"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Friday, August 17, 2007

British Energy Nuclear Fleet production down 17%, profits by 14%

British Energy have produced their Q1 2007/08 results ending 1st July.

BE once produced some 20% of the UK base electricity output - the results show an astonishing (unplanned) reduction of total output dropped 17% from 17TWh to 14TWh for the period.

Of these losses 4.5 (TWh) losses were attributable to Hinkley Point B and Hunterston B (Q1 06/07: 1.1TWh). This was due to a loss due to a combination of an actual 60% load (against "planned" 70% load resriction) late return to service and ..... "other losses on return to service" (?) of 0.5 TWh. ( that is, equivelent to the ANNUAL output of ALL UK installed windfarms)

Note also, output from coal fired plant halved (1.7TWh to 0.8 TWh) - although the realised selling price has risen 14% from £36 to £41 per MWh which has helped maintain EBITDA profits down 12% from £289 Mn to £253 Mn (netted down to £168Mn operating profit - a 40% drop ****) although that has been swallowed by increased operating costs rising from £22 to £27 per MWh.Nett sales revenue however declined from £730 Mn. to £670 Mn as total output dropped 17% from 17TWh to 14TWh for the period.

Forward contracts for 07/08 are all pre contracted at £42 MWH and some 50% of output for 08/09 at the same price.

Note that the Q1 loss of output of 4.5TWh plus (optimistically) a running Quarterly loss of (say) 2TWh = a loss of 10.5 TWh on the theoretical maximum of 78TWh = 13.5% reduction in output for the complete year. (Note on Page 9 this is very optimisticaly compared mean losses over 2000-2007)

This significant reduction in output, plus continuing concerns over plant reliability, (notwithstanding expected revisions on lengthening operating life due soon) is a major concern nationally - not that any poiticans have noticed.

The reduction in revenues and profits (despite 14% increase in price - BTW did anyone notice that the unexpected drop in the RPI was accompanied by a comment that energy prices had dropped ?) does not of course encourage investors being lined up (Centrica / Gazprom ?) to join the dodgy BE management in building new nuclear plant.

**** PR Bullshit merchants are boosting net profits up, from £75m last year to £179m - but £134m of that came from the Nuclear Liabilities Fund as a one off contribution after a government stake sale reduced payments into a fund for nuclear waste.

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