Electricité de France (EDF), the government owned-electric utility, has joined the Bermuda-based mutual energy insurance group Oil Insurance Limited (OIL) effective Jan.31, 2004.
The EDF, which supplies electricity, natural gas and related services, not only in France, but also in 24 other countries, is ranked as the world’s largest power company. It is facing the eventual end of its state monopoly position in France in order to meet EU rules on free competition. The French government is also in the preliminary stages of divesting itself of its majority interest in the company in order to comply with EU rules on state ownership.
OIL President and CEO Jack L. Wesley commented: “We are very pleased that EDF is joining the other 81 international energy companies who are the shareholders of Oil Insurance Limited. The decision by such a prestigious company as EDF to participate in OIL is further confirmation that our mutual insurance company’s high quality of coverage and large limits are significant resources for energy companies in the structuring of their overall risk management programs.”
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