EDF sale of British power grid on track

LONDON: EDF’s plans to sell its electricity distribution network in Britain are back on track with bids expected by mid-March, The Sunday Telegraph newspaper reported.

EDF, the French state electricity giant has re-launched its plans and already aroused interest from four potential buyers, the weekly said, citing sources close to the situation.

The network could change hands for around £4 billion, said the broadsheet.

The newspaper’s sources said that the sale documents for the process had

already been sent out

earlier this month.

“EDF is also thought to have put a caveat into the sale process that it could still be halted should it decide at the end of March there is not enough interest in the asset,” the weekly said.

A consortium including Australian infrastructure group Macquarie, the Canadian Pension Plan and Abu Dhabi’s sovereign wealth fund ADIA was understood to be working on a joint bid, it said.

Scottish and Southern

Energy, in league with Canadian pension fund Borealis, is also keen to bid, the broadsheet reported.

Cheung Kong Infrastructure, controlled by wealthy Hong Kong businessman

Li Kashing, could also be

interested, it said.

EDF said in October it had put its British distribution

network in Britain on sale

with the aim of raising more than four billion euros to reduce its debt.

The French state owns 85 per cent of EDF, which operates France’s 58 nuclear reactors, the world’s biggest network of atomic power plants.