Government grand sell off
This year's budget contained interesting reading for the nuclear industry with news of government sell offs of several of its nuclear assets. The sale of Westinghouse was already well advanced but the Chancellor also confirmed the intention to sell British Nuclear Group and Urenco. BNFL has said it expects to complete the sale of British Nuclear Group by Autumn 2007 at the latest. Urenco is one third owned by the British, Dutch and German governments and it is unclear whether the government is seeking an outright sale or seeking to raise revenue through other means. The timing of any move will also be affected by the views of the German and Dutch governments.
However perhaps the biggest surprise was the announcement that the government would sell its "stake" in British Energy. As part of last year's restructuring deal the government takes a 65% cash sweep from BE's revenues and it has an option to convert some or part of this to shares. Some or all of this cash sweep will be converted to shares after the conclusion of the energy review although the exact timing and the amount of the sweep that will be converted is as yet uncertain.

BNES President leaves BNFL

Sue Ion