EDF, the French state-controlled electricity company, and British Gas parent Centrica were poised to announce a £12bn takeover of the nuclear power operator. And the resulting construction of a series of nuclear facilities would have included the installation of a range of specialist lifting gear, including high capacity EOT cranes.
British Energy owns eight nuclear power plants and generates around a fifth of the UK’s electricity, according to a report on Sky News.
It is part-owned by the Government which had hoped to sell its stake, the report continued.
“After in-depth discussions, EDF considers that the conditions for a major development in Great Britain are not met to date,” the French firm said in a statement.
The announcement was an unexpected turnaround after sources said a deal was finally close after months of negotiations.
There is no indication yet that a deal will not eventually go through, but the timing is now unclear.
The reasons behind the collapse in talks also are unknown, but reports said the price being asked may have been the sticking point.
British Energy has proved hard to value due to the volatile price of electricity, which has both soared and eased off during the months of negotiations.
The company is key to plans for new nuclear power stations to be built in the UK that were given the green light by the government in January.
