 km (27.962 miles) worth of transmission and distribution lines.

France aims to double production of electric vehicle charging stations, produce 1 million heat pumps, and double production of electric radiators.

(source: Reuters)