UK state-owned nuclear firm in record loss - report
Date: 16-Jul-02
Country: UK
A huge increase in the cost of decommissioning old nuclear plants and storing radioactive waste was the main reason behind the loss, according to reports in the Observer and Sunday Telegraph newspapers.
Earlier this month, the British government - which has said it would like to privatise BNFL - launched a new body to take on the liabilities related to the firm, which have swelled to almost 50 billion pounds.
Energy minister Brian Wilson published a policy paper to create an authority which would manage the costs of decommissioning and demolishing ageing nuclear plants, along with storing and disposing of nuclear waste.
Industry experts viewed the creation of this new body as a first step towards selling off BNFL. Nuclear power accounts for about a quarter of Britain's power, analysts say.
A BNFL spokesman said the firm would report annual results on Tuesday but declined to comment further.