Truemors
is reporting from
Member
NP Rank:
NP Rank:
MONEYTALK update CENTRICA: Nuclear deal $24bn failed, EDF/British energy
Share: 
by SOLARLIFE | August 1, 2008 at 09:35 am
492 views | 2 Recommendations | 2 comments
Photos
Update AUG/02/2008
Centrica, Britain's biggest gas and electricity supplier, is to sound out institutional shareholders about reviving plans for a £22.5bn all-share merger with British Energy, The Sunday Telegraph has learned.
Centrica, which owns British Gas, will gauge the appetite of City investors for a paper deal following the last-minute hitch in British Energy's takeover by EDF, the French government-controlled energy group, last week.
The French government 85% owner of EDF nuclear electricity provider failed to close the $24 bn deal for British energy. Brits ask for more cash, french surrender nuclear hegemony plan to control Europe's electricity. 2 years earlier the EDF Italy deal was cancelled with a $16 bn payment from EDF to Italy. The german deal to overtake RWE was refused as inproper. Under Europe's trade regulations a goverment owned giant like EDF, 150 000 employees, is considered as "soviet dinosaur", therefore competition from GDF-Suez was created. French state owned company EDF with a non accounted lobbying budget of several 100 million Euros, from food service to nearly everything refuses all competiton in France up to now. The newly created Renewable energy branch takes care of windpower in the UK. No serious renewable energy activies so far in France, high voltage grids need interfaces for Smart power controlled renewable energy, no such technology available in France today.
The chairman of the Commons Business and Enterprise Committee, Conservative MP Peter Luff, said the collapse of the deal was not necessarily a bad thing.
The French firm buying BE would have meant "a massive concentration of power in the electricity sector in the hands of EDF", he said.
"They'd have had over a quarter of all electricity generation and the competition effect would've been very serious."
The "Simpson nuclear family" behaviour with a 6-pack of nuclear incidents in France made public opinion in the UK sceptic about french security, comment daily mail " not trustworthy"
(MADRID) - Spanish energy group Iberdrola said had filed a new complaint in march with the European Commission over France's support for power giant EDF in its rumoured bid to win control of the company.
"Iberdrola condemns France in Brussels for giving state aid to EDF valued at more than 5.0 billion euros linked to pensions," the company said in a statement.
Iberdrola also complained to Brussels over EDF in late February.
Spain's second-largest power group argues that France contravenes European Union laws through its control of EDF and discourages any potential investor in the company.
The French government holds 85 percent of EDF, of which 70 percent is excluded from the stock market.
source: eubusiness.com
Most RecentMost Recommended Comments (2)
at 00:01 on August 2nd, 2008
SOLARLIFE, I like this story. It's good stuff.
at 01:46 on August 2nd, 2008
Thanks Caoimhin1 for flag, Energy Independance is more important than goverment driven companies with geostrategic control movements. In this context only "God save the Queen" as we are used to say.