British Energy reactors use a fairly old graphitegas technology

IRA, will not go The hypothesis of an acquisition of British Energy by EDF remained full, yesterday, while the Board of Directors of the first British electricity producer had to examine a new French offer. Pass in London, the Conference of the World Energy Council, the CEO of EDF, Pierre Gadonneix, merely to indicate that his group would not buy the operator "at any price", suggesting that discussions between the two groups had not yet been successful. Its Board of Directors meets today...

The 765 pence for shares offered late July, for a total of about 12 billion pounds (15 billion euros), appeared as an "aggressive" price in the market. Yet this is Pierre Gadonneix group ready to go even beyond, to obtain the support of Invesco and M & G, the two recalcitrant shareholders of British Energy. The continuous erosion of the pound against the euro, it is true, what ease the invoice for the French. But the explanations are elsewhere. EDF is committed to this strategic project which he waits three benefits.

First, even turning to 65 of its capacity last year, with its problems of boilers, leaks and cracks, British Energy is the largest producer of electricity across. EDF Energy the British subsidiary of the French produced, less than 50 of energy that it distributes, including 80 from coal-fired plants. The approximation would allow the operator to become "long" in production: what hope of beautiful profits for its trading subsidiary.

4 EPR reactors

Except that from year to year, the production of the British operator moves, with plants such as Heysham 1 and Hartlepool in judgment since almost a year. British Energy reactors use a fairly old graphite-gas technology. EDF has established projections on the basis of an audit of the facility. Difficult at this stage to measure whether or not they are conservative.

Second motivation for the French, the most recognized, become the main actor of the nuclear revival. EDF provides, in effect, to manage 4 EPR reactors, with a potential investment of more than 16 billion euros. Most British Energy sites should be unfit for the construction of new reactors. But the Canadiens group would be well implement two reactors of new generation on the gigantic complex of Sizewell, East of England. More one probably near Hinkley near Bristol where he also purchased land.

Of course, EDF has all chances to participate in the program of the atom reflects even without buying British Energy. But not necessarily the first place. Above all, a status quo on the capital of the nuclear operator would require him to initiate a series of joint ventures, much longer to implement. This explains the support of the British Government to the offer of Pierre Gadonneix.

For his part, French would not take late, because he sees Britain as a showcase for its international development. This is, indeed, the third motivation. A leader of the nuclear place British market deregulated to the Anglo-Saxon would what be a weight reference to seduce the public authorities in the United States or South Africa, who have committed their own reflection on their nuclear sector.