EDF seals deal for British Energy shares

LONDON, Sept. 24 (UPI) -- Electricite de France finally made a winning bid for British Energy.

After more than six months of speculation and bidding, EDF increased its bid for British Energy to $23 billion, at $14.38 per share, in order to close the deal, the U.K. government announced.

The U.K. government announced at the beginning of the year that it wanted to sell its 35 percent stake in British Energy to a company that could help accelerate development of nuclear energy in the United Kingdom.

Debate over whether to choose a domestic company to take over the share or a company with more money and nuclear know-how dragged the process out.

EDF can now begin planning for four 1,600-megawatt nuclear power units at Sizewell and Hinkley Point. Combined, the new plants could generate enough power to meet 13 percent of energy demand in the United Kingdom, World Nuclear News reported.

EDF is expected to auction off several British Energy sites to other companies with nuclear expertise like Germany's E.ON and RWE.

The agreement is being touted as a great step for nuclear energy in the United Kingdom. Many of the plants need renovations, and the goal is to build additional plants to meet emissions goals set by the European Commission.