EDF said that the evaluation process follows the acquisition of British Energy revealed in 2008 which has resulted in a balance between EDF Energy’s generation and supply businesses.
By improving the capacity to meet the requirements of UK customers, EDF Energy has developed a position to grow its retail business. The acquisition also secures EDF group a position in the nuclear revival and is a step forward in EDF’s plan to build four EPR nuclear reactors in the UK, said EDF.
Pierre Gadonneix, chairman and CEO of EDF, said: “The process to evaluate ownership options for our UK electricity distribution networks is part of the announced asset divestment programme, aiming to reduce our net financial debt by at least EUR5 billion.
“It is also part of our development strategy in the UK, which is a key market in Europe for the group. This process follows British Energy’s acquisition which facilitates EDF’s plans to develop new nuclear power in the UK and significantly strengthens our position as a UK energy player.”
EDF group financial advisors are Barclays Capital and Deutsche Bank London Branch. Additional support will be provided by BNP Paribas.
