UPDATE 2-EDF mulls sale of British power grid - report

* Sale would help EDF cut 24.5 bln euro debt

* Business made 75 pct of core EDF Energy earnings in 2008

* Grid has regulated asset value of 3.5 bln eur-Ofgem

* Analysts estimate assets worth 3-5 bln pounds

(Adds background on Britain; updates shares)

By Marie Maitre

PARIS, May 4 (Reuters) - French utility EDF (EDF.PA) is considering selling its British power grid to help it pay for takeovers and new power plants, the Financial Times reported on Monday, citing sources close to EDF's board.

EDF is considering a sale of the grid, estimated to be worth some 3 billion pounds ($4.46 billion), after debt rose to nearly 25 billion euros and as it plans billions of euros of investments in costly nuclear power plants, the paper said.

No decision has been taken on the possible change of strategy to focus only on power generation outside France, the daily said.