BE suffers energy slump

May 28 2008 Evening Gazette

BRITISH Energy today partially blamed the seven-month closure of Hartlepool power station for a dramatic fall in profits, but shares rallied as the Government formally invited tenders for a new nuclear build programme.

BE, which is up for sale following the Government’s decision to dispose of its 35% stake in Britain’s only nuclear power generator, reported earnings of £882m for the full year - down from £1,221m.

Shares were up 3 points on the day as speculation intensified over a buyer - widely tipped to be French firm EDF - and the energy secretary made his announcement in the Commons.

Calls for the nuclear build to replace Britain’s aging estate of power stations - all owned by BE - grew louder as parts of the country experienced a blackout yesterday, indicating that electricity reserves were at a critically low level.