EDF expects tentative offers to midFebruary

While the candidates for the purchase of its UK distribution network are lining up at the gate, EDF is reluctant to assign assets estimated at more than 4 billion pounds (4.6 billion). The operation had been launched in October by the previous CEO, Pierre Gadonneix, and since then, many investors are interested in the record, despite new rules of less attractive remuneration reflects upon network managers by the regulator. In addition to the British National Grid and Scottish & Southern Energy companies, foreign manufacturers have expressed interest. Moreover, several financial investors are on the ranks, which the Bank Australian Macquarie, which would be coupled with a Canadian pension fund and an Abu Dhabi sovereign Fund (Adia).

EDF expects tentative offers to mid-February. But it is not said that the Group had to go to the end of the process. "No decision has been made, in one direction or the other", indicates a close source from the folder. When questioned, EDF refuses to comment. Henri Proglio is certainly aware of the increase in the debt of the group, but it essentially analysis in terms of ratios. His question: instead of reducing net debt and to carry out the debt of EUR 5 billion program launched by his predecessor, does is not better improve the performance of the company and, therefore, its ratio of debt to operating income

In addition, the new boss of the Habs electrician wants to stop its strategy on networks before deciding anything. French unions fear in effect that an assignment in Great Britain is a precedent and does the end of the integrated model of the electrician in France. This aspect is not only political: a balance between the production and distribution also provides financial stability, the first activity being exposed to the vagaries of prices, on the other hand, the second being regulated.

Preserve the financial rating

Officially, EDF announced in October a simple "review of the evolution of the property options" of the British network, including serving the city of London. On this occasion, both Pierre Gadonneix and its financial Director, Daniel Camus, were confident in the idea of completing the transaction in the first quarter of 2010. The group it was then justified by the need to be debt after the acquisition of British Energy to 13 billion. Of course, he had already assigned to Centrica 20 of the British nuclear producer for the equivalent of 2.5 billion. But but getting the direction was also keep scoring "A " stable in Standard & Poor's while offering flexibility for future investment. The United Kingdom, EDF is thus committed to build 4 reactors EPR, which represents an overall cost of approximately 20 billion...

If the Group wanted to surrender to the surrender of the British network without weakening its debt ratios, it should either reduce its investments, improve its profits. So far, the messages delivered by Henri Proglio go toward a resumption of investment, mainly in French plants.

-Side performance, it is committed to bring the rate of availability of nuclear power plants to 85 in three or four years. According to the CGT, this objective is not feasible before five years.