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Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 0102937273
Category : Business & Economics
Languages : en
Pages : 64
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Book Description
British Energy was privatised in 1996. In 2002, the price of electricity fell and on 5 September 2002, the Company applied to the Department of Trade and Industry (the Department) for financial assistance. In November 2002, the Department agreed to provide financial assistance with the proviso that the Company's financial arrangements would be restructured. This report deals with the financial aid that the Department gave to British Energy and the terms of the restructuring of British Energy. The Department decided to intervene because, in its assessment, unplanned closures of British Energy's nuclear power stations would have had safety implications and put electricity supplies at risk. The Department took on responsibility for a large proportion of the company's liabilities, to be funded through a Nuclear Liabilities Fund, though there was no up-to-date estimate of those liabilities. (These estimates are to be updated every five years now.) In February 2006 British Energy estimated liabilities at £5,287 million. The restructuring mechanism is for a cash sweep, so that the company contributes more to the Fund when it is doing well. In the 12 months following completion of restructuring in January 2005, the wholesale electricity price rose sharply and the Company's share price more than doubled. The electricity market has, however, proved to be particularly volatile over recent years. The Nuclear Liabilities Fund is left particularly exposed to British Energy's financial and operational performance. Day-to-day responsibility for monitoring various aspects of the Company's performance currently lies with a number of teams within the Department. There remains a real risk that information learned by the different teams is not shared quickly and evaluated and that insufficient staff resources are committed to safeguarding the taxpayer's significant interest. To assist its management of the taxpayer's interest, the Department will need to prepare sufficiently comprehensive contingency plans to enable it to act quickly under the range of scenarios that might arise.
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 0102937273
Category : Business & Economics
Languages : en
Pages : 64
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Book Description
British Energy was privatised in 1996. In 2002, the price of electricity fell and on 5 September 2002, the Company applied to the Department of Trade and Industry (the Department) for financial assistance. In November 2002, the Department agreed to provide financial assistance with the proviso that the Company's financial arrangements would be restructured. This report deals with the financial aid that the Department gave to British Energy and the terms of the restructuring of British Energy. The Department decided to intervene because, in its assessment, unplanned closures of British Energy's nuclear power stations would have had safety implications and put electricity supplies at risk. The Department took on responsibility for a large proportion of the company's liabilities, to be funded through a Nuclear Liabilities Fund, though there was no up-to-date estimate of those liabilities. (These estimates are to be updated every five years now.) In February 2006 British Energy estimated liabilities at £5,287 million. The restructuring mechanism is for a cash sweep, so that the company contributes more to the Fund when it is doing well. In the 12 months following completion of restructuring in January 2005, the wholesale electricity price rose sharply and the Company's share price more than doubled. The electricity market has, however, proved to be particularly volatile over recent years. The Nuclear Liabilities Fund is left particularly exposed to British Energy's financial and operational performance. Day-to-day responsibility for monitoring various aspects of the Company's performance currently lies with a number of teams within the Department. There remains a real risk that information learned by the different teams is not shared quickly and evaluated and that insufficient staff resources are committed to safeguarding the taxpayer's significant interest. To assist its management of the taxpayer's interest, the Department will need to prepare sufficiently comprehensive contingency plans to enable it to act quickly under the range of scenarios that might arise.
Author: Great Britain: National Audit Office
Publisher: The Stationery Office
ISBN: 9780102963434
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
British Energy was the largest independent energy generator in the UK and owner of sites viewed by industry as the most suitable for new nuclear power stations. The Government sold its 36 per cent interest in the company to EDF Energy for £4.4 billion in January 2009. The final cash offer from EDF was 774 pence per share - 10 per cent higher than the valuation by the Shareholder Executive, the Government agency that managed the sale. Movement in energy prices after completion of the sale show that EDF put forward its offer when energy prices were at a peak. The Government's primary strategic objective for the sale was to ensure nuclear operators are able to build and operate new nuclear stations from the earliest date with no public subsidy. There was no binding commitment to build new nuclear power stations as a condition of the sale so it is too early to say whether the sale will enable the Government to achieve its strategic objective. But EDF's acquisition of British Energy has improved the prospect of investment in new nuclear power stations. While the Government no longer has a direct financial interest in British Energy, it remains responsible for funding any shortfall in the future cost of decommissioning British Energy's existing nuclear power stations. The Shareholder Executive did not carry out a formal assessment of the impact of the sale on the risks that taxpayers might have to bear if, for example, the new owner operated British Energy's power stations in a way that required earlier decommissioning.
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215545084
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
This report, the 22nd from the Public Accounts Committee (HCP 356, session 2009-10, ISBN 9780215545084), looks at the sale of the Government's interest in British Energy. In January 2009, the Government sold its 36 per cent interest in British Energy, as part of EDF's purchase of the Company. The sale had potentially important implications for future energy security as British Energy, though not financially strong enough to invest in new nuclear power stations itself, owned land viewed by industry as being in the most suitable places for them. The Department did not, however, secure a binding commitment from EDF to build new nuclear power stations. The report adds it also failed to establish whether EDF had previously built any new nuclear power stations without public subsidy. A number of factors, including planning decisions, could result in EDF abandoning its plans to build new nuclear powers stations, with or without public subsidy. The Shareholder Executive hired investment bankers UBS at a cost of £4 million, equivalent to a monthly payment of around £400,000, to advise on sale tactics, assist with negotiations and provide valuations of British Energy. The Committee considers it unacceptable that the Shareholder Executive considered it necessary to spend so much on external advice when it is supposed to possess expertise in these areas. The Government was fortunate in selling its interest in British Energy when energy prices were at a peak. The £4.4 billion sale proceeds were allocated to the Nuclear Liabilities Fund, to put towards the future cost of decommissioning British Energy's existing power stations.
Author: Iris H-Y Chiu
Publisher: Bloomsbury Publishing
ISBN: 1847316042
Category : Law
Languages : en
Pages : 204
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Book Description
The Foundations and Anatomy of Shareholder Activism examines the landscape of contemporary shareholder activism in the UK. The book focuses on minority shareholder activism in publicly listed companies. It argues that contemporary shareholder activism in the UK is dominated by two groups; one, the institutional shareholders whose shareholder activism is largely seen as a driving force for good corporate governance, and two, the hedge funds whose shareholder activism is based on value extraction and exit. The book provides a detailed examination of both types of shareholder activism, and discusses critically the nature of, motivations for and consequences following both types of shareholder activism. The book then locates both types of shareholder activism in the theory of the company and the fabric of company law, and argues that institutional shareholder activism based on exercising a voice at general meetings is well supported in theory and law. The call for institutions to engage in more informal forms of activism in the name of 'stewardship' may bring about challenges to the current patterns of activism that institutions engage in. The book argues, however, that a more cautious view of hedge fund activism and the pattern of value extraction and exit should be taken. More empirical evidence is likely to be necessary, however, to weigh up the long terms benefits and costs of hedge fund activism.
Author: G Mackerron
Publisher: World Scientific
ISBN: 1783262699
Category : Business & Economics
Languages : en
Pages : 531
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Book Description
The UK energy system has experienced radical reform in past decade — privatisation, liberalisation, re-structuring and re-regulation for gas/electricity supply and coal, plus rapid technological change and flexible fiscal policy in offshore oil/gas. Many countries are seeking to travel similar paths, though more slowly (eg USA, EU, Eastern Europe, Latin America, Pacific Rim) and are following UK experience. The conference brings together academics, business economists and consultants to give the first major evaluation from an economics pespective of the extent to which the UK experience has been successful, and how far it might be reproduced elsewhere.
Author: Intergovernmental Panel on Climate Change. Working Group III.
Publisher: Cambridge University Press
ISBN: 9780521015028
Category : Business & Economics
Languages : en
Pages : 724
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Book Description
IPCC assessment of the scientific, technical, environmental, economic, and social aspects of the mitigation of climate change.
Author: Stuart Slatter
Publisher: Wiley + ORM
ISBN: 1119995299
Category : Business & Economics
Languages : en
Pages : 278
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Book Description
Leadership is never more crucial than when corporate survival is at stake. But the days of the tough guys are over. The leaders who are driving todays sustainable turnarounds understand that the answers to a distressed companys problems lie almost always within the firm itself usually at middle manager level and below. The secret is cooperation. Drawing on interviews with top company doctors and advisers, as well as on the authors own experience, Leading Corporate Turnarounds explores seven key leadership and management skills required for successful turnaround, and shows why quickly gaining the buy-in and trust of all stakeholders is the key to ultimate success. Written by the founding directors of the Society of Turnaround Professionals (STP), with a proposed Foreword by the Societys Patron Sir John Harvey-Jones Considers the different drivers of turnaround, the alternatives to it, and the restructuring processes required to move beyond crisis stabilization to sustainable change Features international case studies from leading companies including BT, Virgin Express, Arthur Andersen, Parmalat, GE, Lee Cooper, New Look and IBM
Author: Great Britain. Parliament. House of Lords
Publisher:
ISBN:
Category : Great Britain
Languages : en
Pages : 1238
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Book Description
Author: Vicki Bier
Publisher: Springer Science & Business Media
ISBN: 1461502594
Category : Business & Economics
Languages : en
Pages : 260
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Book Description
Effects of Deregulation on Safety provides a comprehensive overview of the safety experiences of these three case study industries and their implications for the U.S. nuclear power industry. The treatment of the subject is not highly technical, and hence is accessible to a wide range of readers with interests in the subject matter. The book draws on literature from roughly 250 references, ranging from brief news articles to book-length studies of deregulation in a particular industry, as well as original in-depth interviews with representatives of all three case study industries. This wealth of empirical background information allows the book to go beyond mere speculation about the possible adverse safety consequences of deregulation, to identify situations in which particular adverse safety consequences actually occurred. The experience of the case study industries indicates that economic deregulation need not be incompatible with a reasonable safety record, especially in those aspects of safety that are positively related to productivity. But that safety also cannot be taken for granted after deregulation. Careful management attention is needed in order to avoid the types of safety problems that were associated with deregulation in the case study industries.
Author: Oxford Business Group
Publisher: Oxford Business Group
ISBN: 1902339134
Category : Economic history
Languages : en
Pages : 244
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Book Description
