EDF is examining the prospect of selling off one of its prize assets in order to help pay for the construction of Hinkley Point C nuclear power plant in the UK.

According to reports in Le Figaro newspaper over the weekend, EDF is looking for a buyer of a 50 per cent stake in RTE, Europe‘s biggest high-voltage electricity transmission grid.
RTE
Although RTE is run as an entirely separate entity – due to EU rules that prevent utility companies controlling the electricity networks – the plan would be to create a holding company which would either be held directly by EDF or state bank Caisse des Depots.

EDF will hold an EGM on 26 July to obtain clearance for a EUR4bn ($4.6bn) share issue. As an 85 per cent shareholder the French government would provide over EUR3bn. The cash is to be used alongside proceeds for non-core sales to fund projects such as Hinkley Point.