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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 performed consistently well over a long period and benefits from a highly skilled and experienced workforce and consistent investment. It also has significant future
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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."
(CD/KMcA)
