The U.S. and Israeli companies developing the huge Leviathan natural gas field offshore Israel, and must sell their stake in two smaller fields to avoid being branded a cartel by the anti-trust authority.
Electricite de France (ECIFF, ECIFY) and Veolia Environnement (VE) reportedly strike a deal over the ownership of their energy generation joint venture Dalkia, putting an end to a nearly two-year-old dispute.
EDF would take over the French activities of Dalkia, while VE will take over the venture's international business; VE will pay €550M ($759M) to EDF as part of the deal.
As expected, the U.K. government has signed an agreement for Electricite de France (ECIFF) to build the country's first nuclear power station in almost three decades in a project that will cost £16B ($25.9B) and create 25,000 jobs.
The construction of the plant, which will be located in south west England, is a major test over whether nuclear power has a future in Europe.
The agreement also includes options to build another two reactors in the south-east of the country.
EDF will own 45-50% of the venture, French engineering firm Areva (ARVCF) 10%, and two Chinese companies 30-40%.
Nuclear-power equipment makers include AZZ (AZZ) and Babcock & Wilcox (BWC).
Electricite de France (ECIFF.PK) is close to agreeing a deal with the British government for the French utility to construct and operate two nuclear reactors on the west coast of England at a cost of £14B ($22.4B).
The sides have reached the elusive "strike price," or the guaranteed price at which EDF would sell the electricity it generates.
The construction of the plant is a major test over whether nuclear power has a future in Europe.
Negotiations have dragged out over the issue of the strike price - the guaranteed price at which EDF would sell the electricity generated by the new nuclear plant - but sources say an agreement is near.
The project is seen as a litmus test over whether the nuclear industry has a future in Europe at a time of lower gas prices and sluggish economic growth.
Rio Tinto (RIO) has agreed to sell two money-losing French aluminum facilities to German group Trimet and Electricite de France (ECIFF.PK), which are acquiring 65% and 35% respectively. The sale is part of Rio's strategy of divesting non-core and/or unprofitable assets. The deal is a boost to France's attempts to keep major facilities open and save jobs, with the new owners intending to invest €200M to modernize the installations.
Any plans the U.K. had for building new nuclear plants appear to be in trouble, as a standoff over a guaranteed electricity price shows no sign of ending. In a setback for plans to replace aging coal-burning and nuclear plants, the disagreement between the U.K. government and Electricite de France likely will further delay a decision to build the much-needed plants until at least the summer.
Two consortia led by French power group Electricite de France and financial firm Caisse des Depots are the two final bidders for Total's (TOT) gas storage unit TIGF, WSJ reports. TIGF was put up for sale by TOT last fall as part of a strategy to sell as much as €20B ($26.7B) in assets by 2015 to help boost cash flow and finance major investments; TIGF is valued at €2.5B-€3B.
European energy companies with minority stakes in Russia's Gazprom-led South Stream natural gas pipeline can exit the project if certain conditions aren't "satisfied in the future," according to the company managing the construction of the underwater part of the project. Minority partners include Eni (E), BASF and Electricite de France.
If the Socialist Party wins next year's elections in France, an electoral pact with other parties could give enough support to a movement to phase out nuclear power in the nation to put it over the top. Under a plan swirling around between parties, 24 out of France's 58 nuclear reactors would be closed by 2025. Shares of Electricite de France (ECIFF.PK) -6% in Paris trading.
Constellation Energy (CEG) and EDF (ECIFF.PK) agree to part ways following the deterioration of their partnership over the last few months. EDF will acquire Constellation's 50% ownership in UniStar, their five-year old JV, and Constellation will get $250M in stock and cash. (PR)
Constellation Energy (CEG) proposes transferring the UniStar nuclear-plant JV to its disappointed partner Electricite de France (ECIFF.PK) for a nominal $1, in an effort to keep a Southern Maryland plant on track. While the plan would take CEG out of new nuclear business, it looks like EDF would retain its near half-ownership of three existing plants. (previously)
Electricite de France (ECIFF.PK) is willing to consider selling Constellation Energy (CEG) to a rival, sources say. EDF, Constellation's largest shareholder, rebuffed sale inquiries received in the last few months, but rising tensions between the two firms, and the weekend's collapse of a nuclear power plant deal, have forced EDF to reconsider.
A group led by Hong Kong's Cheung Kong Infrastructure (CHEUY.PK) is buying Electricite de France's (ECIFF.PK) U.K. power networks unit for £5.8B ($9.1B). EDF is selling the unit to reduce its debt, while CKI is building its overseas investments because of difficulties in expanding in Hong Kong's mature market.