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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts

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To: Sprintcar who wrote (25130)	1/9/2003 5:46:51 PM
From: Taki	Read Replies (1) of 25711

I am looking BGY now .43, due to January 14th general meeting.Maybe make some $$.COMTEX) B: FRIENDS OF THE EARTH: Taxpayers face GBP3 Billion bail out f B: FRIENDS OF THE EARTH: Taxpayers face GBP3 Billion bail out for British Energy Jan 09, 2003 (M2 PRESSWIRE via COMTEX) -- The Department of Trade and Industry today announced new legislation which will allow the Government to transfer the costs incurred by British Energy in dealing with nuclear waste onto the tax payer [1]. British Energy is in financial crisis and has already received a GBP650 million emergency loan from the Government. The company is holding an extraordinary general meeting on Tuesday 14th January 2003. The Government's Bill will provide "parliamentary authority for Government to incur expenditure on British Energy or on acquiring British Energy companies or their assets" [2] as well as amending the Electricity Act 1989 and repealing Part II of the Act. It will mean the taxpayer is effectively providing a GBP3 billion bailout for British Energy. Sometime, this spring, the Government is due to publish another bill to load the taxpayer with almost GBP4 billion of liabilities from British Nuclear Fuels plc, Britain's other nuclear generator. All in all, the nuclear industry will be getting a GBP7 billion subsidy [3]. Commenting, Friends of the Earth nuclear campaigner Roger Higman said: "This Bill paves the way for British Energy to fob the costs of dealing with its nuclear waste onto the tax-payer. It is a GBP3 billion back-door payment to nuclear power. It shows yet again that nuclear power is a financial as well as an environmental disaster. The sooner we join Germany, Spain, Holland, Belgium and Sweden in phasing out nuclear power the better." Notes [1] The Electricity (Miscellaneous Provisions) Bill was published on Thursday 9th January 2003. Copies of the Bill will be available from www.publications.parliament.uk/pa/pabills.htm [2] See DTI News Release (P/2003/5) www.dti.gov.uk 4th

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