EDF as hugely profitable and brought back billions to its main stock holder (the French state) for multiple decades.

The recent debt crisis has mainly two causes:

- The state has used EDF to shield consumers against the 2022-2023 energy price increases. EDF has taken the losses directly for the state.

- The results of terrible energy policies the last decades (attempt to reduce nuclear at 50% and mainly the infamous ARENH).

What happened is pretty typical of when you have a state is directly managing a private actor: Incompetent politicians swiping their foots on the company to satisfy their own demagogy.