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House
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Answering member
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What recent discussions he has had with the TUC and the STUC in relation to the privatisation of the nuclear industry.
What recent discussions he has had with the TUC and the STUC in relation to the privatisation of the nuclear industry.
Asked by
John McAllion
(Labour)
Answered by
Richard Page
(Conservative)
Answering body
Department of Trade and Industry
Oral questions - Lead
Status
Answered
For answer on
4 December 1996
Answered on
4 December 1996
Subjects
Privatisation; Nuclear power; Scottish Nuclear; Nuclear Electric
Date
4 December 1996
Reference
286 c1038; 5800
Chamber / Committee
House of Commons chamber
House
House of Commons
1st supplementary on privatisation of nuclear industry.
1st supplementary on privatisation of nuclear industry.
Asked by
John McAllion
(Labour)
Answering body
Department of Trade and Industry
Oral questions - 1st Supplementary
Status
Answered
Answered on
4 December 1996
Subjects
Privatisation; Nuclear power; Scottish Nuclear; Nuclear Electric
Date
4 December 1996
Reference
286 c1038
Chamber / Committee
House of Commons chamber
House
House of Commons
Answered by
Richard Page
(Conservative)
Asked by
John McAllion
(Labour)
Answering body
Department of Trade and Industry
Type
Oral answers to questions
What recent discussions he has had with the TUC and the STUC in relation to the privatisation of the nuclear industry.
Subjects
Privatisation; Nuclear power; Scottish Nuclear; Nuclear Electric
Date
4 December 1996
Reference
286 c1038
Chamber / Committee
House of Commons chamber
House
House of Commons
Answered by
Richard Page
(Conservative)
Answering body
Department of Trade and Industry
Type
Oral answers to questions
Subjects
Privatisation; Nuclear power; Scottish Nuclear; Nuclear Electric
Date
4 December 1996
Reference
286 c1038
Chamber / Committee
House of Commons chamber
House
House of Commons
What were the reasons for, and the amounts of, increased spending on back-end fuel costs in years 1994-95 and 1995-96 by Nuclear Electric and BNFL. - Figures not given.
What were the reasons for, and the amounts of, increased spending on back-end fuel costs in years 1994-95 and 1995-96 by Nuclear Electric and BNFL. - Figures not given.
Asked by
Baroness Beckett
(Labour)
Answered by
Richard Page
(Conservative)
Answering body
Department of Trade and Industry
Type
Written questions
Status
Answered
For answer on
16 October 1996
Answered on
16 October 1996
Mrs. Beckett: To ask the President of the Board of Trade what were the reasons for, and the amounts of, increased spending on
back-end fuel costs in years 1994-95 and 1995-96 by Nuclear Electric and British Nuclear Fuels. [40724]
Mr. Page: Increased spending by Nuclear Electric on back-end fuel costs in 1994-95 and 1995-96 included partial payments of
outstanding moneys due to BNFL from the period between 1989 when contract negotiations began until 1995, when fixed price contracts
between Nuclear Electric and BNFL were finalised. The exact value of these payments is a commercial matter for the companies
concerned.
Subjects
British Nuclear Fuels; Nuclear fuels; Nuclear power; Nuclear Electric
Date
16 October 1996
Reference
40724; 282 c953W;282 c951W
House
House of Commons
If he will publish figures for the current balance in the de-commissioning account for each of the nuclear companies due to be privatised; and where, in each case, this fund is held. - This information is included in the audited financial statements of Nuclear Electric Ltd and Scottish Nuclear Ltd...
If he will publish figures for the current balance in the de-commissioning account for each of the nuclear companies due to be privatised; and where, in each case, this fund is held. - This information is included in the audited financial statements of Nuclear Electric Ltd and Scottish Nuclear Ltd...
Asked by
Brian Wilson
(Labour)
Answered by
Tim Eggar
(Conservative)
Answering body
Department of Trade and Industry
Type
Written questions
Status
Answered
For answer on
3 July 1996
Answered on
3 July 1996
Subjects
Decommissioning; Finance; Privatisation; Scottish Nuclear; Nuclear Electric
Date
3 July 1996
Reference
35578; 280 c458W
House
House of Commons
What proposals he has to underwrite future contributions by British Energy to its segregated fund in circumstances where (a) British Energy could not meet the payment and (b) British Energy became insolvent.
What proposals he has to underwrite future contributions by British Energy to its segregated fund in circumstances where (a) British Energy could not meet the payment and (b) British Energy became insolvent.
Asked by
Baroness Beckett
(Labour)
Answered by
Lord Lang of Monkton
(Conservative)
Answering body
Department of Trade and Industry
Type
Written questions
Status
Answered
For answer on
22 May 1996
Answered on
22 May 1996
Mrs. Beckett: To ask the President of the Board of Trade what proposals he has to underwrite future contributions by British Energy
to its segregated fund in circumstances where (a) British Energy could not meet the payment and (b) British Energy became
insolvent.[30344]
Mr. Lang: The agreements contain cross and parent company guarantees which make Nuclear Electric Ltd. and Scottish Nuclear
responsible for each others' obligations and require British Energy to act as guarantor.
Subjects
British Energy; Finance; Scottish Nuclear; Nuclear Electric
Date
22 May 1996
Reference
30344; 278 c267W
House
House of Commons
Undertaking between Her Majestys Secretary of State for Trade and Industry and Nuclear Electric plc. DTI. 1996.
Undertaking between Her Majestys Secretary of State for Trade and Industry and Nuclear Electric plc. DTI. 1996.
Deposited by
Department of Trade and Industry
Type
Deposited papers
Author
Department of Trade and Industry
Committed on
13 May 1996
Originated on
31 March 1996
Received on
13 May 1996
Subjects
British Energy; Electricity generation; Nuclear power; Government guaranteed credit; Nuclear Electric; Magnox Electric
Commons Library location
Dep/3 3334
Lords Library location
HINF 96/709
Date
13 May 1996
Reference
Dep/3 3334
House
House of Commons
Statement on the financial position of British Energy, and on the financial and commercial position of Magnox Electric, following the restructuring of Nuclear Electric on 31st March.(in library as DEP/3 3334).
Statement on the financial position of British Energy, and on the financial and commercial position of Magnox Electric, following the restructuring of Nuclear Electric on 31st March.(in library as DEP/3 3334).
Asked by
John Whittingdale
(Conservative)
Answered by
Tim Eggar
(Conservative)
Answering body
Department of Trade and Industry
Type
Written questions
Status
Answered
For answer on
10 May 1996
Answered on
10 May 1996
Mr. Whittingdale: To ask the President of the Board of Trade if he will make a statement on the financial position of British
Energy, and on the financial and commercial position of Magnox Electric, following the restructuring of Nuclear Electric on 31
March.[29058]
Mr. Eggar: On 31 March 1996, Nuclear Electric plc and Scottish Nuclear Ltd. were restructured to form one group of companies which
owns the advanced gas-cooled reactor/pressurised water reactor stations and their associated assets and liabilities--British Energy
plc and its subsidiaries Nuclear Electric Ltd. and Scottish Nuclear Ltd. (British Energy) and one company which owns the magnox
stations and their associated assets and liabilities--Nuclear Electric plc, which was renamed Magnox Electric plc ("Magnox") on 1
April 1996.
In due course, British Energy and Magnox will be publishing their financial statements for the period ended 31 March 1996. These
will give details of the companies' financial results for the period and of their financial positions at that date. In addition, the
prospectus for the sale of British Energy will give further information on its activities.
The companies intend to use a 3 per cent. real discount rate when calculating their nuclear liabilities for inclusion in their
financial statements. A rate of 2 per cent. real was used in previous years. The change is consistent with recent United Kingdom
accounting proposals and has been approved by the auditors of both companies. British Energy will be taking into the private sector
the liabilities associated with its assets, including--using a 3 per cent. real discount rate--nuclear liabilities of approximately
£3.7 billion for past use of fuel and for decommissioning. In addition, British Energy will owe debt, and has inherited a debt due
from Scottish Nuclear Ltd. to the Government which will be repaid before privatisation.
Whenever financial statements are produced the directors must consider the carrying value of the company's fixed assets as recorded
in the accounting records. The Companies Act 1985 requires fixed assets as recorded int he accounting records. The Companies Act
1985 requires fixed assets to be written down if there has been a permanent diminution in value. This is a technical accounting
matter and is purely an entry in the books of account. No cash changes hands as a result of such a write-down. It will have no
effect on the cash generated by the stations nor will it reduce the proceeds of sale-- the company is expected to be valued by
investors on the basis of its dividends and cash flow.
Asset write-downs by British Energy are a matter for the board of directors and the company's auditors. The board has informed me,
ahead of the publication of its annual financial statements, of its provisional decision to write down the carrying value of their
fixed assets. As a result, the fixed assets will stand in the balance sheet of British Energy at approximately £5 billion. There are
two main elements in the change.
First, a decision was taken not to build any new UK nuclear power stations at present and accordingly the directors of Nuclear
Electric plc decided to write-off, in the accounting records, the first-of-a-kind costs of about £0.8 billion, incurred in building
the UK's first PWR reactor, Sizewell B. This accounting write-off has been agreed with the company's auditors.
In addition, British Energy's directors' view of the long term economic value of the stations differs from the views adopted when
the 31 March 1995 accounts were finalised: in particular, the planned reduction in levels of payments under the primary nuclear
contract and the ending of the nuclear energy agreement premium following privatisation; and lower than previous expectations of
future electricity pool prices. I understand that, having considered these factors, the board of British Energy has concluded, with
the agreement of its auditors, that there has been a permanent diminution in the value of certain nuclear fixed assets of about £1.2
billion. It will, therefore, as required by the Companies Act 1985, reduce the carrying value of the fixed assets in its accounting
records.
In return for the disposal of the assets and liabilities related to the AGR/PWR stations in England and Wales, and the assumption of
assets and liabilities related to the Hunterston A magnox station in Scotland, Magnox has received a financial undertaking from the
Government. No payments are to be made under the undertaking before Magnox exhausts its other sources of funding, including cash and
investments currently held--£3.0 billion at 31 March 1996--income from electricity generation, and outstanding fossil fuel levy
income that is due. In recent years the nuclear generators have made significant improvements in their understanding and control of
decommissioning costs and other nuclear liabilities; and the active management of Magnox Electric's costs and integration with BNFL
should allow it to reduce its liabilities even further. Payments will be made under the undertaking only to the extent they are
needed to enable Magnox to meet its financial obligations, including reprocessing, waste management and decommissioning costs, as
those obligations fall due. The face value of the undertaking is initially capped at £3.8 billion at 31 March 1996. I have placed a
copy of the undertaking in the Library of each House. Assurances on financial obligations given to Nuclear Electric plc in March
1990 by the then Secretary of State for Energy will remain in force for Magnox.
The Government are keen to secure the advantages of integrating Magnox into BNFL and will proceed with the process of integration
after the privatisation of British Energy. Consultation with the Health and Safety Executive, Environment agencies, and others over
the integration will begin in due course. In addition, the Government plan to free Magnox from some of the restrictions on
contracting originally placed on Nuclear Electric plc--in particular the requirement to offer electricity sale contracts by open
tender. The Government intend that Magnox should be required to act in a commercial manner, and that it should be a full competitor
in the electricity market.
Subjects
Accountancy; Company accounts; British Energy; Finance; Nuclear power; Scottish Nuclear; Nuclear Electric; Magnox Electric
Date
10 May 1996
Reference
29058; 277 c294-6W
House
House of Commons
Type
Unprinted command papers
Author
Department of Trade and Industry
Laid on
3 April 1996
Subjects
Scottish Nuclear; Nuclear Electric
Commons Library location
UC 21 1995/96
Date
3 April 1996
House
House of Commons
Nuclear privatisation. Eighth opposition day debate (first part). Motion negatived on division (261 to 293). Amendment agreed to on question.
Nuclear privatisation. Eighth opposition day debate (first part). Motion negatived on division (261 to 293). Amendment agreed to on question.
Lead member
Baroness Beckett
Answering member
Tim Eggar
Department
Department of Trade and Industry
Type
Opposition days
Subjects
British Energy; Privatisation; Nuclear power; Nuclear power stations; Safety; Sizewell B power station; Scottish Nuclear; Nuclear reactors; Nuclear Electric
Date
26 March 1996
Reference
274 c838-90
Chamber / Committee
House of Commons chamber
House
House of Commons
What has been the net subsidy to the nuclear generation industry from the Exchequer in 1995 prices in each year since 1966 to the proposed privatisation date of British Energy. - Inc tables for 1990-95.
What has been the net subsidy to the nuclear generation industry from the Exchequer in 1995 prices in each year since 1966 to the proposed privatisation date of British Energy. - Inc tables for 1990-95.
Asked by
John Battle
(Labour)
Answered by
Michael Jack
(Conservative)
Answering body
Treasury
Type
Written questions
Status
Answered
For answer on
29 February 1996
Answered on
29 February 1996
Subjects
External financing limits; Government assistance; Nuclear power; Subsidies; Scottish Nuclear; Nuclear Electric
Date
29 February 1996
Reference
12474; 272 c670W;272 c650W
House
House of Commons
Pursuant to 270 c511W, if he will provide detail s of the outstanding monies that the fossil fuel levy will recover after privatisation of Nuclear Electric; and how they will be paid to British Energy.
Pursuant to 270 c511W, if he will provide detail s of the outstanding monies that the fossil fuel levy will recover after privatisation of Nuclear Electric; and how they will be paid to British Energy.
Asked by
Baroness Beckett
(Labour)
Answered by
Lord Lang of Monkton
(Conservative)
Answering body
Department of Trade and Industry
Type
Written questions
Status
Answered
For answer on
29 February 1996
Answered on
29 February 1996
Subjects
Fossil fuel levy; Privatisation; Nuclear Electric; Magnox Electric
Date
29 February 1996
Reference
17834; 272 c676W;272 c656W
House
House of Commons
If he will comment on the future ownership of Lambeeth Farm, Hundleton, Pembrokeshire following his announcement of the privatisation of Nuclear Electric.
If he will comment on the future ownership of Lambeeth Farm, Hundleton, Pembrokeshire following his announcement of the privatisation of Nuclear Electric.
Asked by
Nick Ainger
(Labour)
Answered by
Tim Eggar
(Conservative)
Answering body
Department of Trade and Industry
Type
Written questions
Status
Answered
For answer on
19 February 1996
Answered on
19 February 1996
Subjects
Farms; Privatisation; Nuclear Electric
Date
19 February 1996
Reference
15773; 272 c45W;272 c31W
House
House of Commons
Type
Select Committee reports; House of Commons papers;
Parliamentary committees
Committee
Trade and Industry Committee
Notes
Received 21.02.96
Subjects
University of Cambridge; Decommissioning; British Nuclear Fuels; British Energy; Competition; Department of Trade and Industry; Electricity; Privatisation; Nuclear power; Office of Electricity Regulation; Waste disposal; Treasury; Department of the Environment; Greenpeace; Scottish Nuclear; Confederation of British Industry; Chemical Industries Association; Research; Safety; Friends of the Earth; Utilities; James Capel; Major Energy Users' Council; Nuclear Free Zone Local Authorities National Steering Committee; Magnox reactors; Nuclear Electric; Energy Intensive Users Group; Institution of Electrical Engineers; Institution of Professionals, Managers and Specialists; Northumberland; Association of Electricity Producers; Consortium of Opposing Local Authorities; Electricity Association; Killick, RJ
Commons Library location
CS 340;Research Sc 621.48,P
Date
14 February 1996
Reference
HC 43 1995/96
House
House of Commons
Answered by
Richard Page
(Conservative)
Answering body
Department of Trade and Industry
Type
Oral answers to questions
Subjects
Land; Sales; Nuclear Electric; Northumberland
Date
14 February 1996
Reference
271 c1000
Chamber / Committee
House of Commons chamber
House
House of Commons
1st supplementary on same.
1st supplementary on same.
Asked by
Lord Beith
(Liberal Democrat)
Answering body
Department of Trade and Industry
Oral questions - 1st Supplementary
Status
Answered
Answered on
14 February 1996
Subjects
Land; Sales; Nuclear Electric; Northumberland
Date
14 February 1996
Reference
271 c1000
Chamber / Committee
House of Commons chamber
House
House of Commons
If land at Druridge bay, Northumberland, owned by Nuclear Electric is to be released for sale. -
If land at Druridge bay, Northumberland, owned by Nuclear Electric is to be released for sale. -
Asked by
Lord Beith
(Liberal Democrat)
Answered by
Richard Page
(Conservative)
Answering body
Department of Trade and Industry
Oral questions - Lead
Status
Answered
For answer on
14 February 1996
Answered on
14 February 1996
Subjects
Land; Sales; Nuclear Electric; Northumberland
Date
14 February 1996
Reference
13511; 271 c1000
Chamber / Committee
House of Commons chamber
House
House of Commons
Answered by
Richard Page
(Conservative)
Asked by
Lord Beith
(Liberal Democrat)
Answering body
Department of Trade and Industry
Type
Oral answers to questions
If land at Druridge bay, Northumberland, owned by Nuclear Electric is to be released for sale. -
Subjects
Land; Sales; Nuclear Electric; Northumberland
Date
14 February 1996
Reference
271 c1000
Chamber / Committee
House of Commons chamber
House
House of Commons
What was the workforce of Nuclear Electric in each year since 1990; and what assessment his Department has made of efficiency savings that are possible without compromising safety. - (Holding answer 2 February 1996).
What was the workforce of Nuclear Electric in each year since 1990; and what assessment his Department has made of efficiency savings that are possible without compromising safety. - (Holding answer 2 February 1996).
Asked by
Baroness Beckett
(Labour)
Answered by
Lord Lang of Monkton
(Conservative)
Answering body
Department of Trade and Industry
Type
Written questions
Status
Answered
For answer on
6 February 1996
Answered on
6 February 1996
Subjects
British Energy; Privatisation; Nuclear power; Staff; Safety; Nuclear Electric
Date
6 February 1996
Reference
13291; 271 c148W
House
House of Commons