Taxpayers to cough up more for British Energy

Link: British Energy FD to step down

The company will now receive £275m of taxpayers’ money instead of £200m.

British Energy, which produces a fifth of the UK’s power, blamed the costs of Sizewell B and Heysham 1 as reasons for its cash problems.

Earlier this week bosses at British Energy claimed it was facing a short-term liquidity problem.

The department said the loan would only be available until February 2004 or until British Energy sold its interest in a US company, Amergen, whichever came first.

The loan will then be reduced back to £200m.

The department also said the money and subsequent interest would be repaid in full.

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