Last week, Electricite de France, who has been courting British Energy (NYSE:BGY), announced it would not up its bid for the owner of most of the U.K.’s nuclear power plants. It was ready to announce an all-cash offer of $23.4 billion on Friday, but apparently, that offer is too low for the institutional investors holding large stakes in British Energy.

EDF isn’t going to let all that money sit around for long, though. With $54 billion to spend on investments over the next two years, it’s already eyeing up other companies and developments.

Today, EDF increased its stake in Constellation Energy Group (CEG:NYSE) to 9.9%, up from 4.7%. And on Sunday, the company signed agreements to “invest in and operate two new-generation reactors in [China's] southern province of Guangdong.”

In fact, EDF is considering a number of countries and international developments for expansion. From South Africa to Qatar, EDF is looking for ways to secure both energy supplies and customers.

But other companies are also seeking EDF out for partnerships and joint ventures. Spanish billionaire Florentino Perez Rodriguez talked to EDF earlier this year about forcing an alliance between Spanish utilities Fenosa and Iberdrola.

Failing any big acquisitions, EDF will spend that $54 billion on internal expansion. It’s planning one or two new-generation reactors in France, that will add to its 58 already in operation.

Either way you slice the pie, EDF is growing… And whether its building new nuclear reactors in China or a new liquefied natural gas terminal in Dunkirk (for which it received approval in June), EDF will remain a top energy company in Western Europe.

Source: Consolidation in EU Energy Markets