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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.

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To: Taki who wrote (112201)	1/23/2003 8:52:41 AM
From: Taki	Read Replies (1) of 150070

BGY news.British government mulls takeover of ailing energy group B: British government mulls takeover of ailing energy group LONDON, Jan 23, 2003 (Xinhua via COMTEX) -- The British government is considering taking control of the struggling nuclear power group British Energy which has made big losses in a fiercely competitive market, the BBC quoted official sources as saying on Thursday. British Energy, which produces about a fifth of the country's electricity, last month revealed losses of 337 million pounds (518 million US dollars) before taxes in the six months to September 2002. It has been hit hard by a 40 percent decline in electricity prices since the wholesale power market was liberalized last year. Despite a huge loan from the government, the company is still facing bankruptcy. Labor MP Tom Watson told the BBC, "The government is just not going to be prepared to throw hundreds of millions of pounds ( hundreds of millions of dollars) at failed private companies, particularly when they have given so much away to shareholders over the years." "So they can't carry on the way they are with BE. They can bring it back into public ownership and find new models of ownership in months and years to come," he said. New laws are set to be rushed through the Commons next week to allow British Energy, privatized by the Conservative Thatcher government, to be taken into administration. Watson added that "it is a highly significant piece of legislation. It is the first Thatcher legacy that has been rolled back and I think a lot of Labor MPs would welcome that." British Energy is expected to share a fate similar to Railtrack -- ministers are considering converting it from a private company to a non-profit making organization like Network Rail, the successor to Railtrack. Senior ministers, meanwhile, will consider the issue at a special Cabinet sub-committee on Thursday which is drawing up a new energy white paper. It is understood that the sub-committee will announce a freeze on the building of new nuclear power stations and outline plans to increase the use of "greener" fuels to generate electricity. Copyright 2003 XINHUA NEWS AGENCY. -0-

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