Centrica to invest in EDF nuclear business in UK

Mon. May 11, 2009; Posted: 01:02 PM

May 11, 2009 (Datamonitor via COMTEX) -- BGYNY | Quote | Chart | News | PowerRating -- EDF Group and Centrica have reached a definitive agreement whereby Centrica will invest in EDF's nuclear business in the UK encompassing the current British Energy nuclear power station fleet and the development and construction of the next generation of nuclear power stations which will be central to securing the future electricity requirements of the UK.

Centrica will invest GBP2.3 billion for a 20% stake in Lake Acquisitions, the vehicle through which EDF acquired British Energy. EDF and Centrica will also form a joint venture, EDF with 80% interest and Centrica with 20% interest, to pursue a planned program to build four new nuclear power stations in the UK.

Finally, the EDF Group will acquire Centrica's 51% stake in Belgian generation and supply business SPE.

Roger Carr, chairman of Centrica, said: "We are delighted to have successfully concluded an agreement with EDF as a world leader in nuclear power. The deal represents good value for Centrica shareholders, improves the strategic balance of our business and further underpins our green energy credentials.

"The attractive price secured for the sale of SPE will help preserve our balance sheet firepower as we focus the group on growth opportunities in the UK and North America."

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