Fund management group Invesco Perpetual, which owns 15 per cent of BE, and insurer Prudential, which has 7 per cent, were both given details of EDF’s offer on Wednesday. On Thursday, Neil Woodford, Invesco’s top fund manager, and his opposite number at Prudential both told British Energy they did not back the proposals. British Energy’s board, headed by its chairman Sir Adrian Montague, met on Thursday evening and concluded it could not recommend EDF’s offer, given the opposition from two of the largest shareholders.
Independent 2nd August 2008 more >>
Yesterday, after months of negotiations, it emerged that the French company EDF is walking away from a £12billion deal to buy British Energy and build a string of new nuclear power stations here. Unless the dispute is resolved, it will leave the Government’s energy ‘policy’ – if that’s what you can call it – in tatters. And expose the country to a potential nightmare. Consider the facts. Our nuclear power stations are clapped out. Our coal-fired generators are old and environmentally unacceptable. Closures are inevitable. We are likely to lose 40 per cent of our generating capacity in the next decade. We desperately need at least 20 replacement generators, whether they be gas-fired, ‘clean’ coal-fired or nuclear. If we don’t build them, the consequences for this computer-dependent country would be appalling.
Daily Mail 2nd August 2008 more >>
THE Government’s drive for more nuclear power has been dealt a blow after a deal with France’s biggest energy company collapsed at the last minute.
The Sun 2nd August 2008 more >>
Scotsman 2nd August 2008 more >>
Herald 2nd Aug 2008 more >>
This is London 1st Aug 2008 more >>
Channel 4 News 1st Aug 2008 more >>
This weekend, it is more apparent than ever that the Government’s energy policy is a disaster. Over the past 11 years, it has failed to deal with repeated warnings about energy security and depleting North Sea reserves, just as it has failed to get a grip on transport, education or health. Despite alarming consumer price hikes and, yesterday, the collapse of EDF’s takeover of British Energy, which was supposed to revive Britain’s nuclear industry by securing much-needed expertise, the Government has engaged not in practical thinking about energy but in an internal war.
Telegraph 2nd Aug 2008 more >>
An EDF bid for British Energy may have been the favourite means to further the government’s nuclear ambitions but it is not the only option. British Energy is seen as too small to build Britain’s next nuclear generation on its own, it has the alternative of working with other companies on a site-by-site basis. It is unlikely to be short of offers: a number of companies, including Germany’s RWE, Spain’s Iberdrola and France’s Suez have all looked at a possible bid for British Energy and may be willing to take part on a project-by-project basis. Many in Europe’s energy industry are keen to see new nuclear plants built in Britain, not least because it would strengthen the case for its continuation or expansion elsewhere. EDF’s plan B involves building its own portfolio of UK sites. British Energy is not the only organisation with nuclear assets. The Nuclear Decommissioning Authority has the responsibility for decommissioning Britain’s Magnox reactors, among other sites, and at least some of these – particularly Wylfa in Anglesey – could be used.
Guardian 2nd Aug 2008 more >>
British Energy shares fell sharply yesterday after an expected £12bn bid from EDF was scuppered by dissident shareholders.
Guardian 2nd Aug 2008 more >>
A flurry of phone calls late on Thursday night disturbed the peace of three business ministers and one holidaying prime minister, as well as the world’s media. British Energy’s rejection of the £12bn takeover bid from EDF, hours before the deal was due to be announced, creates a significant headache for the government. John Hutton, the business secretary, was scheduled to start his holidays today secure in the knowledge the protracted talks to sell the UK’s largest power generator had been concluded successfully. Instead, Mr Hutton – whom aides stressed is “always on his BlackBerry”, even on vacation – faces an unwanted setback to his drive to create a new generation of nuclear reactors in the UK.
FT 2nd Aug 2008 more >>
Ministers are fighting to salvage a £12 billion deal to secure Britain’s future as a nuclear power producer after rebel shareholders blocked the sale of British Energy to the French company EDF at the eleventh hour.
Times 2nd Aug 2008 more >>
Two major shareholders in British Energy are understood to have vetoed the £12 billion bid by French energy giant EDF which threw the Government’s nuclear programme into chaos last night.
Times 1st Aug 2008 more >>
Caroline Lucas MEP, the Green Party’s Principal Speaker, warned today that the collapse of a deal to sell British Energy to EDF will not mean plans for new nuclear power stations will fall off the government’s agenda.
Green Party 1st Aug 2008 more >>
It’s usually poor form to laugh at another’s misfortunes, but in this case I feel a slight chortle is more than justified.
Greenpeace UK 1st Aug 2008 more >>
Commenting on news that the expected takeover of British Energy by French energy company EDF has fallen through, Nathan Argent, head of Greenpeace’s nuclear campaign, said: “This is a hammer blow for Brown’s deluded nuclear ambitions. If this deal had gone ahead, it would have been a disaster for renewable energy in the UK. A push for more nuclear power would scupper the UK renewable energy industry, and, by doing so, cancel out the prospect of creating hundreds of thousands of British green-collar jobs.
Greenpeace UK Press Release 1st Aug 2008 more >>
Talks are continuing between French power giant EDF and British Energy, according to reports, despite a shock announcement from EDF in the early hours that it had backed out of a £12bn deal to take over the UK nuclear power operator.
Guardian 1st Aug 2008 more >>
Plans for the next generation of UK nuclear power stations, including Somerset’s Hinkley Point, faced uncertainty today after France’s EDF failed to agree a takeover of British Energy.
Western Daily Press 1st Aug 2008 more >>
THE likelihood of a new nuclear power station on Anglesey may have edged closer following the collapse of French energy giant EDF’s £12bn bid to buy British Energy. EDF’s purchase of land next to Anglesey’s Wylfa station has fuelled speculation it hopes to build a next-generation nuclear station on the site. ccording to financial news service Bloomberg, EDF regarded Wylfa as a “back-up plan” if it could not strike a deal on British Energy. EDF yesterday confirmed it wants to build up to four new reactors in the UK – the first by 2017. The developments come as a major report commissioned by environmental charities WWF and Greenpeace challenges the claims that Britain faces an energy crisis.
Western Mail 2nd August 2008 more >>
Even the economically uninterested must be aware by now that the world is in the middle of a commodity crunch in which fast-developing countries such as China and India want more energy and food than suppliers have been accustomed to selling them. Well, the next big crisis may well be an engineering crunch, in which countries compete for people and kit to provide much-needed infrastructure (not just nuclear plants, but wind turbines and roads and airports). This will inevitably mean that costs rocket and deadlines slide.
Guardian 2nd August 2008 more >>
A four-day residential course for 13 and 14-year-old students has been set up at HMS Sultan, where the navy trains its marine and nuclear engineers. Through a series of practical workshops and lectures, 50 budding young engineers learnt about nuclear power.
Portsmouth News 1st Aug 2008 more >>
Israeli Deputy Prime Minister Shaul Mofaz has warned that Iran is near a breakthrough in its nuclear programme. Mr Mofaz accused Iran of pursuing a strategy of buying time in talks aimed at limiting its nuclear ambitions.
BBC 2nd August 2008 more >>
Telegraph 1st Aug 2008 more >>
The clock is ticking for Iran to respond to an offer by major powers on its nuclear programme, but European diplomats say they are ready to wait a few more days beyond Saturday’s informal deadline for an answer.
Reuters 1st Aug 2008 more >>
The United Nations atomic watchdog has approved a controversial agreement that would increase the number of Indian nuclear reactors it inspects in a move that should ease the way for a nuclear co-operation deal between the US and India. The unanimous approval by the board of the International Atomic Energy Agency in Vienna will expand from six to 14 the numbers of reactors under IAEA safeguards, leaving eight others not under the agency’s remit.
FT 1st Aug 2008 more >>
Over the last month there have been a catalogue of accidents at the French nuclear site Tricastin-Pierrelatte. Now Greenpeace France has launched two court cases in an effort to find out what’s really been going on at the site.
Greenpeace International 1st Aug 2008 more >>
If the government is serious about renewables and energy efficiency, Britain doesn’t need to build major new power stations to keep the lights on, according to a new report released today by independent energy experts P yry. The report finds that, if the UK government is able to achieve its commitments to meet EU renewable energy targets and its own ambitious action plan to reduce demand through energy efficiency, then major new power stations (burning either coal or gas) would not be needed to ensure that Britain can meet its electricity requirements up to at least 2020. The report also concludes that a strong drive for energy efficiency and renewable energy can reduce emissions and assist energy security.
Greenpeace UK 1st Aug 2008 more >>
Poyry Report 1st Aug 2008 more >>