British Energy, the UK’s largest electricity producer, has posted a GBP599 million profit for the last fiscal year compared to a loss of over GBP300 million for the year before.
The nuclear power based energy producer said that increased output and a 50% rise in market prices for its energy were the drivers of the dramatic turnaround. Garnering GBP32 per megawatt hour of energy produced, British Energy’s earnings for the year to the end of March were GBP846 million.
Meanwhile, near-future earnings are forecast to be even better as the company has secured supply contracts for 73% of its output at a further increased GBP43 per megawatt hour.
The company’s healthy outlook comes just 18 months after it emerged from a period of administration caused by a collapse in wholesale energy prices.
