EDF sets UK sale timetable - sources

By Greg Roumeliotis and Alex Chambers

AMSTERDAM/LONDON (Reuters) - French utility EDF (EDF.PA) has set an indicative timetable in its sale of Britain's biggest electricity distribution network as industry and financial parties begin to form consortiums, sources said.

EDF has sent out what bankers call a 'teaser' to potential bidders previewing the sale of its three distributor network operators (DNOs), whose regulated asset value (RAV) now stands at close to 4 billion pounds, several sources familiar with the process said.

The company has privately communicated a draft timeline that calls for the sale to be launched in early December, after British regulator Ofgem determines the allowed returns of the DNOs, three of the sources said.

EDF then plans to seek first-round bids around the middle of January with binding bids due by the end of the first quarter of 2010, two of the sources said.

EDF declined to comment. Its shares were up 1.22 percent at 37.45 euros at 8:44 a.m..

On offer are three power networks that serve 20 million people in London, the east and southeast of England, areas that account for 40 percent of British GDP. EDF Energy, which runs the DNOs, made a pre-tax profit of 189 million pounds in 2008.

EDF has called the process an evaluation of options and a source close to the company said it was not certain that a sale would ultimately take place.

CONSORTIA FORMING