9 November 2009 - The UK arm of French utility EDF has indicated that it will launch the sale of its electricity distribution network in early December.
According to Reuters, EDF Energy has sent a teaser out to potential bidders for its three distributor network operators (DNOs) whose regulated asset value (RAV) now stands close to GBP4bn ($6.7bn), several sources familiar with the process said.
The company has privately communicated a draft timeline that calls for the sale to be launched in early December, after British regulator Ofgem determines the allowed returns of the DNOs, three of the sources said.
The company then plans to seek first-round bids around the middle of January with binding bids due by the end of the first quarter of 2010, two of the sources said.
EDF declined to comment.
Meanwhile, utility group Scottish and Southern Energy has joined with Borealis, the Canadian infrastructure firm to form a consortium to bid for Britain's biggest electricity network. The consortium has hired Credit Suisse and RBC Capital Markets as advisers on the GBP4bn auction.