British Energy publishes Q3 results

2 March 2006

British Energy has published results for the third quarter ending 1 January 2006 showing adjusted profit of £377 million ($648 million) for the nine months to date and £242 million ($416 million) for the third quarter.

Results reflect the benefit of higher electricity prices and contracted winter prices in the third quarter, said BE, with an operating margin increased to £7.5/MWh ($12.9/MWh) for the first nine months, compared to £3.9/MWh ($6.7/MWh) for the first half.

Total output for the nine months was 48.7 TWh including nuclear with 43.9 TWh and coal at 4.8 TWh. This comes in above the 47.5 TWh for the nine months of the last financial year of which nuclear delivered 42.7 TWh and coal 4.8 TWh.

Realised price for power was £29.0/MWh ($49/MWh) for the nine months, compared to £25.0/MWh ($43/MWh) for the half year.

Bill Coley, British Energy chief executive said: "We continue to build on our performance for the half year, delivering good financial performance benefiting from higher electricity prices. We continue to target our investment programme to improve reliability and output and are considering an increase in planned investment for the financial year 2006-2007." However, the company did acknowledge that current performance is slightly below expectations, with nuclear output for the financial year 2006-2007 expected to be around 63 TWh compared with total output for the current financial year to 17 February 2006 of 59.4 TWh of which nuclear provided 52.9 TWh. Nuclear output was 13.3 TWh with a 64% load factor for the quarter and 43.9 TWh at a 69% load factor for the nine months. Unplanned capability loss factor increased to 19% for the quarter and 14% for the nine months.

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