By Giulia Petroni

Electricite de France SA's shares dropped on Friday after the company withdrew its earnings guidance for the current year and cut its nuclear-output estimates.

At 0827 GMT, shares traded 19% lower at EUR8.38.

The French state-controlled utility said the French government's new measures to limit the increase in electricity prices will have an impact of between around 7.7 billion and 8.4 billion euros ($8.82 billion-$9.62 billion) on earnings depending on market prices over the implementation period.

According to the government measures, EDF will have to increase the volume of power it sells to competitors by 20 terawatt hours at a price of EUR46.2 a megawatt hour this year.

EDF also revised its nuclear-output estimate to 300 to 330TWh from the previous 330-360TWh for the year after it had to extend the outage period for five of its reactors.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

January 14, 2022 03:54 ET (08:54 GMT)