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11 April 2007 - UK utility British Energy has started legal procedures against Swiss financial services group Credit Suisse regarding the latter's stake in British Energy's Eggborough coal fired power station.
According to a report by Forbes, in 2002, British Energy gave those banks that had acquired bonds in the Eggborough facility the option to acquire the plant in 2010. The publication reported that this offer was, however, on the condition that the bonds were not transferred to another entity.
Forbes stated that, as Credit Suisse is planning to relocate its Eggborough stake into a company called Ampere, British Energy is accusing the Zurich-based group of going against its requirements. Credit Suisse is now expected to be held to account in a trial beginning on 21 May.
Concurrent to this announcement, British Energy has revealed that its output for the year ended March 2007 came in marginally ahead of market expectations, according to Reuters. The publication reported that, in this period, British Energy's nuclear output was 51.2 TWh, while its coal output was 7.2 TWh.
This amounted to a total output of 58.4TWh, which, according to Reuters, was a reduction from the 68.4TWh the previous year. This decrease was caused by repairs at British Energy's Hunterston and Hinkley nuclear power stations, but should be reversed, as the company also revealed that the maintenance has been completed on target.
According to Reuters, British Energy is now focusing on fulfilling the requirements that will allow these nuclear power plants to return to their previous output levels.
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