Creditor held British Energy has reported a return to modest profit in its first quarter of the fiscal year thanks to high energy prices.
A profit of GBP45 million in the opening three months if the financial year represents the embattled energy provider’s first periodical declaration in the black since it was forced to go through a major restructuring in January, which resulted in 85% of the company being placed in the hands of creditors.
In a statement the company, the largest power producer in the UK, said that high prices for its energy were the driving factor to the attainment of profits. During the first quarter British Energy sold its power at a rate of GBP24.70 per megawatt hour, a 37% premium on levels for the previous year. Output for the quarter was also slightly up on 2004.
Currently British Energy, which operates eight nuclear power stations and one coal-fired power station in the UK, is selling at an average of GBP31.80 per megawatt hour and has already sold 85% of its planned output for the full fiscal year.