The EDF Group has announced it is initiating a process to evaluate ownership
options for its electricity distribution business in the United Kingdom. This is in line with EDF Group's intention, already announced in February 2009, to reduce its net financial debt by at least €5 billion by the end of 2010.
EDF Energy is the largest electricity distribution network operator in the UK. It serves London, the South-East and East of England which account for 40% of the UK's GDP. It has significant future opportunities from grid and distribution network technologies.
EDF Energy is also involved in unregulated networks businesses comprising the
development, delivery and management of safe, sustainable and profitable electrical and multi-utility networks for owners of major infrastructures.
Pierre Gadonneix, EDF chairman and CEO 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 €5 billion. It is also part of our development strategy in the United Kingdom, 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."
Vincent de Rivaz, EDF Energy CEO said: "As a responsible company, EDF Energy will continue the dialogue with its employees and other key stakeholders throughout this evaluation process. This unique combination of three regulated networks covers a key region vital to the UK economy. It has a highly experienced and skilled workforce which has a strong track record of delivery and is well placed for growth."
EDF Group financial advisors are Barclays Capital and Deutsche Bank AG London Branch. Additional support will be provided by BNP Paribas.