EDF Energy Makes Cash Offer For British Energy

by John Davies
(North Wales)

French international power company EDF Energy has made an all-cash offer for the nuclear generator, British Energy.

EDF Energy, over 80% owned by the French Government, was the only company that made an offer for British Energy before the deadline today.

The big question is whether they offered more or less than 700 pence a share, for a company in which the UK Government has a 35% stake.

Other companies thought to have shown an interest are Centrica, RWE of Germany and Spanish energy firm Iberdrola.

Following the government's green light for nuclear energy in January, EDF Energy, which has just announced its acquisition of land next to the Nuclear Decommissioning Authority-owned site at Wylfa on Anglesey, is very keen to play a major role in the new nuclear build programme in Britain.

It will be interesting to see now whether EDF Energy will be joined by other power companies eager to get into a sector estimated to be worth billions in new build contracts over the next two decades or so.

Signs are that Centrica and E.On from Germany are keen to get a slice of the action, in a sector viewed as crucial to address the UK challenges of securing its energy supply, narrowing the generating gap and meeting carbon reduction obligations.

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