Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download The Restructuring of British Energy PDF full book. Access full book title The Restructuring of British Energy by Great Britain: National Audit Office. Download full books in PDF and EPUB format.
Author: Great Britain: National Audit Office Publisher: The Stationery Office ISBN: 0102937273 Category : Business & Economics Languages : en Pages : 64
Book Description
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.
Author: Great Britain: National Audit Office Publisher: The Stationery Office ISBN: 0102937273 Category : Business & Economics Languages : en Pages : 64
Book Description
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.
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher: The Stationery Office ISBN: 9780215545084 Category : Business & Economics Languages : en Pages : 40
Book Description
This report, the 22nd from the Public Accounts Committee (HCP 356, session 2009-10, ISBN 9780215545084), looks at the sale of the Government's interest in British Energy. In January 2009, the Government sold its 36 per cent interest in British Energy, as part of EDF's purchase of the Company. The sale had potentially important implications for future energy security as British Energy, though not financially strong enough to invest in new nuclear power stations itself, owned land viewed by industry as being in the most suitable places for them. The Department did not, however, secure a binding commitment from EDF to build new nuclear power stations. The report adds it also failed to establish whether EDF had previously built any new nuclear power stations without public subsidy. A number of factors, including planning decisions, could result in EDF abandoning its plans to build new nuclear powers stations, with or without public subsidy. The Shareholder Executive hired investment bankers UBS at a cost of £4 million, equivalent to a monthly payment of around £400,000, to advise on sale tactics, assist with negotiations and provide valuations of British Energy. The Committee considers it unacceptable that the Shareholder Executive considered it necessary to spend so much on external advice when it is supposed to possess expertise in these areas. The Government was fortunate in selling its interest in British Energy when energy prices were at a peak. The £4.4 billion sale proceeds were allocated to the Nuclear Liabilities Fund, to put towards the future cost of decommissioning British Energy's existing power stations.
Author: Great Britain: National Audit Office Publisher: The Stationery Office ISBN: 9780102963434 Category : Business & Economics Languages : en Pages : 40
Book Description
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.
Author: Dieter Helm Publisher: Oxford University Press, USA ISBN: 9780199270743 Category : Business & Economics Languages : en Pages : 506
Book Description
Helm provides a broad and lively survey of British energy policy since 1979. He traces the way in which political pressures from the proponents of both nationalization and privatization have affected the development of an industry which forms a significant part of the national economy.
Author: Dale Vince Publisher: Random House ISBN: 1473579007 Category : Business & Economics Languages : en Pages : 267
Book Description
"Revealing, inspiring and funny. This book is a joy to romp through, which is good, because its final chapter is the important truth we all need to hear and understand if we are to survive this mess we've made" - Chris Packham "I found Manifesto enthralling, thought-provoking and I learnt so much from it. Nor had I any idea that we had our own Archimedes living in The Cotswolds." - Jilly Cooper How one maverick entrepreneur took on UK energy... and won. Dale Vince never intended to start a business. Driven by a passion for sustainability, he left school aged 15 and became a New Age traveller, living for free in a wind-powered double decker bus. But after building his first wind turbine, he realised that to change the world he needed to be on the grid, not off it. In 1996 he founded green energy company Ecotricity based on principles of social, financial and environmental sustainability, and changed the landscape of UK energy forever. Since then, Dale has been appointed a UN ambassador for climate issues, become the owner of the first ever vegan football club, and amassed a fortune of over £120 million built on sustainability. He has also been a vocal supporter of Extinction Rebellion which, like Ecotricity, is based in Stroud. In this book, he shares his single-minded and uniquely purpose-orientated approach to business, with lessons learned from experience that will speak to any fledgling entrepreneur. This is the story of a man whose unwavering mission to help save the environment has driven him all the way to the top, and a powerful manifesto for anyone who wants to change the world.
Author: Jack W. Plunkett Publisher: Plunkett Research, Ltd. ISBN: 1593920369 Category : Business & Economics Languages : en Pages : 688
Book Description
The energy industry is boiling over with changes. Deregulation, new opportunities in foreign fields and markets and environmental challenges are rushing together head-on to shape the energy and utilities business of the future. Extremely deep offshore wells in the Gulf of Mexico and offshore of West Africa are being drilled at immense cost. Meanwhile China has become a major energy importer and Russia has become a major exporter. In the U.S., Europe and Japan, renewable and alternative energy sources are developing quickly, including big breakthroughs in wind power and fuel cells. This exciting new reference book covers everything from major oil companies to electric and gas utilities, plus pipelines, refiners, retailers, oil field services and engineering. Petroleum topics include upstream and downstream. Additional topics include coal, natural gas and LNG. More than a dozen statistical tables cover everything from energy consumption, production and reserves to imports, exports and prices. Next, our unique profiles of the Energy 500 Firms are also included, with such vital details as executive contacts by title, revenues, profits, types of business, web sites, competitive advantage, growth plans and more. Purchasers of either the book or PDF version can receive a free copy of the company profiles database on CD-ROM, enabling key word search and export of key information, addresses, phone numbers and executive names with titles for every company profiled.
Author: Jack W. Plunkett Publisher: Plunkett Research, Ltd. ISBN: 1593921284 Category : Energy industries Languages : en Pages : 701
Book Description
The energy industry is boiling over with changes. This title offers a reference tool to the energy industry that covers various things from major oil companies to independents, utilities, pipelines, coal, LNG, oil field services, and refiners. It includes over a dozen statistical tables and profiles of The Energy 500 Firms.
Author: Jack W. Plunkett Publisher: Plunkett Research, Ltd. ISBN: 1593921381 Category : Business & Economics Languages : en Pages : 439
Book Description
A complete overview, industry analysis and market research report in one superb, value-priced package, this volume contains thousands of contacts for business and industry leaders, industry associations, Internet sites and other resources. This book also includes statistical tables, an industry glossary and thorough indices.
Author: Great Britain: National Audit Office
Author: Great Britain: National Audit Office
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Author: Great Britain: National Audit Office
Author: Dieter Helm
Author: British Energy (Firm)
Author: Dale Vince
Author: British Energy (Firm)
Author: Jack W. Plunkett
Author: Jack W. Plunkett
Author: Jack W. Plunkett