EDF Plans Power Network Sale

1 October 2009 (Last Updated October 1st, 2009 18:30)

The UK's biggest electricity network EDF Energy is up for sale, it has been revealed. French power giant EDF, which bought British Energy for more than £12bn last year, is examining a possible sale as part of plans to cut €5bn (£4.6bn) from its debts by the end of 2010, its owners have

The UK's biggest electricity network EDF Energy is up for sale, it has been revealed.

French power giant EDF, which bought British Energy for more than £12bn last year, is examining a possible sale as part of plans to cut €5bn (£4.6bn) from its debts by the end of 2010, its owners have confirmed.

Several players have been linked with possible bids in recent months, including the Abu Dhabi Investment Authority, Cheung Kong Infrastructure and three Canadian pension funds – Borealis, Ontario Teachers, and Canadian Pension Plan, reports Associated Press.

Utility company Scottish & Southern, network monopoly National Grid, investment group GIP and Morgan Stanley Infrastructure have also reportedly shown interest in a potential offer.

EDF Energy operates 100,000 miles of electrical network across London, the South East and eastern England, connecting to eight million homes.