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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: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher: The Stationery Office
ISBN: 9780215545084
Category : Business & Economics
Languages : en
Pages : 40
Get Book Here
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: 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: Simon Taylor
Publisher: Bloomsbury Publishing
ISBN: 190686070X
Category : Technology & Engineering
Languages : en
Pages : 286
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Book Description
The story of the rise, fall and second ascendancy of nuclear power in the United Kingdom. Britain was a pioneer in civil nuclear power and there were once high hopes in the 1950s that this could be a source of cheap electricity and a valuable export opportunity. In The Fall and Rise of Nuclear Power in Britain, Simon Taylor examines why these hopes were never realised, and how we have come to see a new rise in nuclear power in recent years. He traces the UK's nuclear energy history, from the optimism of the 1950s, through the disillusionment of the 1980s, to a new role for nuclear in the 21st century. The construction of Britain's first new nuclear power station in 20 years, Hinkley Point C, marks a major change of policy. Throughout this book, Taylor provides a comprehensive overview of energy policy, economics, politics and changing environmental priorities, keying into debates about the generation and sustainability of this controversial energy source. Will this new nuclear energy turn out to be a heroic story of UK leadership on a matter of global importance, or will it prove a hugely costly folly, as with British nuclear power in the past?
Author: David Parker
Publisher: Routledge
ISBN: 1136331239
Category : History
Languages : en
Pages : 674
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Book Description
This is Volume II of Professor Parker's authoritative Official History of Privatisation, covering the period from the re-election of Margaret Thatcher in 1987 to the election of Tony Blair in 1997. Volume II considers in detail several of the major privatisations, including those of airports, steel, water, electricity, coal and the railways, as well as a number of smaller ones. Each privatisation involved major challenges in terms of industrial restructuring, organising successful sales and, in a number of cases, establishing effective regulatory regimes. The policy evolved and new methods of selling and regulating were put in place that enabled further disposals to occur. Monolithic nationalised industries with their emphasis on the benefits of economies of scale, vertical integration and rationalisation, were replaced by industrial structures rooted in the importance of commercial management, risk taking and competition. In government departments and parts of the National Health Service, direct employees were replaced by private contractors, and private investment became a characteristic of public infrastructure in the form of PFI/PPP schemes. This study draws heavily on the official records of the British government, to which the author was given full access and on interviews with the leading figures involved in each of the privatisations, including ex-ministers, civil servants, business and City figures, as well as academics that have studied the subject. This book will of great interest to students of privatisation, British political history and of business and economics in general.
Author: Great Britain: Parliament: House of Commons: Foreign Affairs Committee
Publisher: The Stationery Office
ISBN: 9780215049476
Category : Political Science
Languages : en
Pages : 172
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Book Description
It is inevitable that the UK will have strategic, commercial or security-related interests overseas which have the potential to conflict with its human rights work, says the Foreign Affairs Committee in a report published today. The Government should not be trying to assert that the two can co-exist freely: it should instead be explaining publicly its judgments on how to balance them in particular cases. The Committee's recommendation comes in the light of the FCO's decision not to designate Bahrain as a "country of concern" in its 2011 report on its human rights work, despite the repression of demonstrations in Bahrain in 2011. The Committee recommends that the criteria for designation should be based purely on assessments of human rights standards and should not be coloured by strategic or other considerations. The Committee also challenges the Government for being inconsistent in not taking a public stance on the Bahrain Grand Prix but boycotting group stage games at Euro 2012 in Ukraine. On rendition, the Committee finds that the protracted police investigations had an unacceptable impact on the work of the Gibson Inquiry and of relevant committees. The Government should explain why current investigations into claims of rendition made by two Libyans are expected to take so long. The Committee accepts that enough progress has been made in Burma to justify some relaxation of the EU's sanctions regime, but it says that Burma's human rights record remains seriously blemished. It recommends that the UK should call for better access to those still detained as political prisoners, and should press the Burmese authorities to allow independent observers to visit Rakhine state, to assess the extent to which the rights of the Rohingya minority are being respected.
Author: Simon Taylor
Publisher: Routledge
ISBN: 1134083483
Category : Business & Economics
Languages : en
Pages : 273
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Book Description
In this volume Simon Taylor has combined interviews with former executives, regulators and analysts with his own unique insight into the nuclear industry to provide an analysis of the origins of the crisis and the financial and corporate strategies used by British Energy plc.
Author: Janet Wood
Publisher: IET
ISBN: 0863416683
Category : Business & Economics
Languages : en
Pages : 251
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Book Description
This book explains in detail how nuclear power works, its costs, benefits as part of the electricity supply system and examines its record. This book covers the nuclear power debate.
Author:
Publisher: ENERGY CHARTER SECRETARIAT
ISBN: 9059480465
Category : Energy industries
Languages : en
Pages : 244
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Book Description
Author: Øystein Noreng
Publisher: Routledge
ISBN: 1000467155
Category : Business & Economics
Languages : en
Pages : 228
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Book Description
National oil companies are big business with about 80 percent of the world’s proven oil reserves, and they are crucial to the world’s energy supplies. They are giants, some of the world’s largest companies, measured by market capitalisation, cash flow and investment. Little is known about their modus operandi, how they make decisions about investment and production or about relations with their government-owners. However, it is known that they conduct business with a political mandate, often with multiple long-term objectives, broadly defined and hard to quantify. Unclear mandates give national oil companies leeway to pursue their own distinctive interests, apart from those of the government-owner. As investors, governments are less zealous than private investors. They generally observe multiple objectives, not only return on capital. Therefore, the senior management of national oil companies enjoy more discretionary power and consider longer time horizons than their counterparts in the private sector. The Oil Business and the State explains the practice of state ownership in a capital-intensive industry with high risks and high return, and how these companies act in a market with imperfect competition. This book looks to give readers more insight into the oil industry, into the background of oil exporting countries as well as the economic and political challenges confronting them, including problems of state ownership. The book discusses wider consequences of China replacing the United States as the world’s leading oil importer. It will be of interest to researchers, academics and students in the fields of international business, management history, corporate governance, political economy and economic development of oil-rich countries.
Author: Great Britain. Parliament. House of Commons
Publisher:
ISBN:
Category : Great Britain
Languages : en
Pages : 440
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Book Description
