Government to sell-off stake in British Energy

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Trade and Industry Secretary Alistair Darling said 400 million shares would be sold, cutting the Government's stake in the firm from 64 per cent to 39 per cent.

Proceeds from the sale will go to the Nuclear Liabilities Fund to help meet the eventual cost of decommissioning British Energy's power stations.

Mr Darling announced last summer that the Government was considering selling part of its interest in the nuclear generator.

The eight nuclear power stations are Dungeness B in Kent, Hartlepool, Heysham 1 and 2 in Lancashire, Hinkley Point B in Somerset, Hunterston B in Ayrshire, Sizewell B in Suffolk and Torness in East Lothian.

British Energy also owns a coal-fired power station at Eggborough, South Yorkshire.

Earlier today, the company announced its financial results, which showed that underlying earnings increased to £1.22 billion from £846 million the previous year following higher power prices.

British Energy is the UK's largest producer of electricity, generating around one-sixth of the nation's needs, and employs about 6,000 workers.