British Energy sees H1 earnings plunge

Source: Energy Digital

Date :19/11/2008 14:50:21

British Energy has reported that pre-tax earnings in the first half plummeted 50 percent to £257 million due to lower electricity output.

The company blamed its final six months’ results on power station shutdowns, although it remains confident that it can extend its existing nuclear power stations and build new reactors.

The independent company will be taken over by EDF shortly, following its agreed £12.5 billion takeover in September. It is awaiting a decision from the European Commission whose first deadline is December 8.

Output totalled 22.7 terrawatt hours (TWh) in the period, compared to 30.7 TWh in the same period the prior year.

Chief Executive Bill Coley anticipates a strong second half as five of the company’s reactors are expected to return to service before December.