EDF may sell 20% stake in British Energy: report

EDF may sell 20% stake in British Energy: report

Paris: France’s EDF is looking for a partner for UK nuclear power generator British Energy as part of its ongoing campaign to sell off some €5 billion ($7.35 billion) of assets, according to a report in the French newspaper La Tribune on Monday.

EDF wasn’t immediately available to comment on the report.

Last May EDF sold a 20% stake in British Energy to Centrica for €2.5 billion. Now the French electricity generator is said to be mulling the sale of a further 20% stake in British Energy, according to La Tribune.

British Energy operates eight nuclear power stations and is the country’s biggest power generator by volume.

The sale would allow EDF to keep majority control over British Energy, while opening the UK market to more competition. EDF has also decided to sell its electricity distribution network in the UK, which analysts have valued at around €3 billion, the British press has reported.

The sale process is already underway, and the British press has reported that there are “multiple" interested buyers including investment funds, government pension funds, and industrial players.

Separately, EDF is working on an asset swap with German power giant E.ON, reported La Tribune.