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Lost output has Energy fading
Robert Lea18.11.08
Profits at British Energy have collapsed as the state of the company's ageing reactors saw nuclear output plunge 30% year on year and almost 50% from production levels five years ago.
The UK's nuclear generator, which is in the throes of being taken over by EDF and Centrica in a £12.5 billion deal, said that, with several reactors out of action over the summer, underlying profits slid to £257 million in the six months to the end of September from £511 million last time.
However, Bill Coley, the veteran British Energy chief executive who intends to stay with the group after the takeover, said five units will come back into action before Christmas, and profits should come back strongly in the winter months as UK demand for electricity is at its highest.
The impact of the plants coming back on line prompted analysts at Deutsche Bank to forecast an increase in profits in the year to the end of March to £944 million from £724 million.
