British Energy conservation

Manufacturing News, Source : TheManufacturer.com
Published : 28 Nov 2002 11:05

Common sense was brought to bear on the British Energy crisis yesterday when the European commission allowed an extension of the government’s loan, which was initially due to expire tomorrow.

The government is to publish an overall energy policy early next year and the loan extension allows BE’s future to be part of it. A full restructuring package for BE is expected to comprise a combination of four main elements:

·A reduction in prices for reprocessing by British Nuclear Fuels

·The sale of its US and Canadian assets

·A debt for equity swap by creditors

·Takeover by the government of some of the company’s long-term liabilities.

Patricia Hewitt is expected to make a statement in the Commons today about British Energy’s future.

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