British Energy Canadian asset sale close

16 December 2002 – Reports in UK newspapers over the weekend suggest that British Energy will complete the sale of its interests Bruce Power nuclear facilities in Canada early this week for a reported £300m($477m).

The sale is one of the requirements imposed by the British government when it last month extended its loan facility to keep the ailing nuclear power generator afloat. The Canadian nuclear watchdog has also called for a quick sale to ensure stability of supply.

British Energy, which owns 82 per cent of Bruce Power, was reported to be making “good progress” in talks which are expected to result in a group of Canadian companies assuming control. British Energy said a month ago it was in talks with uranium producer Cameco Corp, which already holds a 15 per cent stake in Bruce Power.

The Sunday Times reported that a consortium including the Toronto bank Borealis Capital and TransCanada pipelines were interested.

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