French energy giant says it will not pay “any price” to seal nuclear deal

EDF will not pay an inflated price for nuclear operator British Energy, its chief executive said yesterday.

Speaking outside a conference in London, Pierre Gadonneix said that the company is committed to playing a role in nuclear development in Britain but will not do a deal “at any price”, according to reports.

He added that the company is interested in increasing generation capacity for its UK subsidiary, EDF Energy.

The French energy giant is the government's preferred buyer for British Energy but shareholders rejected an earlier approach in July. Reports in the Times have suggested that a fresh, and higher, offer is being considered by the British Energy board.

The EDF board is due to meet today but Gadonneix would not confirm whether the deal would be discussed.