British Energy
Centrica is in talks with RWE and Iberdrola to put together an £11bn bid for British Energy to rival the EDF bid.
City AM 15th May 2008 more >>
Letter: It beggars belief that the British government should be happy to sell its 35 per cent stake in British Energy to EDF, a company 80 per cent owned by the French government (Jeremy Warner, 10 and 13 May). There are at least four reasons why this should not happen: First, even nuclear power enthusiasts (I confess to being one) would surely doubt the wisdom of handing over both responsibility for safety and security of supply to any foreign government. Second, the playing field is not level: generation and supply of electricity is a government-controlled monopoly in France; there is not even a vestige of reciprocity. Third, EDF has a dubious environmental record, for example in failing to provide by-passes for fish around its hydroelectric power stations in the Rhone Valley. Fourth, the technological and financial benefits will inevitably accrue mainly to France.
Independent 15th May 2008 more >>
Standard & Poor’s Ratings Services said French electricity utility Electricite de France S.A. (EDF) rated ‘AA-’ and ‘A-1+’ with a stable outlook, has limited financial flexibility for substantial debt-funded acquisitions within its current ratings, taking into account 35 billion euros of planned capital expenditures between 2008 and 2010. S&P said its ratings on the company remain unchanged so far by EDF’s apparent interest in UK nuclear operator British Energy Group Plc., rated ‘BB’ with negative outlook, reflecting the uncertainties regarding any such bid and its final form and conditions. In particular, the UK government could require any new owner of BE to sell assets or stakes in the company in order to have a number of parties involved in nuclear new build in the UK, the ratings agency added.
Interactive Investor 14th May 2008 more >>
British Energy is unlikely to make a decision on the takeover offer from Electricité de France for weeks, as it waits in the hope that more offers will emerge. The nuclear generator’s board meets today and tomorrow, with EDF’s cash offer on the table. But the board is not expected to make a decision on whether to recommend the bid.
FT 15th May 2008 more >>
The board of British Energy will meet today to consider a takeover approach from EDF, the French state-owned electricity group, but board members, who include Sir Adrian Montague, chairman, and Bill Coley, chief executive, are minded to hold out for a higher offer. It is hoped that one or more bids could materialise. Suez, of France, RWE, of Germany and Iberdrola, of Spain, all remain interested but missed a deadline set by Rothschild, the investment bank handling the sale.
Times 15th May 2008 more >>
Bradwell
A GROUP has been launched to fight plans for a second nuclear power station in Bradwell-on-Sea. Residents of West Mersea, which is situated on the banks of the River Blackwater opposite the proposed location, have set up Blackwater Against New Nuclear Group (Banng). A spokesman said the group will try to protect the people and environment of the River Blackwater estuary from the risks and dangers of radioactivity by stopping the further development of nuclear activity in the area.
Essex Gazette 14th May 2008 more >>
Sellafield
It must have seemed like a good idea at the time. Take the plutonium produced by nuclear power stations, mix it with uranium and make it
into a new fuel for reactors to burn. Call it nuclear recycling, so that it sounds environmentally friendly. That – or something like it – was the rationale for the former Prime Minister, Tony Blair, to give the go ahead in 2001 to the Sellafield MOX Plant (SMP). Costing an eventual £490 million to build, this was meant to convert Britain’s stockpile of foreign plutonium into a mixed oxide fuel for selling back to foreign customers. Seven years on, what has become of SMP? The answer is instructive. Rising to four floors at the sprawling Sellafield complex on the Cumbrian coast, it is probably one of the biggest technical and economic disasters in the history of the British nuclear industry. For an industry with more than its fair share of mishaps, that is saying
something.
Guardian 14th May 2008 more >>
robedwards.com 14th May 2008 more >>
Iran
Iran unveiled proposals to tackle the dispute about its uranium enrichment.
EU Business 14th May 2008 more >>
Iran is ready to receive a new international offer on incentives.
EU Business 14th May 2008 more >>
Italy’s new centre-right government is prepared to join the US and big European powers in taking a tough line on Iran but wants to be let into “the club” deciding on sanctions.
FT 15th May 2008 more >>
