UPDATE: EDF: British Energy CEO Coley To Stay On After Merger

EDF Energy, the U.K. arm of Electricite de France SA (1024251.FR), said Friday that Bill Coley would stay on as chief executive of British Energy (BGY.LN) following the French company's GBP12.5 billion acquisition of the U.K. nuclear power station operator.

In a statement, EDF Energy said the integration of the two companies meant it could move forward with its plans to build four European Pressurized Reactors, or nuclear power reactors, by 2025.

"Today we have taken the first steps towards creating a strong integrated company in the U.K.," EDF Energy CEO Vincent de Rivaz said in a statement.

"We can now move forward with our plans to build four EPRs by 2025. Together we have the expertise, financial capacity, suitable sites and determination to deliver these, with the first operational by the end of 2017," said De Rivaz, who was appointed chief executive of the new enlarged organization.

The new combined company will have four business units led by managing directors. Coley will head Existing Nuclear, EDF Energy CFO Humphrey Cadoux-Hudson will head Nuclear New Build, EDF Energy's Martin Lawrence will run Energy Sourcing and Customer Supply and Laurent Ferrari will stay on at Networks.

The combination of EDF Energy and British Energy forms one of the U.K.'s largest energy companies. The combined business is the U.K.'s largest producer of electricity, with a current installed capacity of around 16.5 gigawatts - enough power to supply a quarter of the country's power mainly generated by nuclear, coal and gas plants.

Company Web site: www.edfenergy.com

-By Selina Williams, Dow Jones Newswires; [phone]; [e-mail]

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