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Last Updated: Friday, 10 December, 2004, 07:46 GMT
British Energy's woes continuing
Boiler tubes at power station (British Energy)
British Energy is struggling to turn around its fortunes
Struggling nuclear power firm British Energy has seen its losses rise almost fourfold, as it continues attempts to try to turn itself around.

For the first half of its current financial year - until 30 September -its pre-tax loss was 234m ($449m) compared to 60m a year earlier.

The firm said it has been hit by a number of "unplanned outages" or production halts at its power stations.

These include stoppages for inspections at its Hartlepool and Heysham plants.

Price woes

Back in November, British Energy won an extension to a deadline for a restructuring deal aimed at ensuring its financial future.

Creditors agreed to move the deadline for the deal back to 31 March.

British Energy said, however, that the debt-for-equity swap - which will cut the stake of existing shareholders to 2.5% - should be completed in January.

In 2002, a slump in wholesale power prices pushed the company towards the brink of insolvency.




SEE ALSO:
British Energy wins scheme delay
30 Nov 04 |  Business
Higher costs hit British Energy
01 Oct 04 |  Business
Lift for British Energy debt plan
30 Sep 04 |  Business
British Energy plans challenged
03 Sep 04 |  Business
Energy firm confirms relocation
27 Aug 04 |  Scotland
British Energy warnings 'ignored'
06 Feb 04 |  Business


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