BE sells bits

3 August 2003

British Energy (BE) has sold its 3.4% interest in General Hydrogen (GH) to Bruce Power for $4 million. GH provides energy delivery technologies, devices, systems and infrastructure for fuel cell vehicles.

The sale follows BE's decision to sell its North American assets. Last February, BE sold its 82.4% stake in Bruce Power. In British Energy's accounts for the year ending 31 March 2003, British Energy's interest in GH had zero net book value as it was expensed on purchase.

BE has also completed the sale of the majority of its remaining uranics stocks to BNFL for a cash consideration of £7.8 million, making a total amount of £58.1 million received to date. The sale of the residual stock, amounting to about £2.3 million, is expected to be completed by the end of this month.

The sale of the stocks is part of a deal whereby BNFL will provide BE with a full uranics supply service in the future.

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