EDF’s UK network sale hits snag

French utility EDF’s long-running sale of its £4bn UK electricity networks hit a snag yesterday when a bidder said it would need to spend “a lot more” than originally planned upgrading the networks. Hongkong Electric and sister company Cheung Kong Infrastructure had been vying for the assets with two consortiums – Scottish & Southern Energy, which was working with Canada’s Borealis Infrastructure, and a second group made up of Macquarie Group, Canada Pension Plan and the Abu Dhabi Investment Authority.