British Energy shares sink as plants remain shut

[bananas]

http://business.timesonline.co.uk/tol/business/industry_sectors/industrials/article2823330.ece

November 7, 2007
British Energy shares sink as plants remain shut
The plants, which closed last month after a problem at BE's Hartlepool station, will remain shut throughout winter
Angela Jameson

British Energy shares slumped 8 per cent today as the UK's largest electricity generator confirmed that two of its nuclear reactors would remain shut for the foreseeable future.

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News that British Energy’s reactors are unlikely to be back on line quickly is likely to put pressure on gas prices, as the UK will have to import more gas to meet winter peak demand.

The company, which reports half year results next week, was unable to say how long the inspections would take but analysts have concluded that the affected plants are likely to be shut down until March at the earliest. Its shares fell to 510.5p, slightly ahead of the 500p low they hit last month.

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This winter’s problems are a grim echo of last year’s discovery of cracks in the boiler tubes at its Hinkley Point B and Hunterston B power stations. These plants are still only perating at only 60 per cent capacity and the group’s recent first quarter profits were down 40 per cent on a year ago.

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