UK power provider British Energy has maintained its strong recovery by increasing profits by a further 145% in the first three months of the financial year.
It was only a couple of years ago that the nuclear generating specialist was teetering on the edge of oblivion as high running costs and lower energy prices left it running at a loss.
However, the remarkable turnaround at British Energy has received its latest boost with the news that first quarter earnings before considerations reached GBP289 million, a staggering 145% increase on a comparable income of GBP118 million the year before.
British Energy’s turnaround has been sparked by a dramatic upturn in electricity prices and has been underpinned by the company’s relative lack of exposure to the inflationary wholesale gas market.
The firm, which is the UK’s biggest power generator, produces around 9,500MW of its total capacity of approximately 12,000MW from nuclear energy.
British Energy said the price per megawatt hour for its power increased by GBP11.2 compared to the previous year.