BE Canadian sale raises £250m
THE first returns from the fire sale of British Energy's overseas assets were signalled today as the nuclear generator said it had sold its 82% stake in Bruce Power of Canada for at least £250m.
The cash, which will go to the Treasury after the Government's decision to bankroll British Energy with £650m of emergency funding, could rise to C$770m (£310m) if certain contingencies, including the scheduled start-up of two nuclear units in Ontario, are met. The buyers are a consortium of Canadian power companies and power workers' pension funds.
The Government-enforced restructuring of Britain's largest electricity generator still needs to be secured by the sale of BE's 50% interest in Amergen as well as the agreement of bondholders and lending banks who could see only a 25% return on their loans.
