British Energy sees half-yearly losses triple

0 Comments | AFP, December, 2004

LONDON (AFP) — Troubled nuclear power generator British Energy saw losses triple in the last six months, while the remainder of the year also looks "challenging", it announced.

For the half year to the end of September, losses before tax and exceptional items hit 234 million pounds (338 million euros, 447 million dollars), against a loss of 71 million pounds in the equivalent period a year earlier.

The bottom line was hit by higher pension costs and depreciation charges, as well as an inability to take advantage of increased electricity prices due to forward selling, British Energy said in a statement.

It was also affected by "unplanned outages", or production halts, at power stations, including stops for safety inspections at nuclear plants in Hartlepool...