France - energy

EDF to sell 20 per cent of shares in British nuclear power company

Article published on the 2009-09-21 Latest update 2009-09-21 11:36 TU

A nuclear power plant in Cattenom, France
(Photo: Wikipedia)

French energy firm EDF, plans to sell 20 per cent of its share in nuclear power operator British Energy. It is part of a 5 billion euro asset sale which is thought will help the company meet EU conditions set in 2008. It means they will no longer have to sell their electricity tranport arm, according to economic daily La Tribune.

EDF bought British Energy for 15 billion euros back in September 2008. And it has already sold a 20 per cent stake in the company to British power company Centrica for 2.5 billion euros.

(Photo: edf.fr)

It said it plans further asset sales of around 5 bullion euros in order to reduce its debt burden of 24.5 billion euros.

Last week EDF acquired a stake in the Russian South Stream gas project.