Electricity prices fuel British Energy growth

30-05-2007

Electricity prices fuel British Energy growth
Strong electricity prices helped British Energy (BE) improve its profits despite a fall in productivity, the firm said today.

Total output for the year ending March 31st 2007 reached 58.4TWh (terrawatts per hour), down from the 68.4TWh achieved in the preceding 12 months.

But despite this BE's average earnings before interest, tax, depreciation and amortisation (ebitda) rose from £0.85 billion in 2005/06 to £1.2 billion in 2006/07.

BE chief executive Bill Coley, referring to technical difficulties experienced at two of the firm's power stations, thanked his staff for efforts in helping to resolve "significant operational challenges".

"They have demonstrated great commitment and resolve through difficult times and can take great pride in returning these units to service," he said.

"There are numerous signs that our investment in people, plant and processes are delivering improvements and I believe that 2007/08 will be a far better year for the company in delivering output."

Last year Mr Coley outlined plans to develop the company's nuclear activities but the firm admitted its output in this field was "disappointing", falling from 60.4TWh to 51.2TWh.

Shares in BE fell by one per cent on early morning trading.


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