Download or read book The Restructuring of British Energy written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2006-03-17 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: British Energy was privatised in 1996. In 2002, the price of electricity fell and on 5 September 2002, the Company applied to the Department of Trade and Industry (the Department) for financial assistance. In November 2002, the Department agreed to provide financial assistance with the proviso that the Company's financial arrangements would be restructured. This report deals with the financial aid that the Department gave to British Energy and the terms of the restructuring of British Energy. The Department decided to intervene because, in its assessment, unplanned closures of British Energy's nuclear power stations would have had safety implications and put electricity supplies at risk. The Department took on responsibility for a large proportion of the company's liabilities, to be funded through a Nuclear Liabilities Fund, though there was no up-to-date estimate of those liabilities. (These estimates are to be updated every five years now.) In February 2006 British Energy estimated liabilities at £5,287 million. The restructuring mechanism is for a cash sweep, so that the company contributes more to the Fund when it is doing well. In the 12 months following completion of restructuring in January 2005, the wholesale electricity price rose sharply and the Company's share price more than doubled. The electricity market has, however, proved to be particularly volatile over recent years. The Nuclear Liabilities Fund is left particularly exposed to British Energy's financial and operational performance. Day-to-day responsibility for monitoring various aspects of the Company's performance currently lies with a number of teams within the Department. There remains a real risk that information learned by the different teams is not shared quickly and evaluated and that insufficient staff resources are committed to safeguarding the taxpayer's significant interest. To assist its management of the taxpayer's interest, the Department will need to prepare sufficiently comprehensive contingency plans to enable it to act quickly under the range of scenarios that might arise.
Download or read book The Restructuring of British Energy written by Great Britain. Parliament. House of Commons. Committee of Public Accounts and published by . This book was released on 2007 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: British Energy is the UK's largest electricity generating company, with an annual turnover of £2.6 billion in 2005-06. Its eight nuclear power stations generate approximately one fifth of the electricity used in England and Wales and half of that used in Scotland. Its privatisation in 1996 raised £2.1 billion for the Government, and British Energy took responsibility for all its nuclear liabilities, including the disposal of spent nuclear fuels and the decommissioning of power stations. Following on from the NAO report on this topic (HCP 943, session 2006-07; ISBN 9780102937275) published in March 2006, the Committee's report examines the role of the Department of Trade and Industry in the financial restructuring of the company, and how it is monitoring and influencing the company's performance and managing the nuclear liabilities taken on by the taxpayer. The report finds that, as a result of the its restructuring, the taxpayer has been left to underwrite a large and uncertain liability, recently valued at £5.3 billion, a figure that may well rise further. The Department spent £29 million on advisers during the restructuring, but of the four main firms it employed only one was appointed by competition.
Download or read book British Energy Plc and Others written by and published by . This book was released on 2003* with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Restructuring the Energy Industries written by Colin Robinson and published by . This book was released on 1992 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The sale of the government s interest in British Energy written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2010-01-22 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: British Energy was the largest independent energy generator in the UK and owner of sites viewed by industry as the most suitable for new nuclear power stations. The Government sold its 36 per cent interest in the company to EDF Energy for £4.4 billion in January 2009. The final cash offer from EDF was 774 pence per share - 10 per cent higher than the valuation by the Shareholder Executive, the Government agency that managed the sale. Movement in energy prices after completion of the sale show that EDF put forward its offer when energy prices were at a peak. The Government's primary strategic objective for the sale was to ensure nuclear operators are able to build and operate new nuclear stations from the earliest date with no public subsidy. There was no binding commitment to build new nuclear power stations as a condition of the sale so it is too early to say whether the sale will enable the Government to achieve its strategic objective. But EDF's acquisition of British Energy has improved the prospect of investment in new nuclear power stations. While the Government no longer has a direct financial interest in British Energy, it remains responsible for funding any shortfall in the future cost of decommissioning British Energy's existing nuclear power stations. The Shareholder Executive did not carry out a formal assessment of the impact of the sale on the risks that taxpayers might have to bear if, for example, the new owner operated British Energy's power stations in a way that required earlier decommissioning.
Download or read book Privatise Power written by Alex Henney and published by . This book was released on 1987 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book British Energy Plc British Energy Generation UK Limited British Energy Generation Limited the Other British Energy Parties Nuclear Generation Decommissioning Fund Limited to be Renamed Nuclear Liabilities Fund Limited the Trustees of the Nuclear Trust and the Secretary of State for Trade and Industry written by Slaughter and May and published by . This book was released on 2003* with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Analysis of the Restructuring of the British Electricity Industry and Modelling of the Pool written by L. L. G. Poppe and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Privatising British Electricity written by Andrew Holmes and published by . This book was released on 1992 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Risk Management written by Great Britain. Parliament House of Commons. Committee of Public Accounts and published by . This book was released on 2004 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: British Energy is the UK's largest electricity generator, with a stock of eight nuclear power stations and an annual turnover of over £2 billion. With privatisation in 1996, the Government raised £2.1 billion from the sale, and the company assumed responsibility for all its nuclear liabilities (including the disposal of spent nuclear fuels and decommissioning of power stations). When, in September 2002, the company declared difficulties in meeting these liabilities, the Government (given its overall responsibility for safe nuclear management) granted a £410 million credit to stabilise the company's trading position. A formal restructuring deal was announced in October 2003, which has meant that the DTI is ultimately exposed to British Energy's remaining £3.9 billion liabilities. Following on from previous reports on the topic (produced by the Committee (HCP 242, session 1998-99; ISBN 0102122997) in February 1999 and the NAO (HCP 264, session 2003-04; ISBN 0102927138) in February 2004), this report examines the extent to which risks originally transferred have been accepted back, as well as the DTI's monitoring of British Energy's viability. Findings include that the Government failed to establish proper risk management arrangements and lacked proper information on the company's deteriorating financial position.
Download or read book An Empirical Analysis of Privatization and Restructuring in the British Electricity Industry written by Catherine Dana Wolfram and published by . This book was released on 1996 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Law and Practice of Restructuring in the UK and US written by Shai Y. Waisman and published by Oxford University Press, USA. This book was released on 2011-04-07 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Law and Practice of Restructuring in the UK and US is a practical guide to the restructuring of corporate debt and associated restructuring issues such as employees and pensions, from the perspective of both UK and New York law, the dominant systems of law in the world commercial and financial markets. At a time when many companies are looking at renegotiating and restructuring their debt agreements, this book provides a timely analysis of current techniques and likely developments in the field of corporate restructuring. An expert contributor team from both the US and UK combine their practical experience to cover all aspects of corporate restructuring. Through vivid exposure of the differences between the two jurisdictions, this book considers likely developments in the corporate restructuring landscape, for example the US Chapter 11 paradigm, as well as addressing lessons learned from past issues which are likely to feed into future develompents With coverage of techniques available to both stressed and distressed companies, as well as looking at specialist markets and key stakeholders, The Law and Practice of Restructuring in the UK and US is an invaluable guide for banking, finance and insolvency practitioners and their clients, both financial institutions and companies looking to restructure debt, as well as global accountancy firms and law and business schools worldwide.
Download or read book Power System Restructuring and Deregulation written by Loi Lei Lai and published by John Wiley & Sons. This book was released on 2001-11-28 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt: Die Umstrukturierung und Liberalisierung der Stromerzeugung brachte tiefgreifende Veränderungen des Marktes, des Wettbewerbs, der Technologien und nicht zuletzt der gesetzlichen Vorschriften mit sich. Dieser Band konzentriert sich auf die technischen Fortschritte und bespricht derzeit aktuelle Probleme anhand anschaulicher Fallstudien. So werden zum Beispiel neue Verfahren zur Vorhersage der Netzlast erläutert. Von international renommierten Experten geschrieben! (07/00)
Download or read book Energy Consumption in England Wales 1560 2000 written by Paul Warde and published by CNR Edizioni. This book was released on 2007 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Electricity Restructuring written by Laura Lynne Kiesling and published by A E I Press. This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume explores how Texas's groundbreaking program of electricity restructuring has become a model for truly competitive energy markets in the United States. The authors contend that restructuring in Texas has been successful because the industry is free from federal over...
Download or read book British Energy Preliminary Results written by British Energy (Firm) and published by . This book was released on 1997 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Energy Act 2004 written by Great Britain and published by The Stationery Office. This book was released on 2004-09-21 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication contains explanatory notes to the Energy Act 2004 (chapter 20, ISBN 0105420042). The Act is in four parts with 23 schedules and includes provisions covering three main areas: i) the civil nuclear industry; ii) sustainability and renewable energy sources; and iii) energy markets and regulation. The Act will create a single wholesale electricity market for Britain, called the British Electricity Trading and Transmission Arrangements (BETTA). The provisions covering electricity and gas interconnectors implement a number of requirements in the EU's 2003 Gas and Electricity Directives and its Electricity Regulation.
