Alan Duncan, MP for Rutland & Melton and Shadow Secretary of State for Trade & Industry, looks at the issues surrounding the sale of British Energy and urges the Government to clarify its position on the potential buyers.
British Energy is up for grabs. Who should be allowed to grab it? Rumours, speculation and briefings have excited the market this week, as the net continues tighten around the UK’s remaining bastion of nuclear power. From being a basket case only a few years ago, British Energy is now a flagship company running nine ageing nuclear power stations.
Initially the French champion EDF appeared to be the firm favourite when it was reported that they were seeking to acquire the entire company. RWE nPower, the German giant, has since emerged as a powerful bidder.
In the middle, just looking at buying out the Government’s 35 per cent stake, are Centrica. The British firm play a weaker hand, with less cash and less experience in the nuclear market; but, critically, their national status strengthens their role as possible kingmakers in shaping UK nuclear power. An alliance between Centrica and BE would maximise British control, maximise competition in the energy sector and maximise the flexibility Britain would enjoy in optimising the structure of its nuclear power sector for the future.
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