E.ON in talks to sell UK power unit
LONDON, ENGLAND - German utility E.ON AG is in advanced talks to sell its British electricity distribution network to a consortium of foreign investors for up to 3.5 billion pounds, the Sunday Times reports citing people familiar with the matter.
The paper says the consortium, which it says approached E.ON, comprises the Abu Dhabi Investment Authority, Canada Pension Plan and Macquarie Bank.
The electricity distribution unit is made up of the former Midlands and East Midlands electricity companies and provides power to more than 5 million homes in central England, the paper says.
Related News
California faces huge power cuts as wildfires rage
LOS ANGELES - Pacific Gas & Electric (PG&E) already faces an investigation by regulators after cutting supplies to 970,000 homes and businesses.
It announced that another 650,000 properties would face precautionary shut-offs.
Wildfires fanned by the strong winds are raging in two parts of the state.
Thousands of residents near the wealthy Brentwood neighbourhood of Los Angeles have been told to evacuate because of a wildfire that began early on Monday.
Further north in Sonoma County, a larger fire has forced 180,000 people from their homes.
California's governor has declared a state-wide emergency.
What about the power cuts?
On Monday regulators announced a formal inquiry into whether…
