Nuclear

GE may sell nuclear turbines biz to EDF for $1.2B, reports say

GE may sell nuclear turbines biz to EDF for $1.2B, reports say
(Image credit EDF Energy)

General Electric is talking with French-based EDF Energy about the latter potentially acquiring its nuclear turbine business, the two sides have confirmed.

EDF is building or developing plans to build several nuclear power plants in the UK, including the Hinkley Point C project due to be completed sometime before the end of this decade (pictured). The company owns and/or operates numerous reactor unit facilities in Europe and South America. It previously held an interest in three nuclear plants owned by Exelon Corp. but is selling that stake to Exelon.

Related headline: Exelon commits to keeping Byron, Dresden nuclear plants open

Bloomberg, Reuters and other outlets have reported recently that the talks are in early stages and no outcome or agreement is close to being announced.

GE and EDF have long partnered on nuclear power projects. Three years ago, the two companies signed a strategic cooperation agreement for the planned construction of six reactors in India.

EDF Energy acquired eight nuclear power stations in the UK when it bought British Energy 12 years ago. The French company has touted its engagement in nuclear projects, despite the tremendous costs, because of nuclear’s carbon-free generation attributes.

The deal for GE Steam Power’s nuclear turbines business has been estimated at a value of around $1.2 billion, according to news reports.

Nuclear power plants account for about 20 percent of the U.S. electricity generation mix and more than half of the carbon free power operating in the country.