commiss decis septemb state aid unit kingdom plan implement british energi plc notifi document number english text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis cite regard comment procedur septemb unit kingdom uk govern put place rescu aid packag uk electr compani british energi plc commiss decis rais object case novemb decis uk author march submit restructur liquid plan demonstr aid repaid march uk author notifi restructur plan commiss submiss uk govern regist state aid case number nn restructur measur possibl aid enter forc inform submit march meet repres commiss uk author place march commiss uk author request inform april uk author repli letter date juli commiss inform unit kingdom decid initi procedur laid articl ec treati respect aid commiss decis initi procedur publish offici journal european union commiss call interest parti submit comment uk author provid commiss comment open procedur letter date august regist commiss dai commiss receiv comment interest parti forward unit kingdom opportun react comment receiv letter date octob regist commiss octob commiss met unit kingdom author octob meet unit kingdom submit inform letter date novemb regist novemb meet place novemb commiss request inform unit kingdom decemb unit kingdom repli decemb meet place februari unit kingdom submit inform februari inform submit unit kingdom march meet place march commiss request april unit kingdom repli meet place june inform submit juli meet held juli unit kingdom submit inform august ii detail descript aid beneficiari aid british energi plc group electr gener privatis uk author special share held uk author princip uk subsidiari wholli own privat investor time privatis primari compon busi nuclear power station england nuclear power station scotland continu oper station total regist capac mw mw england wale mw scotland privat sector own oper nuclear power station uk suppli electr wholesal market larg industri commerci amp custom retail privatis enter joint ventur usa call amergen purchas oper nuclear gener plant acquir interest leas bruce power lp ontario canada unit kingdom acquir retail suppli busi south wale electr subsequ sold mw eggborough coal fire station greater flexibl measur secur outag nuclear plant uk nuclear station advanc ga cool reactor agr design technolog uniqu uk eighth sizewel pressuris water reactor pwr design technolog wide adopt internation princip uk subsidiari british energi gener beg own oper nuclear power station england hold suppli licenc direct suppli busi british energi gener uk beguk own oper nuclear power station scotland eggborough power hold epl own oper eggborough coal fire power station england british energi power amp energi trade bepet sell output relat direct suppli busi manag market risk recent develop consequ substanti fall electr price market oper coupl lack hedg unplan power station outag revenu gener power station decreas markedli high proport avoid cost cost structur nuclear power station opportun respond lower price reduc cost price fall gbp mwh occur year preced equival annual reduct incom gbp million annum output twh output power station financi year electr trade contract direct sale busi suffici mitig effect price fall incom result factor cash posit deterior significantli summer cash balanc reduc gbp million begin april gbp million end august declin acceler end june addit signific reduct cash balanc anticip substanti cash outflow period septemb march outflow includ payment british nuclear fuel limit bnfl spent fuel manag contract signific capit expenditur bruce power facil canada repay tranch bond due march septemb light fail bond offer summer concern abil access undrawn bank facil board receiv legal advic compani draw credit facil director posit state believ compani repai credit facil draw equival trade reason prospect avoid insolv liquid led seek financi support uk author order avoid insolv proceed financi support approv rescu aid commiss decis novemb decis refer undertak uk govern notifi liquid restructur plan proof facil reimburs full guarante termin commiss month rescu aid authoris march uk govern notifi restructur plan commiss restructur plan origin difficulti uk govern identifi origin difficulti unhedg posit unlik larg privat sector gener compani retail custom busi natur hedg wholesal electr price risk sell electr primarili wholesal market small share larg industri commerci amp consum posit market retail suppli larg amp consum provid hedg fall wholesal price market fulli open competit competit price sensit consum price market fallen larg pass directli custom increas retail margin offset effect fall wholesal price high proport avoid cost cost structur nuclear plant characteris high avoid cost low avoid cost avoid cost uniqu nuclear power station firstli nuclear decommiss liabil unrel output respect time base time station closur spent fuel manag cost cost reprocess storag final dispos spent fuel avoid fuel load reactor hand avoid cost nuclear plant plant system includ baseload power station fall market price led larg reduct margin earn avoid cost fund meet high avoid cost financ cost nuclear liabil aris past action greatli reduc led difficulti meet payment creditor requir financi restructur busi addit long term avoid cost aris nuclear liabil suffer high shorter term avoid cost form financ expens increas result return capit sharehold eggborough north american acquisit cost power purchas agreement signific unplan outag nuclear station loss incom drop electr wholesal price exacerb signific unplan outag tor dung station august announc unplan outag tor target nuclear output unit kingdom reduc twh twh twh restructur measur restructur packag consist measur agre major creditor includ publicli own nuclear fuel process compani bnfl uk govern measur measur link fund nuclear liabil measur measur fuel cycl agre bnfl measur standstil measur measur signific creditor restructur packag measur introduct trade strategi measur asset dispos financ restructur measur local tax deferr measur detail recit measur measur link fund nuclear liabil nuclear liabil nuclear liabil aris primarili reprocess store ultim dispos spent nuclear fuel back end liabil decommiss nuclear power station end commerci live decommiss liabil back end liabil contract provis spent fuel manag servic bnfl contract liabil contract liabil repres amount contractu liabl pai bnfl futur reprocess storag agr spent fuel servic connect manag spent fuel contract cover reprocess storag spent fuel wast product fuel agr station contract primarili fix price technic risk storag reprocess spent nuclear fuel resid bnfl titl spent fuel wast remain life contract back end liabil spent fuel contract servic exist uuncontract liabil uncontract liabil princip relat final dispos spent fuel plutonium uranium wast aris reprocess agr fuel storag final dispos spent pwr fuel includ construct dry store sizewel storag dispos oper wast decommiss liabil relat cost defuel decontamin dismantl nuclear power station station ceas gener electr decommiss stage stage defuel reactor shortli station closur remov fuel power station stage dismantl redund ancillari build make reactor complex secur weather proof maintain monitor long period stage dismantl reactor site reus year end gener agr station year pwr station arrang put place fund nuclear liabil time privatis separ fund nuclear decommiss fund quot ndf quot establish form compani limit share own independ trust purpos accumul segreg fund appli discharg part decommiss liabil fund nuclear liabil expect met oper cash flow ongo busi consequ fall revenu exist arrang suffici fund nuclear liabil uk govern includ restructur plan number instrument order financi respons part nuclear liabil fund instrument establish arrang contribut fund cost nuclear liabil manag nuclear liabil creation fund restructur plan exist ndf enlarg supplement fund nuclear liabil fund nlf nlf intend compani limit share own independ trust nlf intend meet cost uncontract liabil decommiss liabil agr fuel load reactor prior date condit preced restructur fulfil includ commiss decis restructur plan restructur effect date pwr fuel storag dispos oper wast power station stage decommiss liabil stage decommiss liabil extent accru ndf insuffici meet stage decommiss liabil payment fall due restructur put place contribut nlf pai fix decommiss contribut gbp million annum index retail price index rpi taper station close gbp index rpi tonn pwr fuel load sizewel reactor date condit preced restructur effect date uk author gbp tonn compar intern cost spent fuel manag gbp million bond nfl bond high rank unsecur payment initi amount consolid net cash flow tax financ cost fund cash reserv quot nlf payment quot payment hereund quot cash sweep quot truste nlf time time convert part nlf payment number share long share held nlf vote extent carri vote right percentag cash flow nlf payment base adjust time time fair reason basi sharehold benefit retain cash flow proce subscript share nlf sharehold advers affect demerg issu secur sharehold corpor action payment fix contribut gbp million annum index taper station close nlf ndf decommiss liabil acceler net present basi discount discount rate nlf ndf case immedi due payabl event insolv beg beguk acceler payment guarante princip compani group secur charg asset truste nlf role duti manag fund invest make payment qualifi expenditur includ assess benefici nlf defer nlf payment convert nlf payment equiti truste nlf power review liabil fund requir set contribut aid uk govern relat fund nuclear liabil uk govern measur relat fund nuclear liabil assumpt respons liabil histor spent fuel contract uk govern undertak assum respons liabil contract bnfl histor spent fuel contract reprocess storag agr spent fuel load reactor restructur effect date ii servic relat flask mainten oxid manag rail transport exist contract bnfl undertak cover payment fuel load agr restructur effect date cost continu born contract result commerci negoti bnfl cover payment respect pwr fuel pwr reprocess bnfl manag directli matter fact store undertak cover shortfal nlf fund stage decommiss liabil uncontract liabil uk govern undertak cover shortfal fund nlf stage decommiss liabil uncontract liabil includ cost build sizewel dry store ultim fuel dispos undertak cover shortfal nlf fund stage decommiss liabil uk govern undertak cover shortfal fund nlf relat stage decommiss specif tax disregard aforement undertak uk govern account asset balanc sheet credit profit loss account normal circumst undertak taxabl uk govern requir uk govern quot gross quot level aid provid restructur process amount tax aris grant undertak order ensur solvent post restructur order avoid uk author process introduc specif tax disregard legisl electr bill tax disregard legisl taxabl receipt approxim gbp million aris uk govern tax disregard legisl draft manner aim ensur asymmetr tax relief futur subsequ increas undertak due price revaloris taxabl match tax relief receiv extra expens record profit loss account tabl valuat uk author instrument aid estim subject consider uncertainti cost nuclear liabil reliev contribut cost highli uncertain discharg liabil occur extrem long time period expect begin dismantl agr year station ceas gener spent fuel manag continu indefinit addit task includ decommiss agr date direct experi estim aid chang notif main reason increas return cash sweep due improv forecast perform impact inflat updat amount due undertak histor spent fuel contract increas volum histor agr spent fuel due restructur effect date increas asset held nuclear gener decommiss fund reflect latest market gbp million origin submiss current project npv discount nomin total futur cash payment undiscount npv discount nomin total futur cash payment undiscount undertak histor spent fuel contract undertak uncontract liabil undertak decommiss liabil amount contribut nlf net amount payabl secretari state tax disregard total measur measur fuel cycl agre british nuclear fuel limit bnfl bnfl nuclear fuel agr reactor process store fuel spent part restructur plan bnfl largest singl creditor agre modifi contract fuel suppli process spent fuel measur fuel suppli front end contract pre restructur fuel suppli agreement bnfl date beg beguk suppos continu forc march intent renegoti extend contract date respect beg option extend respect beguk charg suppli fuel compris annual fix charg addit variabl charg fuel element deliv charg defin subject adjust accord inflat index renegoti fuel suppli term effect april addenda prior agreement term form basi lifetim agreement agr fuel suppli march effect april condit fix annual payment prior agreement reduc gbp million year discount link baseload electr price subject cap gbp million price subject rpi index price remain prior contract respect fuel suppli april subject agr station remain open fix charg payabl gbp million discount variabl charg exist contract equival gbp tonn uranium price juli monei valu index accord rpi period fewer power station remain open price set basi recommend joint bnfl team studi end life optimis programm bnfl fuel fabric plant measur spent fuel back end contract legal predecessor beg beguk nuclear electr scottish nuclear enter long term contract bnfl storag reprocess irradi agr fuel relat servic beguk scottish nuclear enter contract long term storag agr fuel aris excess quantiti contract reprocess beg sign contract spent fuel manag servic dealt lifetim aris irradi agr fuel excess deliv contract beg reactor contract refer refer hereund quot exist spent fuel manag agreement quot provid servic depend categori wast exist spent fuel agreement retain titl spent fuel eventu beg beguk requir receiv bnfl store vitrifi high level wast spent fuel intermedi level wast reprocess uranium plutonium fulfil respons dispos thereof price agreement essenti fix subject adjust inflat case storag reprocess commit base tonnag fuel deliv price initi contract incorpor amount respect decommiss thorp thermal oxid reprocess plant sellafield agr fuel reprocess natur servic provid bnfl commit make continu payment respect fuel deliv termin contract respect undeliv fuel payment stream storag reprocess contract fix run complet contract payment made monthli payment stream contract base time tonnag fuel deliveri bnfl fix payment correspond lump sum paid fix schedul renegoti spent fuel manag agreement hereund spent fuel manag agreement appli differ depend manag fuel load prior restructur effect date signific revis fuel load prior restructur effect date payment schedul foreshorten net present futur payment comput uk public sector discount rate unchang contract termin claus modifi insolv restructur contract termin recours uk author case continu manag fuel bnfl site sellafield uk govern nlf enter contractu arrang bnfl successor compani event uk author expect arrang base review relev circumst time includ exist contractu term signific revis fuel load restructur effect date titl spent fuel pass bnfl time take risk manag spent fuel deliveri spent fuel bnfl point liabil respect payment spent fuel servic payabl relat time load unirradi fuel reactor stage deliveri spent fuel bnfl base load plan annual reconcili base price spent fuel gbp tonn uranium payabl load unirradi fuel price index rpi year upward adjust made formula base amount electr gener agr power station baseload electr england wale offer protect fluctuat price electr base price spent fuel manag approxim gbp mwh upward adjust fuel suppli reprocess measur impact tabl show effect bnfl fuel suppli contract estim uk author scenario evolut electr market gbp million comput fuel suppli save year march bank case upsid case downsid case bank case upsid case downsid case bank case upsid case downsid case uk author submit give precis estim save difficult pre restructur fuel suppli contract plan end estim benefit account benefit bnfl prolong contract end plant lifetim reflect contract price bear mind uncertainti uk author intern estim cost save lifetim plant gbp million undiscount gbp million discount real rate tabl show effect bnfl agr spent fuel contract estim uk author scenario net present comput uk public sector discount rate real tabl address impact price contract fuel load restructur effect date impact contract fuel load prior restructur effect date difficult quantifi materialis event insolv benefit transfer titl spent fuel liabil attach bnfl difficult estim uk author uk author submit subject estim benefit transfer titl gbp million undiscount gbp million discount nomin benefit includ tabl gbp million npv undiscount total payment bank case bank case upsid case downsid case bank case upsid case downsid case measur uran origin compani beg beguk acquir uran transfer bnfl product fabric nuclear fuel agr plant compani beguk transfer uran procur contract bnfl pre exist contract long term event suffici small quantiti materi requir beguk chang gave bnfl limit base develop uran procur suppli busi unit part renegoti bnfl contract futur suppli fabric nuclear fuel bnfl agre beg transfer uran procur contract bnfl respons make futur arrang procur uran nuclear fuel beg agr plant time bnfl purchas beg uran stock estim book gbp million measur standstil measur part restructur plan reach agreement standstil agreement relat standstil subject condit payment due bnfl number signific financi creditor signific creditor compris holder major sterl bond issu bondhold eggborough bank syndic includ royal bank scotland letter credit provid rb bank lender counter parti monei power purchas agreement ppa contract differ teasid power limit tpl total fina elf tfe enron hereund collect ppa counterparti standstil agreement standstil period commenc februari end earliest septemb occurr termin event complet restructur period bnfl signific creditor agre step initi insolv proceed demand acceler amount due payabl bnfl signific creditor oblig standstil agreement recit standstil oblig standstil agreement interest continu paid bondhold eggborough bank accord exist arrang interest annum paid rb respect letter credit amount gbp million ppa counterparti claim amount rb gbp million tpl gbp million tfe gbp million enron gbp million epl paid amount attribut oper cost capit expenditur continu purchas power tpl fix price level base current forward price curv electr complet restructur interest accru bnfl respect amount ow exist spent fuel manag agreement april waiv restructur take place amount accru exist spent fuel manag agreement respect fuel load prior restructur effect date frozen extent exce amount payabl spent fuel manag agreement effect april waiv restructur take place bnfl signific creditor standstil oblig standstil agreement novemb march bnfl freez payment due exist spent fuel manag agreement april bnfl stand differ payment due exist spent fuel manag agreement bondhold stand princip due bond eggborough bank stand princip repay payment due capac toll agreement cta includ continu oblig rb stand amount respect rb counter indemn composit guarante letter credit ppa counterparti stand amount aris ppa includ continu oblig oblig signific creditor agreement standstil payment ceas appli occur signific creditor notic termin default payment defer amount due signific creditor continu busi dai wind administr petit order made respect subsidiari uk govern make written demand repay credit facil agreement replac facil commerci bank guarante uk govern relat counter indemn subsidiari favour uk govern requisit approv obtain eggborough credit facil agent rb tpl bank syndic enron document issu subsidiari distribut signific creditor head term agre signific creditor standstil impact tabl set level cash save standstil agreement uk author restructur effect date march gbp million year end march year end march bnfl bondhold eggborough bank tpl tfe enron vat impact interest impact standstil impact cumul cash measur signific creditor restructur packag addit standstil agreement restructur plan claim signific creditor restructur reschedul februari reach bind agreement signific creditor compromis alloc claim liabil signific creditor compromis reflect unaudit financi statement month septemb bondhold gbp million bank lender gbp million ppa counterparti gbp million head term claim amount relat ppa set gbp million purpos restructur packag liabil restructur reschedul gbp million bond issu bondhold bank lender rb tpl tfe enron revis cta enter eggborough bank financi return bank equival gbp million bond ordinari share issu bondhold bank lender rb tpl tfe enron measur introduct trade strategi revis trade strategi seek reduc exposur output price risk revis constitut element restructur packag enhanc financi robust background largest electr gener unit kingdom contribut uk power gener electr gener portfolio consist nuclear gener capac coal fire gener capac capabl produc approxim twh annum trade arm bepet respons sell output gener portfolio manag exposur electr market price fluctuat maximis sale price achiev rel market gener capac nuclear kei focu bepet sale continu product coal fire eggborough plant import element trade portfolio offer output flexibl accommod chang custom demand level valuabl quot insur quot event nuclear outag offer flexibl relat purpos larg amp custom part wholesal trade order manag exposur market price whilst maximis sale price achiev rel market bepet sell output forward time electr produc bepet common gener seek sold gener avoid exposur typic volatil price balanc mechan sell ahead compani ensur futur output volum sold prevail price time case price futur output fix bepet number rout sell gener sell total gener direct suppli busi dsb dsb grown organ repres kei element busi strategi retail market posit account small part gener output rel signific gener great britain growth market driven goal diversifi deliveri channel gener output goal respect retail market achiev gross margin approxim direct sale reflect competit natur market reason financi difficulti face septemb includ substanti monei power purchas agreement contract differ enter part earlier trade corpor activ includ compromis agreement signific creditor reach part restructur packag contract tfe compar todai prevail market price exercis price contract high agreement struck time price averag higher case agreement substanti monei claim amount due tfe gbp million relat swap contract enron date april financi settl instrument base differ peak peak pool price contract enter prior acquisit eggborough intend hedg vari shape grow amp consum busi claim amount due enron recognis respect monei ppa restructur packag gbp million concern agreement inherit acquisit swalec tpl contract origin sign june contract substanti monei claim amount due tpl recognis respect ppa restructur packag gbp million trade strategi part restructur packag determin secur medium term fix price sale output uk govern implement strategi reduc volatil cash flow reinforc longer term financi viabil compani strategi fix price forward sale output result compani pre sell higher portion output year fix price bepet fix greater proport futur gener kei object trade strategi limit price risk secur fix price contract ii maintain viabl sale channel signific gener volum iii provid addit cash maintain adequ financi reserv strategi articul earli decemb succeed sell extend addit twh dsb sale renew annual contract extens multi year agreement march negoti number wholesal counterparti subject structur trade februari signific contract sign british ga trade limit sale approxim twh annum april half fix price contract bnfl provid element electr price hedg due variabl price link electr price paid agr fuel suppli agr spent fuel manag servic current market price agreement bnfl provid partial hedg approxim agr output approx twh propos focu object medium term strategi ensur nuclear plant oper world safeti perform level enhanc safeti improv product competit reduc exposur wholesal electr price unit kingdom whilst continu maintain reliabl rout market achiev mixtur contract term access flexibl gener eggborough dsb focus primarili amp consum sector develop profit renew busi support competit dsb continu commit support eu sponsor safeti relat activ soviet union eastern europ measur asset dispos financ restructur bruce power decemb announc enter bind head agreement dispos interest bruce power consortium made cameco bpc gener infrastructur trust transcanada pipelin limit consortium power worker union trust societi addit consortium agre acquir interest huron wind wind turbin project ontario sale bruce power huron wind consortium complet februari close receiv cad million cash addit expect receiv cad million conting restart bruce unit escrow account initi proce gbp million amount transact cost paid account approv charg favour dti rescu credit facil agreement cfa amergen exelon gener compani llc exelon british energi invest solicit propos respect interest amergen respect sale amergen decemb sharehold approv dispos exelon gener compani llc interest amergen receiv approxim usd million cash measur local tax deferr number local author agre defer interest payment busi rate ow inform forward uk author author lancast citi council respect heysham plant gbp shepwai district council respect dung plant gbp hartlepool borough council respect hartlepool plant gbp north ayrshir council respect hunterston plant gbp east lothian council respect tor plant gbp total gbp rate payment postpon novemb februari measur rate paid full februari interest gbp late payment paid octob interest rate calcul base commiss refer rate unit kingdom decemb financi implic restructur packag present effect restructur plan viabil uk author econom nuclear gener assess econom gener activ notif distinguish avoid cost avoid cost run station nuclear plant characteris high avoid cost compar low avoid cost short run margin cost uk author decis gener motiv level avoid cost view fact nuclear plant lowest short run margin cost run nuclear plant econom ration uk author argu restructur succe firm structur loss make uk author plan address issu origin difficulti lead long term viabil improv trade strategi offset unhedg posit reliev high fix cost take histor nuclear liabil enabl build suffici cash reserv secur activ object restructur plan restructur cost liabil put place stabl capit structur order continu oper long term financi viabl entiti order consid financi viabl uk govern assum period time compani profit posit cash flow financ activ ongo basi compon restructur plan develop order achiev object financi viabil sale interest bruce power amergen order build cash resourc busi enhanc robust reduc scope busi reduct ongo cost base commerci negoti exist signific creditor compromis histor claim enter standstil agreement restructur effect exchang combin debt equiti complet restructur assumpt cost nuclear liabil uk govern commerci renegoti front end back end nuclear fuel contract bnfl commerci arrang bnfl reduc exposur advers electr price movement implement trade strategi reduc exposur electr wholesal market volum price risk uk author restructur plan develop account kei requir financi viabil abil compani financ activ compani expect face difficulti obtain financ bank bond market small number lender prepar provid financ nuclear gener compani restructur plan consid altern seek extern financ forese creation build cash reserv cash reserv design enabl compani enter electr trade contract requir collater cover sustain cash shortfal reli extern fund restructur plan envisag creation reserv cash collater reserv outag liquid reserv separ pool reserv identifi intend reserv fungibl give abil call outag liquid reserv meet addit collater requir vice versa provid addit robust undertaken action improv cash posit reduc impact season manag payment profil cost save initi securitis direct sale receiv addit busi plan process result updat financi project conduct detail review issu surround perform plant period end march cash reserv built sourc fund standstil agreement measur asset dispos measur repay liabil outstand rescu aid credit facil agreement uk author develop financi scenario account variabl financi posit sensit gener output electr price financi project review deloitt amp touch capac econom energi market consult uk govern output capex assumpt incorpor busi plan case review ws atkin capac technic advis citigroup stone amp webster manag consult capac technic advis uk govern review account main origin notif march level electr price perform improv programm pip aim improv nuclear plant reliabl trade collater electr price evolv significantli recent month uk author electr price gbp mwh compar gbp mwh march kei driver electr price forecast movement underli fuel price coal ga oil carbon price introduc european emiss trade scheme capac reserv margin nuclear fleet histor perform intern peer oldest plant suffer underinvest plant major potenti improv high short term risk outag develop recoveri plan plant benefit pip deriv cultur organis chang increas invest capit staff result time reduct plant unreli increas output account recent signific increas collater requir result market price increas order determin impact financi posit altern assumpt gener output electr price consid upsid downsid sensit account evolut electr price benefit pip estim collater project quot upsid case quot basi budget year set perform target broadli equival quot upsid case quot decis initi proceed quot relist case quot basi disclosur public statement prospectu issu list quot bank case quot quot relist case quot price deriv forward curv market model incorpor view fuel cost carbon price reason worst case rwc equival downsid case take account uncertainti price output rwc price base price curv develop uk govern basi test viabil headroom number compani estim period gbp million relist case bank case liquid reserv impact season receiv facil headroom post season cumul impact cash output collater vulner headroom post vulner cumul impact manag action cash collater headroom post manag action rwc downsid case liquid reserv impact season receiv facil headroom post season cumul impact manag action cash collater headroom post vulner cumul impact manag action cash collater headroom post manag action uk author provid estim profit loss account period relat list case year forecast period profit loss account nuclear output twh incom gener sale miscellan sale total incom oper cost fuel cost staff cost materi servic capit expens depreci amortis total oper cost oper profit loss contribut busi activ pbit amergen revaloris profit financ charg tax financ charg revaloris net net interest financ charg total financ charg profit tax minor interest share pbt profit tax hmg indemn movement hmg indemn profit tax except except profit tax post except tax profit tax except tax except estim show profit tax minor interest uk govern undertak except item improv gbp million gbp million gbp million subsequ year except item relat account inclus uk govern undertak fund nuclear liabil refer measur profit tax substanti reduc contribut nlf contribut cash flow debt servic payabl cash flow neg transfer maintain target cash reserv level requir analysi financi project demonstr list case restructur busi expect gener profit cash flow servic stakehold signific contribut expect made discharg uncontract liabil decommiss liabil return sharehold ground initi proceed decis initi proceed commiss note restructur plan confer select competit advantag sector intra commun trade measur directli involv unit kingdom central local author budget state resourc state aid mean articl treati measur partli measur involv state resourc extent publicli own compani bnfl act privat investor market economi principl appear measur constitut state aid mean articl treati commiss analys aid light commun guidelin state aid rescu restructur firm difficulti guidelin analys rais doubt compat aid common market commiss doubt plan result restor viabil reason timefram measur long time span improv posit due extern support conced govern major creditor physic intern restructur state aid renegoti fuel suppli spent fuel manag price bnfl view life long oper aid nuclear station incompat requir face market forc restructur pollut pai principl commiss doubt aid authoris compensatori measur offer order offset impact aid competitor respect commiss acknowledg structur overcapac relev market commiss consid view highli competit natur market high amount aid sort compensatori measur aid compat compensatori measur consist irrevers close power plant commiss doubt aid restrict minimum respect commiss note plan provid mechan particip restructur cost percentag free cash flow view great uncertainti amount aid grant commiss posit assess aid limit minimum take account forego consider commiss conclud doubt restructur plan compli criteria laid guidelin aid award award uk govern consid compat common market commiss decid initi procedur laid articl treati decis commiss ad decis open proceed prejudic applic euratom treati measur notabl measur assess view object euratom treati commiss request unit kingdom provid inform assess measur measur light object euratom treati iii comment interest parti public decis initi proceed deadlin foreseen public commiss receiv comment parti includ summaris british energi plc stress case unusu due electr market oper due econom structur nuclear plant contribut restructur plan stress fact cost past repres nuclear liabil longer met substanti fall electr price place unit kingdom restructur plan requir make larg contribut cost past regard cost decommiss nuclear liabil cover contract bnfl contribut made ndf nlf measur affect investor includ sale north american asset loss pre exist equiti sharehold invest settlement pre exist investor issu bond durat plan stress lump sum payment recipi practic cost incur date distant futur reject restructur plan reliev defin albeit present unquantifi liabil creat preced approv restructur aid necessit exist cost past standstil agreement bnfl signific creditor opinion infer drawn comparison arrang privat own creditor case bnfl import part core busi threaten render unviabl oper station unviabl contract bnfl stress bnfl adopt extrem tough stanc eventu constrain concern face insolv term renegoti believ commerci obtain robust restructur commiss misunderstood commerci natur bnfl contract result misunderstand fact chronolog annex submiss show believ price contract favour return viabil recal problem address restructur plan essenti environ lower wholesal electr price longer sustain quot cost past quot restructur plan successfulli address problem effect aid competit effect aid packag competit argu srmc nuclear plant lower baseload supplier nuclear plant bound run precis level srmc irrelev determin electr price reflect higher srmc margin supplier explain nuclear station technic econom inflex oper plant baseload plant uneconom trade strategi concern explain econom nuclear gener tend lead focu sell output forward longer term market view overcapac gener electr great britain compensatori measur concern argu requir prematur closur nuclear plant econom ineffici purpos aid packag preserv nuclear capac term product electr minimum avoid expenditur resourc cost effect capac british market addit encroach exercis uk govern compet relat sourc energi suppli unit kingdom increas emiss environment harm gase atmospher british nuclear fuel plc bnfl bnfl publicli own compani oper nuclear sector suppli reprocess store agr nuclear fuel activ fuel cycl bnfl oper magnox nuclear plant activ nuclear plant design bnfl submiss concentr question exist aid measur bnfl submit bnfl intervent restructur plan privat investor market economi principl aid element negoti led revis agreement measur bnfl explain advic financi advis nm rothschild amp son limit rothschild bnfl conclud april quot orderli rescu packag quot bnfl prefer allow insolv vulner posit bnfl largest creditor lack secur weak legal posit bnfl add board agre restructur exist contract condit solvent cost packag propos establish commerci advantag bnfl balanc sheet deficit bnfl detail success propos counterpropos side rothschild view bnfl set great detail chronolog content discuss place bnfl show bnfl express turn uk govern assist realis global restructur plan discuss start request success applic hardship claus contain contract discuss initi bnfl stress involv discuss uk govern basi analysi independ legal financi advis bnfl conclud proceed solvent restructur commerci interest agreement final term sheet novemb agre final term sheet awar precis detail uk involv bnfl comparison septemb term sheet final term sheet conclud consider similar term sheet final outcom significantli closer bnfl open posit comparison implic bnfl solvent restructur versu insolv bnfl detail assess commerci benefit solvent restructur compar insolv base analysi financi legal advis identifi consider risk bnfl event insolv due fact larg undocu intercompani loan balanc group compani bnfl contractu arrang wai uniqu clear preced drawn previou insolv creditor benefit secur nuclear power plant uk govern central role outcom insolv bnfl grant insight uk govern approach insolv proceed bnfl role kei supplier expect strong negoti posit insolv abil make credibl threat stop provid good servic undermin number factor bnfl note bnfl largest singl creditor major financi loser nuclear power station shut result exercis threat addit doubt lawfulli termin contract return spent fuel wast receiv permit uk nuclear safeti legisl final respons nuclear servic compani bnfl continu provid servic extent unsaf perceiv unsaf parti bnfl analysi insolv focus outcom closur nuclear plant lead minim recoveri bnfl take ownership nuclear plant mean assum nuclear liabil highli riski unattract uk govern take ownership exist creditor accept substanti write down propos solvent restructur appear commerci attract reduc bnfl exposur offer higher revenu stream bnfl insolv bnfl deem act privat creditor comparison posit creditor final bnfl compar return major creditor aggreg return ensur term offer bnfl reason deal order protect posit bnfl secur inclus claus final term sheet allow withdraw suggest concess event materi creditor offer favour term bnfl rothschild updat analysi detail term agre major creditor establish confirm bnfl arrang appear wors major creditor revis contractu arrang effect restructur complet standstil arrang agre bnfl measur bnfl submit rothschild check conced debt standstil signific creditor bnfl awar creditor obtain favour term bnfl standstil arrang albeit bnfl posit directli compar major creditor consid seek renegoti interest conclud pai interest bnfl gener suffici surplu cash standstil period solvent restructur proce addit posit standstil arrang bnfl achiev recoveri solvent restructur ahead relat bnfl uk govern bnfl submit decis enter arrang autonom decis bnfl direct uk govern fact bnfl publicli own compani suffic bnfl decis imput uk govern uk govern bnfl sole sharehold bnfl autonom uk govern relat dai dai commerci busi requir oper commerci basi bnfl submit legal statu underli document bnfl add negoti bnfl sharehold dti inform discuss describ typic commerci situat compani control sharehold dti bnfl approv bnfl corpor govern arrang dti revis arrang commerci basi bnfl greenpeac greenpeac limit uk arm greenpeac intern main activ campaign end nuclear power promot clean renew energi resourc unit kingdom measur greenpeac submit cap contribut fund nuclear liabil measur constitut unjustifi oper aid sharehold mean enhanc attract investor market measur greenpeac measur constitut unjustifi oper aid confer ongo support bnfl act deem act state behest state circumst bnfl ail undertak surviv benefit state aid bnfl parti tri partit negoti govern led formul restructur packag immedi bnfl refus vari term contract greenpeac ask commiss bnfl produc copi intern bnfl document bnfl privi discuss uk govern agreement event lack genuin commerci charact greenpeac bnfl contract commerci arrang outset artifici devic design provid bnfl guarante incom stream restructur aid packag continu provid bnfl incom stream renegoti price term reflect actual cost servic provid link wholesal price advantag confer contract ongo pursuant open end agreement aid involv long term support benefit design restor viabil benefit quot oper quot quot restructur aid quot compat common market compat aid greenpeac support commiss doubt conclud aid incompat ec treati stress restructur aid effect exist oper deter competit entri incumb entrant prevent exploit effici support nuclear energi oper addit inconsist govern declar divers energi sourc includ renew issu overcapac concern greenpeac view quot plan margin quot nation grid plan futur gener order maintain safe capac data consider assess overcapac market greenpeac signific structur overcapac exist relev market set increas greenpeac doubt closur plant expens taxpay abil contribut pai exist liabil doubt greenpeac add short term perspect reason unit kingdom achiev target kyoto protocol greenpeac submit report commiss practic safe close nuclear plant immedi progress greenpeac conclud option partial phase closur plant result limit intens aid requir applic treati greenpeac opinion euratom treati preclud state aid analysi ec treati absenc sector rule applic aid nuclear industri euratom treati gener state aid provis ec treati appli greenpeac quot join case franc commiss greenpeac contend aid measur relat matter regul euratom treati extent relat safeti nuclear instal safeti aspect decommiss greenpeac conclud measur question achiev state object continu oper aid sort consid preserv safeti circumst exist safe viabl option phase total partial closur plant greenpeac commiss regard commun guidelin state aid environment protect powergen powergen major actor electr sector england wale share gener capac signific suppli busi aim larg industri commerci custom sme residenti custom own powergen aid packag submit aid continu oper nuclear plant close respect powergen disput uk author view plant run event powergen afraid aid offer artifici low price order gain market share suppli larg custom busi enter suppli household busi fund invest nuclear gener compensatori measur powergen wish consult compensatori measur put place suggest firstli advanc closur dung nuclear reactor april powergen advanc closur made suffici advanc time market build capac suffici margin ring fenc aid forbid cross subsidi loss make asset agr plant busi constitut gener suppli busi separ bodi separ account impos specif control cash ensur divert cash paid state fund nuclear liabil measur remain place long restructur plan measur place thirdli prevent distort competit electr retail market prohibit sell power cost cost acquir power wholesal market sale relat cost impos cap market share industri commerci suppli busi indic cap prohibit enter retail market measur remain place long restructur plan measur place effici review commiss year implement return viabil powergen submit scenario account uk author assert futur viabil optimist avail plant compar past benchmark final powergen consid quot establish state aid rule contain ec treati appli nuclear industri notwithstand exist euratom treati quot refer case refer greenpeac intergen intergen global power gener firm activ contin share gener capac england wale plant oper construct sell electr wholesal market part long term contract activ ga trade market jointli own shell bechtel intergen submit secur suppli concern unit kingdom nuclear safeti manag compani receiv draw commiss attent fact aid damag intergen fact intergen competitor teesid power limit creditor favour compar intergen framework restructur plan intergen submit commiss authoris aid affili compens damag suffer parti wish remain anonym parti submit earlier press report suggest reprocess price prior restructur gbp kg heavi metal hm restructur price gbp kg hm agre bnfl origin agreement add initi reprocess contract bnfl price cost mean baseload custom contract obtain reprocess accept pro rata assumpt full cost reprocess profit mark background reprocess cost agre baseload custom cover cost level gbp kg hm mean price agre cover cost case contract price amount gbp kg hm price conclud price bnfl act privat investor market economi negoti bnfl extend favour condit custom drax power limit drax largest coal fire electr gener western europ previous part ae corpor base energi group interest gener distribut suppli electr world august ae corpor cede control drax creditor august drax announc enter exclus arrang intern power plc particip restructur drax drax measur constitut state aid sens articl ec treati drax agre measur constitut state aid drax view amount aid difficult estim measur drax believ amount consider greater estim due fact decommiss liabil unchart unit kingdom contribut nuclear liabil cost uk govern remain ultim respons back end decommiss liabil uk govern fail drax opinion tax disregard notifi aid measur drax believ negoti contract bnfl privat investor agre uncommerci term commit signific present futur loss irrespect hardship claus fact largest custom clear negoti sever disadvantag bnfl posit lead reduct fix annual payment respect fuel suppli agreement gbp million gbp million year view confirm bnfl account report appear administr plant continu oper suppli fuel manag servic process dispos fuel question administr extract term bnfl addit bnfl pursu busi opportun busi reduc bnfl organis basi market investor principl measur state aid drax opinion bnfl standstil agreement contain measur constitut state aid bnfl receiv interest standstil period unlik particip creditor compat aid measur drax comment compat aid packag drax question fact firm difficulti opinion unhedg posit due curiou decis part manag sell retail busi reduc cost close plant expens run nuclear plant temporarili close restor viabil restor viabil drax opinion propos plan real restructur plan posit competitor continu gener power sell market price exert perman downward pressur price detriment competitor drax object uk govern srmc proper measur viabil restructur reliev liabil major cost nuclear gener compani decis enter market continu compet market base reason period meet averag cost realis reason return invest case commerci risk remov durat aid durat aid drax opinion fund open end liabil futur compat guidelin argu ongo oper aid consid limit minimum contribut drax note uncertainti proce sale asset contribut nlf deriv aid cash flow account distort competit issu capac compens creditor drax note capac margin quot decis initi procedur concern winter peak demand ngc capac margin averag peak winter demand drax ration approach oper close proport gener capac summer month result net save drax believ number compensatori measur amend restructur plan ensur restructur accord guidelin offer compens unaid competitor drax propos remov competit market creat system compulsori purchas nuclear energi fix price similar renew oblig properli restructur compet merit aid market particip solut gener withdrawn market output partit competit market price nuclear gener electr regul set cost capit tradit price regul paramet meet uk govern concern secur suppli nuclear safeti longer distort competit reduc term balanc risk bnfl contract favour bnfl divest eggborough ban acquisit act market leader obtain commit uk govern time time principl relationship euratom ec treati drax comment relationship euratom treati drax opinion ec euratom treati pursu complementari conflict object interest parti comment introduc trade unionist safe nuclear energi balanc energi polici tusn mr robert freer uk chemic industri associ cia john hall associ jha energi intens user group eiug terra nitrogen energywatch teollisuuden voima oy tvo nation grid transco royal academi engin enfield energi centr limit eecl energi inform centr eic major energi user council meuc parti remain anonym tusn robert freer cia jha euig terra nitrogen eic meuc concern secur suppli unit kingdom submit close nuclear plant creat risk power cut contrari consum interest stress withdraw nuclear plant make unit kingdom commit kyoto protocol difficult achiev particip divers power suppli submit cost economi allow fail outweigh price restructur aid anonym parti submit state support order aggress gain market share dump price quot case allegedli offer price competit submit offer sustain state back claim restor compani viabil tvo submit infer difficulti undergon nuclear power competit liberalis electr market nation grid transco submit present capac margin england wale smaller origin foreseen consid structur overcapac nation grid transco refer secur margin level overcapac nation grid transco forese secur margin optimist scenario pessimist scenario secur declin nation grid transco conclud plant closur request compensatori measur commun market advanc year order market compens eecl submit electr gener hit low wholesal electr price unit kingdom eecl disput uk author view srmc benchmark establish distort effect aid cost reflect plant medium long term viabil eecl submit low forward market price indic structur overcapac market iv comment unit kingdom initi proceed measur uk author inform commiss local tax final paid normal interest exist aid bnfl concess measur measur preliminari comment uk author argu event commiss conclud measur aid contract conceiv ensur consequenti benefit temporarili enjoi automat elimin interest aid packag authoris contract forese contract perman effect aid packag authoris unit kingdom comment privat investor test unit kingdom submit bnfl act privat creditor uk author argu term agre bnfl gener grant privat creditor compar circumst unit kingdom submit analys bnfl act similar privat creditor renegoti contract defin court justic judgment dm transport unit kingdom argu commiss appear misunderstood event uk author bnfl resist invoc hardship claus contrari commiss belief express amend exist contract prior announc enter negoti uk govern discuss clear commerci offer bnfl make capabl resolv financi crisi isol develop wider restructur plan enabl negoti bnfl restart agreement reach term similar bnfl origin offer unit kingdom consid bnfl action consist privat creditor unit kingdom add bnfl remain commerci uk provid nuclear fuel cycl servic expos event insolv incom stream store reprocess larg quantiti agr fuel deliv limit prospect recov insolv renegoti spent fuel agreement liquid govern consider uncertainti level ongo remuner face risk disrupt uncertainti unit kingdom submit privat creditor undoubtedli sought particip restructur necessarili includ renegoti contract view maximis revenu ensur viabil restor unit kingdom submit fact bnfl publicli own bnfl action commerci result note bnfl public limit compani incorpor compani act board director consist execut engag commerci activ execut director corpor experi privat sector activ board bnfl duti act autonom interest compani unit kingdom add uk govern interven direct bnfl decis make encourag act commerci final unit kingdom submit analysi creditor claim amount compromis restructur packag uk author conclud measur consid state aid measur unit kingdom submit argument set recit respect measur appli equal measur unit kingdom argu action bnfl context except posit princip creditor bnfl largest custom view long term trade relationship amount liabil bnfl unsurpris standstil liabil bnfl account largest absolut share benefit accru virtu standstil arrang privat creditor posit bnfl greatest exposur event insolv option act similarli unit kingdom submit wrong contrast standstil arrang bnfl hand privat creditor particip signific creditor arrang work unit kingdom submit comparison outstand debt parti contribut standstil agreement conclud bnfl contribut percentag outstand liabil privat own creditor doubt restor viabil reason timescal uk author submit paragraph guidelin requir aid measur limit durat requir restructur plan short durat long term viabil restor quot reason time scale quot unit kingdom intent guidelin appear grant aid constitut ongo oper aid intent exclud aid reliev long tail liabil unit kingdom submit restructur complet viabil restor reason timescal aid liabil long tail liabil cash gener posit annual oper cash flow list scenario return viabil restructur plan intend secur stand support form facil uk govern date restructur restructur plan demonstr level reserv gener compani suffici withstand reason downsid scenario ensur viabil issu ongo relief current expenditur uk govern recal govern undertak cover contract histor liabil decommiss liabil uncontract liabil histor agr spent fuel pwr spent fuel oper wast ancillari liabil unit kingdom submit contract histor spent fuel liabil relat agr fuel load reactor prior restructur effect date oblig nuclear site licenc manag fuel incur cost cost avoid similar argument appli decommiss site cost make contribut decommiss reactor nuclear decommiss fund contribut significantli decommiss cost uncontract liabil histor agr spent fuel concern unit kingdom submit liabil relat sole agr fuel load reactor restructur effect date liabil pwr spent fuel concern liabil pwr fuel load sizewel reactor futur liabil contribut gbp tonn pwr fuel load sizewel restructur effect date level contribut benchmark compar intern cost spent fuel manag view cover futur cost pwr fuel remain uncontract liabil relat type fuel wast oper plant expect signific cost decommiss uncontract liabil larg fix scope increas significantli normal station oper materi increas liabil aris discretionari chang oper procedur econom benefit result breach minimum perform standard paid addit import note govern directli pai contract liabil govern support decommiss uncontract liabil form conting guarante unit kingdom submit measur categoris ongo relief current expenditur account treatment measur account balanc sheet asset consist conclus receipt subsidi measur relat oper cost cover measur born irrespect durat scale futur oper measur unit kingdom accept constitut state aid unit kingdom submit inappropri view measur objection ground reliev part quot pollut pai quot oblig restructur plan pai pollut cost futur oper addit contribut histor pollut cost cash sweep contribut nlf govern undertak insolv unabl pai futur quot pollut pai quot oblig unit kingdom react doubt express commiss decis initi proceed question restor viabil consid deriv intern resourc unit kingdom explain main reason current predica inabl meet unavoid histor liabil regulatori minimum safeti requir notwithstand unit kingdom submit intern measur insignific sold stake bruce power amergen undertak signific intern restructur includ increas proport medium term fix price contract includ larg industri commerci custom view limit price risk wholesal market addit signific intern measur renegoti fuel suppli spent fuel manag contract bnfl final unit kingdom consid guidelin requir balanc struck state contribut privat contribut compani contribut compani turn intervent state uncap amount aid recal quantifi precis cost nuclear liabil uk author submit case precis quantum aid determin measur amount aid reach view packag minimum govern undertak cover defin categori liabil fundament restructur packag restor viabil uk author argu level aid structur minimis sale asset bruce power amergen reduct liabil ow creditor continu contribut fund nuclear liabil intern measur reduc cost mechan contribut futur free cash flow fund nuclear liabil compensatori measur uk author recal argument present notif aid impact competit structur impact short run margin cost determin dai dai oper station recal base updat data comparison member state market structur overcapac claim compensatori measur impos comment unit kingdom comment interest parti comment uk author concentr observ issu posit note observ support posit powergen observ uk author recal reason srmc posit aid packag effect competitor argument support figur offer dsb market show incent maximis profit price margin cost uk author continu note incent leav plant market recov avoid cost respect present cost analysi aim prove dung plant cover avoid cost reason assumpt electr market price uk author recal view fact structur overcapac market powergen demothbal plant winter powergen consid structur overcapac market uk author recal view absenc necess compensatori measur give view measur propos powergen uk author recal posit measur stress bnfl base extern advic claim powergen posit measur base wrong assumpt date viabil uk author contest powergen opinion plant reliabl submit commiss report extern consult purpos check viabil hypothesi final uk author state contrari claim powergen electr price recov clawback mechan ensur unnecessari aid wasgiven greenpeac observ uk author accept greenpeac view aid examin aid sharehold theori aid quot compani aid sharehold uk author note sharehold give interest equiti capit uk author state bnfl act govern pressur renegoti contract note bnfl detail account event commiss parallel demonstr opposit extract report articl quot busi quot refer collaps talk bnfl august begin septemb wrongli interpret greenpeac sign bnfl act pressur govern contrari show bnfl readi particip plan creditor bring similar contribut uk author note bnfl submit intern document greenpeac suggest commiss requir contract bnfl greenpeac design provid bnfl guarante incom stream uk author note contract sign renegoti privatis contract impos govern final uk author link bnfl concess electr price proof bnfl behav commerci requir share benefit opposit uk author recal view applic pollut pai principl case greenpeac add fact argument respect impact aid competit uk author object greenpeac view effect aid packag maintain ineffici produc market consid ineffici gener avoid cost lowest market problem link histor liabil uk author recal view aid distort competit deter entri market uk author state greenpeac comment overcapac market flaw base outdat forecast wrongli interpret ngtransco benchmark capac margin wrong figur present capac margin envisag optimist scenario futur difficulti return mothbal plant market uk author question econom greenpeac argument impact taxpay closur plant explain greenpeac acknowledg closur increas electr price studi deloitt touch show earli closur singl nuclear power plant incur addit cost earli closur plant bring cost constraint sellafield plant treatment radioact materi final uk author mention report attach greenpeac comment larg amp associ ilex base outdat capac figur ngtransco overoptimist hypothes attach comment counter expertis report georg yarrow tim keyworth dky limit final basi forego uk author challeng greenpeac view aid proportion drax observ firstli uk author challeng drax view aid packag show uk govern fail recal packag subject approv govern prospect viabil measur uk author recal uk govern assum decommiss liabil make shortfal nlf issu estim cost measur unit kingdom note requir absolut uncertainti comput make imposs grant relief long term liabil lead pervers applic state aid rule object euratom treati uk author dismiss drax claim fact uk govern bear ultim respons nuclear safeti intern agreement constitut state guarante recal nation audit offic ultim involv respect irrelev independ govern measur uk author note bnfl observ contradict drax opinion bnfl fare insolv recal renegoti bnfl agreement arm length measur uk author absenc payment interest bnfl standstil analys part involv bnfl restructur plan singl element packag negoti packag disfavour bnfl compar creditor measur uk author recal previous put forward proof busi rate final paid due interest compat restructur plan guidelin uk author challeng drax view plan restor viabil cover present avoid avoid cost unit kingdom recal surviv part burden past unavoid cost lift viabl repai ongo cost bring signific contribut unavoid cost past econom effici run nuclear plant order contribut payment unavoid cost past advanc closur plant bring cost uk author reject drax argument aid induc sell market price claim baseload gener gener reserv sell addit cut price contrari interest sell gener maximum price bondhold sharehold ensur maximis profit benefit part uk author reject drax argument restructur plan long durat explain actual requir stem guidelin viabil restor reason timescal effect measur claim constitut state aid immedi balanc sheet exist overcapac market uk author drax assess base outdat figur error benchmark ngtransco appli capac margin drax suggest close nuclear plant summer econom dubiou rais nuclear safeti secur suppli concern uk author examin compensatori measur conclud put place endang balanc restructur plan affect viabil prospect observ anonym parti uk author explain price refer parti gbp kgu refer price baseload spent fuel manag contract baseload contract batch contract sign bnfl compani part contract suppos cover larg fix cost bnfl spent fuel manag facil bnfl sign compani belong increment post baseload contract longer includ cost element link repay fix cost contract price lower price quot parti meaning comparison price charg bnfl renegoti arrang base post baseload contract price prevail time renegoti baseload contract price observ enfield energi centr limit eecl uk author accept eecl claim announc aid packag exacerb wholesal price fall uk author spot price volatil prior uk govern announc involv rescu septemb show sharp fall forward price unaffect final forward price summer baseload increas septemb agreement restructur packag uk author object eecl observ wrongli base conclus premis decid close nuclear plant examin srmc avoid cost uk author examin impact aid packag avoid cost prove remain forward market price basi oper decid close plant final uk author recal argument absenc overcapac market observ intergen uk author object intergen view secur suppli achiev insolv secur arrang receiv uk author note guidelin forese type monetari compens type intergen suggest receiv final type arrang creditor includ inter alia intergen tfe centrica uk author complex arrang negoti commerci prior restructur unrel state aid packag observ anonym parti uk author submit quantit inform aim show price dsb segment consist forward wholesal price secur busi tender parti alleg offer unduli low price uk author recal baseload produc incent offer artifici low price vi assess part measur question concern issu cover euratom treati assess extent object euratom treati distort threaten distort competit intern market assess ec treati euratom treati measur review notabl measur impact fund nuclear liabil treatment spent fuel decommiss wast manag constitut cost correct respons oper nuclear industri context nuclear industri address risk link danger aris ionis radiat constitut major prioriti fact commiss note aspect nuclear chain increasingli import ensur safeti worker popul regard euratom treati take due care object time aim creat quot condit develop power nuclear industri provid extens energi sourc quot object reiter articl euratom treati establish quot task commun contribut rais standard live member state creat condit speedi establish growth nuclear industri quot relev object todai underlin recent green paper commiss quot european strategi secur energi suppli quot final june articl euratom treati commun order perform task establish uniform safeti standard protect health worker gener public ensur appli articl euratom treati commun make supervis nuclear materi divert purpos intend basi euratom treati establish euratom commun forese instrument attribut respons achiev object regard confirm court justic nuclear safeti commun compet link protect danger aris ionis radiat laid articl chapter euratom treati relat health suppli commiss ensur provis treati appli adopt decis manner provid treati deliv opinion consid commiss note evid provid uk author show effect measur review preserv safeti nuclear power station ensur safe manag nuclear liabil enhanc secur suppli maintain divers fuel sourc great britain avoid carbon dioxid emiss section iii iv detail argument brought forward uk author parti respect assess inform notabl determin measur fall object euratom treati commiss note state aid measur address risk link current situat british energi eventu impact refer object treati fact uk author decid interven support british energi inter alia view ensur continu condit safe secur nuclear industri time maintain function nuclear plant extens energi resourc intervent place context risk bankruptci major uk nuclear oper continu specif econom oper directli link continu nuclear activ case insolv safeti secur secur suppli issu dealt commiss understand uk author address risk correct respons manner compat object euratom treati compensatori measur reinforc fulfil euratom treati object ensur public intervent purpos payment nuclear liabil final system cap threshold type histor liabil payment ensur fund fulfil goal restrict intervent minimum achiev commiss conclud measur foreseen uk author address combin object pursu fulli endors euratom treati aid sens articl ec treati articl ec treati state aid defin aid grant member state state resourc form whatsoev distort threaten distort competit favour undertak product good affect trade member state obviou state intervent restructur plan select favour undertak electr trade uk member state interconnector franc ireland electr trade member state long time entri forc direct ec european parliament council decemb common rule intern market electr figur uk notif largest electr produc capac england wale scotland state intervent restructur plan affect trade member state restructur measur measur signific creditor restructur packag measur trade strategi measur asset dispos deriv public resourc qualifi state aid articl ec treati measur contrast deriv public resourc consist number payment undertak make payment uk govern payment uk govern part nuclear liabil born measur advantag take account commiss conclud measur state aid mean articl ec treati disput unit kingdom measur involv resourc bnfl total measur partli measur publicli own undertak resourc belong publicli own undertak state resourc view measur state aid mean articl ec treati provid competit advantag grant advantag imput state question rais decis initi proced analys depth section vi measur involv resourc local author resourc author constitut state resourc measur state aid mean articl ec treati competit advantag grant advantag imput state question rais decis initi proceed analys depth section vi exist aid measur uk author prove local tax address measur paid interest comput refer discount rate prescrib commiss unit kingdom specif provis uk law requir higher interest rate event local tax defer local author commiss consid rate proper benchmark decid tax deferr competit advantag view commiss conclud measur constitut state aid mean articl ec treati exist aid measur decis initi proceed commiss state quot stage assess commiss think renegoti contract bnfl consid state aid quot base fact bnfl publicli own compani announc amend commerci term exist contract announc initi talk uk govern view obtain financi support doubt contract renegoti arm length commiss preliminari conclus measur data made initi proceed commiss carri depth analysi measur met criteria consid state aid entail competit advantag conclus measur measur consist renegoti contract bnfl publicli own compani commiss examin measur confer advantag privat oper conced ail firm similar circumst word commiss consid bnfl act conform market economi creditor principl agre measur purpos commiss examin renegoti bnfl contract arm length concess made bnfl commerci natur bnfl act conform privat creditor principl question commiss arrang bnfl negoti arm length recal bnfl largest singl creditor bnfl biggest custom commiss examin condit accept bnfl accept privat oper put similar posit context supplier face difficulti major custom consist check bnfl act dilig privat creditor maximis chanc recov claim commiss examin relev report bnfl legal financi advis extract bnfl board meet submit bnfl commiss note bnfl ask advis posit vi vi begin invok hardship claus agreement bnfl reach definit conclus condit hardship claus fulfil board instruct bnfl deal address difficulti plicit condit deal commerci advantag bnfl report submit bnfl written time illustr situat bnfl creditor supplier analys impact insolv bnfl conclud view great exposur bnfl solvent restructur bnfl interest cost defin propos packag concess follow evolut packag negoti clear report negoti bnfl initi idea preserv interest avoid put administr cost balanc deal uk author submit bnfl renegoti agreement packag compar posit bnfl insolv pick individu element report submit uk author bnfl conclud final term sheet advantag bnfl insolv scenario view commiss conclus case insolv bnfl put uncertain disadvantag situat true insolv automat nuclear station immedi close affect complet decommiss exist station manag histor spent fuel case insolv commiss consid bnfl difficult posit negoti successor run station decommiss impli lot risk uncertainti privat investor account renegoti arrang main client fact bnfl advisor studi carefulli altern clear indic bnfl due account fact achiev solvent restructur commerci interest bnfl establish initi conclus commiss consid impact renegoti agreement bnfl revenu view parti comment order check microeconom term renegoti agreement accept privat compani similar posit spent fuel manag concern spent fuel oblig split histor futur liabil histor spent fuel liabil concern measur restructur plan uk govern liabil futur spent fuel manag exist arrang amend bnfl submit tabl spent fuel manag arrang show pai bnfl slide scale data ital ad commiss outturn electr price gbp mwh real term unit amount rebat surcharg gbp mwh real term comparison origin contract net unit amount spent fuel payment gbp mwh real term payment gbp kgu import note rebat surcharg tabl comparison arrang manag spent fuel place restructur older arrang benchmark analysi bnfl concess repres bnfl receiv run difficulti contrast compar arrang older contract initi baseload contract anonym parti refer make sens term analys actual concess made bnfl negoti restructur plan tabl show outturn electr price strike price gbp mwh bnfl grant rebat comparison pre restructur spent fuel manag arrang electr price greater strike price bnfl paid surcharg comparison payment receiv origin spent fuel manag arrang observ recit incom bnfl receiv manag dispos futur spent fuel depend wholesal uk electr price disposit constru commerci usual sector actor share risk link larg potenti fluctuat price order check price level accept privat compani commiss check extent bnfl cover avoid cost view foreseen evolut electr price face likelihood lose crucial custom bnfl privat compani readi decreas price cost avoid close oper cost precis avoid cost case spent fuel manag arrang bnfl receiv titl spent fuel deliv mean final dispos fuel handl bnfl case previou arrang addit charg bnfl compar previou arrang simpli reli comparison previou payment payment conclud bnfl recov avoid cost electr wholesal price exce gbp mwh hand spent fuel arrang prescrib bnfl handl spent fuel titl bnfl choos wish reprocess fuel final dispos analysi base actual avoid cost bnfl includ charg final spent fuel dispos commiss ask uk author provid detail descript cost document provid uk author respect bnfl cover avoid cost electr price gbp mwh gbp mwh rang depend bnfl risk provis slight differ gbp mwh figur recit due fact pond long term storag exist bnfl site present storag fuel prior reprocess order cross check evalu commiss compar avoid cost comput uk author cost report sourc greenpeac publish web site report gordon mackerron nation econom research associ report quot figur usd kgu gbp kgu temporari storag spent fuel usd kgu gbp kgu final storag author report extract american studi differ american type reactor primari lwr clear report cost refer avoid cost includ fix cost element scope analysi depend discount rate ultim dispos cost incur futur commiss figur nonetheless consid figur publish parti relev sourc cross check figur uk author view figur state recit electr price bnfl recov cost gbp mwh figur compar anticip evolut electr price proper benchmark comparison develop electr price futur expect bnfl arrang bnfl negoti potenti background bnfl assess concess document provid bnfl appear gener expect price stai rang gbp mwh gbp mwh futur rais higher sustain valu assess final term plan bnfl scenario pessimist featur electr price valu stai consist gbp mwh reach valu gbp mwh medium term assum price reach valu gbp mwh gradual reach price rang gbp mwh gbp mwh bnfl assess renegoti arrang background price evolut forecast pessimist assumpt price enabl recov avoid cost valu intern pessimist scenario price enabl recov avoid cost valu gordon mackerron actual evolut electr price final higher optimist scenario bnfl price report agenc report valu gbp mwh winter baseload price futur reach figur high gbp mwh summer price concern gbp mwh report agenc scenario bnfl global pessimist conclud bnfl expect cover avoid cost arrang fact bear cost final dispos spent fuel similarli analysi fuel suppli arrang simpler variabl charg index electr price show bnfl cover avoid cost fuel suppli case depth examin avoid cost reveal suggest bnfl act uncommerci contrari actual evolut electr price suggest bnfl improv posit compar previou situat time shown flexibl main custom remain market bnfl treat equal foot privat creditor examin renegoti microeconom point view commiss check bnfl treat equal foot privat creditor step analysi commiss examin concess made bnfl similar privat creditor inform submit unit kingdom bnfl show bnfl establish term prior negoti individu term major creditor requir inclus claus allow withdraw suggest concess event materi creditor offer favour term bnfl negoti process bnfl check privat creditor ask contribut compar bnfl detail quantifi comparison creditor claim amount compromis final agre restructur packag show rel creditor bnfl forgon smaller proport outstand liabil note respect bnfl secur debt asset commiss conclud bnfl treat equal foot vi vi privat creditor bnfl behav differ restructur plan negoti privat creditor bnfl act independ uk govern commiss consid conclus suffici proof bnfl act conform market creditor principl measur involv state aid mean articl ec treati commiss consid present case indic whatsoev imput bnfl behaviour state imput condit recal court justic european commun judgment stardust court held automat presum measur state aid public undertak suffici bodi grant aid public undertak articl commiss direct eec june transpar financi relat member state public undertak fact public author exercis directli indirectli domin influenc prove exercis influenc case explain advoc gener jacob opinion stardust case imput state aid measur public undertak infer set indic circumst case context measur advoc gener list fact circumst account view evid measur instig state scale natur measur degre control state enjoi public undertak question gener practic undertak question end commerci influenc decis basi submiss uk govern parti commiss examin measur measur attribut conduct state account fact bnfl decid financi distress publicli announc uk govern announc role potenti solvent restructur interest make concess ensur ongo solvenc chronolog point view evid renegoti place instig state contrari fact bnfl final accept particip restructur plan uk govern announc involv view proof bnfl readi save cost prefer wait intervent state creditor commiss account uk law fiduciari oblig bnfl director act commerci interest bnfl order maximis minimis financi exposur basi inform relev time substanti relev extract board meet minut commiss conclus basi element commiss conclud measur constitut state aid mean articl ec treati measur measur consist standstil agreement payment due bnfl number signific financi creditor period start februari end earliest septemb unlik particip creditor bnfl receiv interest standstil period assess commiss basi inform commiss note bnfl financi advis report drawn time bnfl negoti conclud share restructur packag bnfl conced creditor shown comparison signific creditor contribut mention recit bnfl secur asset commiss conclud agre demand payment interest order preserv agre solvent restructur option conform behaviour privat creditor aim ensur commerci option preserv analysi bnfl financi legal advis show demand renegoti standstil condit put risk agreement solvenc risk signific demand payment interest led insolv bnfl thought favour interest renounc interest bnfl act manner consist conduct privat creditor wish ensur revenu conclud commiss establish part measur involv bnfl imput state reason set assess measur recit commiss conclus measur state aid mean articl ec treati compat assess ec treati articl ec treati gener principl prohibit state aid commun articl ec treati provid exempt gener incompat set articl exempt articl ec treati appli case aid measur social charact grant individu consum make good damag caus natur disast except occurr grant economi area feder republ germani affect divis exempt set articl ec treati exempt articl appli case aid promot econom develop area standard live abnorm low underemploy promot execut import project common european interest remedi disturb economi member state promot cultur heritag conserv exempt articl ec treati appli articl authoris state aid grant promot develop econom sector aid advers affect trade condit extent contrari common interest guidelin commiss spell precondit favour exercis power appreci articl case decis initi proceed commiss express number doubt compat restructur plan guidelin doubt recal section section present assess final conclus commiss doubt restor viabil award restructur aid requir feasibl coher reach restructur plan capabl restor long term viabil firm reason time span basi realist assumpt point guidelin improv viabil deriv intern measur contain restructur plan base extern factor variat price demand compani influenc market assumpt made gener acknowledg point guidelin requir member state submit restructur plan describ circumst led compani difficulti scenario reflect case worst case intermedi assumpt point guidelin add plan provid turnaround enabl compani complet restructur cover cost includ depreci financi charg expect return capit enabl restructur firm compet market place merit decis initi proceed commiss rais issu relat restor viabil doubt base observ firstli time span item measur measur unlimit rais doubt restructur plan face competit feet reason time frame restructur plan includ measur intern durat aid doubt commiss relat measur view long durat measur open end natur measur commiss wonder restructur aid favour award form subsidi contrari requir guidelin concern share parti drax measur concern commiss conclus state aid sens articl ec treati issu relat open end natur measur longer relev measur commiss concern cost relat decommiss nuclear plant aris financ cost manag pwr spent fuel load sizewel reactor open end decommiss cost commiss note cost occur futur relat construct nuclear plant place past commiss accept uk argument quantifi precis amount relat decommiss view absenc preced agr plant fact distant futur technolog evolut addit uk govern submit decommiss cost larg fix materi increas liabil aris discretionari chang oper procedur econom benefit result breach minimum perform standard paid addit import recal intervent state foreseen case shortfal fund nlf take account natur nuclear industri handl radioact materi radiat rate reach safer level inevit time scale financ decommiss liabil commiss conclud part measur relat liabil qualifi subsidi defin relat cost incur provis cost made balanc sheet commiss conclud late payment aid link cost view postpon restor viabil futur financ state manag pwr fuel load sizewel commiss recal contribut nlf amount gbp kgu pwr fuel load sizewel reactor restructur effect date lower total cost pwr spent fuel manag includ final dispos total cost estim account gbp kgu fact part cost cover payment nlf confirm nlf contribut manag fuel state aid mean articl ec treati order decid aid open end commiss determin split total cost avoid cost unavoid cost unavoid cost sunk econom ration compani oper long cover avoid cost sunk cost repaid grant aid unavoid cost advantag beneficiari compani shift breakeven point compani face difficulti aim precis help return viabil quickli compani oper case cover avoid cost aid cover unavoid cost result artifici prolong life compani aid open end contrast aid aim cover avoid cost variabl cost aim artifici maintain oper compani econom reason prolong activ aid open end ensur compani viabil limit time uk author gbp kgu cost refer recit gbp kgu avoid remain cost relat unavoid cost link construct final repositori histor futur pwr spent fuel sizewel site repositori schedul late centuri view discount effect explain small cost compar cost countri figur provid gordon mackerron report refer footnot purpos cross check estim report extent includ unavoid cost order cross check uk author evalu commiss inform public finnish nuclear programm transpar nuclear programm world sizewel wast wast produc finnish nuclear reactor reprocess ultim dispos cost manag finnish spent fuel estim finnish compani charg dispos eur kgu gbp kgu eur kgu gbp kgu relat avoid cost commiss note figur similar provid uk author commiss consid confirm indic gbp kgu payment suffici cover avoid cost spent fuel manag part unavoid cost thereof view commiss conclud restructur plan provid subsidi durat compat guidelin view specif nuclear industri oblig uk euratom treati content restructur plan commiss note uk govern submit detail plan market survei scenario reflect case worst case intermedi assumpt requir point guidelin addit provid detail cash flow analysi updat juli plan describ detail origin difficulti measur introduc address summaris paragraph ii decis restructur plan forese implement trade strategi measur seek address unhedg posit secur medium term fix price sale output aim reduc volatil cash flow reinforc long term viabil reduc exposur wholesal electr price unit kingdom whilst continu maintain reliabl rout market mixtur contract term access flexibl gener eggborough direct sale busi focus amp consum measur aim address issu high proport avoid cost face nuclear oper partli reliev histor nuclear liabil includ histor spent fuel liabil decommiss cost reduc cost futur front end back end fuel contract bnfl addit plan forese renegoti monei purchas agreement sale north american asset contribut solv problem link high shorter term avoid cost form financ expens difficulti signific unplan outag defin plan pip design improv reliabl nuclear plant pip forese increas invest capit staff improv qualiti mainten avail plant vulner consid scenario avail plant improv scenario cash gener financi project submit uk govern viabil restor reason time scale cash gener posit annual oper cash flow basi commiss conclud restructur plan address problem origin difficulti base realist assumpt requir guidelin view evolut electr price implement pip decis initi proceed commiss doubt restor viabil consid deriv intern measur commiss wonder economi realis measur due concess creditor supplier rationalis activ open proceed drax comment point opinion restructur real restructur deriv intern measur guarante allow fail add uncertainti contribut restructur close nuclear plant option comment share greenpeac unit kingdom contest view repli packag subject approv govern prospect viabil uk govern made point guidelin requir balanc struck state contribut privat contribut compani contribut compani turn intervent state commiss accept restructur base intern measur includ measur state privat parti creditor supplier commiss note implement measur dispos north american asset measur commerci point view commiss take note fact line trade strategi measur increas number medium term fix contract reduc unhedg posit releas nuclear liabil contribut fund nlf explain section vi commiss take account fact closur nuclear plant feasibl option dispos eggborough threaten prospect return viabil disproportion measur undertaken undertaken take account fact issu origin difficulti address restructur plan commiss conclud requir point guidelin fulfil specif case dung parti question prospect return viabil dung oldest nuclear plant powergen parti substanti reason base analysi dung situat review power plant cost structur origin submit uk author set decis initit proceed powergen dung ineffici power plant histor figur show load factor small powergen estim load factor power plant produc twh year powergen produc amount electr cost gbp million take account avoid cost powergen conclud dung avoid cost gbp mwh electr baseload price wholesal market gbp mwh comment powergen analysi unit kingdom author gave view powergen counter analysi dung viabil uk author mistak powergen analysi firstli powergen hypothesi plant total cost low data suggest actual dung cost higher estim powergen oper mainten cost increas dung cost mwh contrast uk author dung effici record improv recent year claim histor data show improv futur hypothesi perform worst year perform recent year rais power plant load factor decreas dung cost mwh take account consider recit uk author calcul dung avoid cost approxim gbp mwh electr baseload price wholesal market gbp mwh commiss examin dung avoid cost take account hypothes depend estim correct total cost load factor arriv matrix uk author hypothesi output powergen hypothesi output uk author hypothesi cost powergen hypothesi cost gbp mwh take account share benefit electr price increas electr baseload price wholesal market differ gbp mwh bnfl commiss comput electr strike price dung cover avoid cost hypothes uk author hypothesi output powergen hypothesi output uk author hypothesi cost powergen hypothesi cost gbp mwh view tabl appear worst scenario dung recov avoid cost loss make electr baseload price wholesal market gbp mwh strike price correspond baseload electr price wholesal market shown recit report gbp mwh case expect rang gbp mwh short term dung remain oper commiss note present electr price dung cover avoid cost pessimist scenario commiss consid dung viabl asset question aid restrict minimum decis initi proceed commiss express doubt aid restrict minimum state aid natur measur establish exact amount aid measur fix commiss note conclud section vi vi measur constitut state aid mean articl ec treati aid packag restrict measur measur includ state aid aim meet categori liabil manag histor spent fuel manag uncontract liabil decommiss nuclear power plant time initi proceed liabil link categori state aid attach estim cap liabil link manag spent fuel repres largest share total liabil consist payment bnfl manag servic fuel load reactor prior restructur plan effect date servic contract amount ow bnfl respect defin circumst reason commiss consid extent liabil fund uk govern cap uk author accept turn origin estim liabil gbp cap aid link liabil contrast liabil link decommiss nuclear power plant uncontract liabil difficult quantifi precis decommiss nuclear plant specif activ experi world wide total complet work field expert cost total invest cost nuclear part invest estim prove complet consist accur comput exact origin invest cost power plant order estim decommiss cost difficult power plant cost histori imprecis plant agr plant plant exist countri extent expect build experi acquir countri unit kingdom improv accuraci reactor decommiss cost estim similarli uncontract liabil natur difficult determin relat final dispos spent fuel manner nuclear fuel final dispos unit kingdom remain uncertain experi nirex intermedi level wast repositori shown experi countri shown find place dispos type wast technic polit challeng hard quantifi suffici precis cost activ inform achiev inform forward uk author show estim storag cost institut member state vari drastic view commiss consid determin maximum cost decommiss uncontract liabil larg margin error risk overestim case commiss consid set highli uncertain overestim cap aid minimum aid requir uncertainti margin materialis turn scope grant unnecessari aid ensur fulfil minimum principl consist comput cap aid set mechan aim ensur futur expenditur restrict minimum uk author undertaken put place seri mechan respect categori liabil cost state precis defin uk author close monitor cost nuclear decommiss agenc nda monitor ant post decommiss activ tender nda ensur cost market standard nda activ ultim control uk depart trade industri nation audit offic strengthen commiss control spend origin aggreg estim liabil gbp threshold cumul expenditur link liabil exce threshold commiss receiv enhanc report payment made meet liabil cost step minimis cost report base analysi carri independ account expert limit payment due bnfl framework spent fuel liabil exce origin estim case spent fuel element conform specif requir special treatment case exist arrang contract bnfl normal spent fuel manag price increas happen amount paid state discharg liabil excess origin estim count gbp threshold mention threshold alter purpos comput amount refer recit commiss consid normal commiss refer rate length period concern refer rate adapt year import note cap threshold refer recit appli expenditur made meet liabil fund nlf state mean cap threshold mechan automat account monei fund final restructur packag tax disregard respect increas account power plant due fact part liabil attach paid uk govern liabil laid account partial potenti relief uk govern undertak increas amount potenti maximum undertaken uk govern normal uk account financi rule increas taxabl disregard govern potenti competit advantag mean articl ec treati potenti taxat decreas abil fund liabil turn increas uk govern actual liabil part state aid element tax disregard offset increas final fund liabil met govern actual state aid element tax disregard equal part disregard offset increas payment made uk govern honour undertak meet nuclear liabil increas power plant artifici liabil remain uk govern undertak call extent met nlf contribut govern paid shortfal liabil fund time ad hoc grant paid time liabil incur tax disregard view commiss consid state aid element tax disregard aid meet restructur object final commiss note increas profit case increas electr price larg destin financ contribut nlf increas contribut automat impli reduct amount aid commiss consid mechan altogeth ensur state aid contain measur reduc minimum avoid undu distort competit point guidelin quot measur mitig advers effect aid competitor quot except case size relev market neglig commun eea level firm share relev market neglig measur implement order aid element restructur plan compat common market form limit compani presenc market proport distort effect aid relax measur contempl lead manifest deterior structur market form extent compensatori measur depend market capac posit structur overcapac market compensatori measur form irrevers reduct product capac structur overcapac compensatori measur requir form irrevers reduct product capac relev market footnot guidelin relev geograph market compris eea altern signific part condit competit area suffici distinguish area eea electr trade member state long time entri forc direct ec electr trade member state limit physic constraint due shortfal interconnect capac constraint tighter geograph limit limit opportun develop interconnector framework tran european network polici commiss made list bottleneck intern electr market annex decis ec european parliament council june lai seri guidelin tran european energi network repeal decis ec show unit kingdom geograph region insuffici connect rest network singl market function entiti top insul rest commun electr network unit kingdom electr market characteris specif trade system specif trade system electr trade arrang neta base bilater contract gener supplier custom oppos classic pool market condit competit neta pool market evidenc fact transit unit kingdom pool structur neta result larg drop electr wholesal price present neta cover england wale scottish market link neta index electr price scotland price wit england wale neta plan extend scotland result great britain market due start oper note scotland repres small part market instal capac scotland slightli instal capac england wale northern ireland electr market join great britain market forese futur electr link great britain northern ireland moment weak nomin power gw repres regist instal capac great britain competit condit northern ireland remain great britain view oper great britain commiss consid relev geograph market purpos decis great britain figur submit uk author total instal capac state member state time restructur plan notifi gw total regist instal capac great britain unit kingdom market great britain market repres largest eea germani franc consid market neglig commun eea level capac repres regist capac england wale scotland consid neglig share relev market conclud actor relev market bnfl edf energi innogi scottish southern electr scottish power powergen major disappear relev market monopoli tight oligopoli find confirm commiss initi market analysi decis initi proceed commiss note parti submit comment question preliminari find ii capac situat market assess view evolut electr price decis initi proceed commiss made clear assess capac situat electr market account physic specif electr potenti enorm disturb electr black out creat economi citizen everydai life assess exist structur overcapac includ suffici capac margin satisfact peak demand reason scenario commiss note capac margin exist relev market high compar intern standard past valu note room small decreas capac margin compar member state valu unit kingdom parti comment exist structur overcapac focus evolut price assess exist capac margin great britain parti link evolut electr price exist structur overcapac market competit market neta price plai role signal capac capac need specif period futur foreseen shortfal capac period trigger increas forward price price reach level enabl recoveri plant construct cost trigger entri market present parti increas recent past price reach suffici level trigger entri demonstr overcapac market commiss acknowledg relationship price market capac situat market consid electr market neta complex definit conclus drawn exist structur overcapac market basi price observ firstli unlik market structur pool thing clear price neta neta base bilater contract form provid transpar price report mechan power exchang ukpx transpar repres suffici share market make draw signific conclus focu short term trade limit gain knowledg futur trend reli price index report independ sourc heren argu price index limit repres wholesal market third total exchang electr unabl catch extrem shortfal foreseen electr gener reason recit base assumpt forward price repres faithfulli market situat futur commiss consid case matter fact price reflect complex situat base buyer seller posit futur mean base expect futur market realiti demand offer subject fluctuat market word forward price repres balanc demand offer futur current actor balanc fuel price fluctuat reason forward price fluctuat lot time fix period futur thirdli accept report price total pertin reflect faithfulli offer demand logic gap conclus price full repay entrant cost conclus overcapac market structur overcapac market view commiss consid observ price suffici reliabl indic decid electr market neta situat structur overcapac commiss note time encount difficulti winter forward price increas price report agenc report valu gbp mwh winter baseload price year reach figur high gbp mwh upward trend continu sustain entrant cost estim rang gbp mwh gbp mwh assess view capac margin commiss trust exist overcapac easier assess analys actual physic figur instal capac peak demand margin instal capac exce averag cold spell peak demand system capac margin framework assess market structur overcapac mean assess present foreseen capac margin adequ obviou set definit quantit norm adequ capac margin difficult task norm depend number paramet vari network depend level secur suppli achiev turn link object notion psycholog impact period electr specif region physic psycholog paramet control capac margin depend market structur expert liberalis market capac margin strongli regul centralis market agre quantifi effect present view lack histor evid comment parti provid view capac margin adequ great britain comment address issu quot figur england wale network oper ngtransco year statement statement ngtransco state consid capac margin nomin benchmark plan purpos hint smaller capac margin real time manag system refer figur drax greenpeac suggest figur proper refer adequ capac margin purpos assess exist structur overcapac organis prefer refer figur includ institut commiss greenpeac provid report subject observ ngtransco made clear figur consid purpos assess exist structur overcapac state quot role system oper england wale plant margin level repres overcapac england wale market quot view commiss consid level proper benchmark assess capac situat england wale market scotland market join england wale market physic segreg mw interconnect region small complet flexibl balanc region lack excess power matter fact export energi scotland england wale major constraint commiss consid benchmark increas global great britain figur england wale england wale market largest geograph segment great britain market segment econom data set price scotland set line england wale data vast major parti comment concentr england wale segment commiss begun analysi market segment histor experi proven interconnector segment export scotland england wale ngtransco consid interconnector capac sourc power england wale convers scottish power scottish oper respons part scotland share border england consid interconnect capac dedic export view consist past experi hypothesi put forward local oper commiss rest decis england wale scotland interconnector capac attribut england wale network oper england wale ngtransco commiss base analysi capac situat segment ngtransco forecast publish period compani year statement open proceed ngtransco revis forecast capac margin england wale market forecast commiss ngtransco submiss newer version forecast publish ngtransco year statement commiss newer version purpos analysi newer version base fundament hypothesi input data forecast consid relev ngtransco submiss commiss incorpor date input market develop forecast envisag scenario optimist scenario sy background assum gener avail correspond sign transmiss contract pessimist scenario quot exist construct background quot assum plant exist plant construct intermedi scenario quot consent background quot assum plant exist construct consent electr act energi act grant chart summaris forecast scenario scenario sy background consent background exist construct background scenario differ princip latest year surpris view fact underli hypothes make differ futur year relev assess exist structur overcapac present market year scenario forese capac margin averag slightli benchmark differ ac peak demand mw mw smaller british energi nuclear plant capac result statist averag commiss consid deem statist signific repres structur overcapac year differ scenario grow make difficult draw meaning conclus commiss note year averag scenario fluctuat year tendenc capac margin stai includ margin error commiss conclud structur overcapac england wale electr market global great britain contrast england wale network oper scotland scottish southern electr scottish power oper publish forecast region area forecast detail ngtransco scenario futur reason commiss concentr analysi scotland present situat envisag scenario scottish oper submit comment commiss context proceed analysi base document public scottish southern electr commiss figur provid year statement scottish power commiss figur provid april transmiss year statement chart summaris forecast peak demand instal capac geograph region capac connect scottish power network capac connect scottish southern electr network capac connect ngtransco network exclud interconnector ireland scotland interconnector capac franc england interconnector capac capac great britain maximum demand scottish power zone maximum demand scottish southern electr zone ac peak demand ngtransco zone aggreg peak demand capac margin great britain figur higher benchmark refer recit note benchmark appli flexibl network england wale increas accommod constraint network bottleneck figur comput hypothesi interconnector northern ireland franc full capac import grant interconnector export time ac peak demand capac net capac time ad power demand decreas capac margin view commiss consid statist signific structur overcapac great britain market conclus view commiss judg structur overcapac relev market compensatori measur form irrevers reduct product capac mandatori iii impact aid competit relev market structur overcapac relev market commiss assess necess compensatori measur form case merit compensatori measur account potenti distort effect aid competit quot uk author argu aid packag impact competit neta power plant quot econom abil gener determin short run margin cost srmc time market oper power plant call srmc rank lowest largest cumul capac reach demand electr price time set srmc power plant call margin power plant uk author aid aim sole nuclear plant chang srmc extent modifi rank srmc order nuclear plant srmc time margin plant srmc aid impact competitor abil gener price sell electr gener impact competitor commiss consid uk author reason hold perfect market base singl total transpar auction process explain recit neta market commiss consid aid impact competitor wai major impact competit firstli nuclear power plant own eggborough coal fire plant big competitor total capac aid receiv nuclear plant benefit eggborough power plant instanc monei order fit eggborough flue ga desulphuris devic compli environ regul turn extend significantli plant lifetim altern fund made aid order purchas nuclear gener asset admittedli flexibl sourc electr gener compens nuclear station inflex aid extend nuclear portfolio intern access flexibl gener increas possibl offer deal custom time decreas purchas flexibl gener competitor neta singl market neta compris wholesal market segment gener sell electr supplier direct sale busi dsb segment gener sell electr directli larg end user gener gener sell electr dsb market premium wholesal market prefer gener sell electr dsb market segment analys impact aid global amount electr sold gener spread sale wholesal dsb market segment element restructur plan aim increas compani share dsb segment order compani offer dsb custom competit low premium wholesal electr price financ part competit offer decreas nuclear plant srmc plant srmc rank remain impact competitor load variat level shift part sale wholesal market dsb market turn shift part competitor output dsb wholesal market aid increas profit decreas competitor view commiss consid aid signific impact competitor compensatori measur mitig impact iv compensatori measur implement compensatori measur strike balanc mitig impact aid competitor preserv beneficiari compani prospect viabil purpos commiss consid compensatori measur target precis mechan aid detriment competitor mean compensatori measur case aim ensur aid grant govern purpos unduli increas flexibl gener portfolio gain dsb market share goal lead commiss compensatori measur compensatori measur propos uk author basi measur suggest competitor submiss compensatori measur explain recit aid potenti greater impact competitor pai charg incur nuclear fleet intend purpos improv nuclear gener capac compet competitor plant easili give access flexibl gener present turn decreas purchas flexibl order avoid possibl busi separ legal entiti separ account purpos structur modifi nuclear gener nuclear gener sale wholesal market dsb sale establish separ subsidiari aid attribut sole nuclear gener busi cross subsidis subsidiari forbidden prohibit implement compani licens regim monitor great britain electr system regul ofgem commiss recognis oper licenc modifi freeli ofgem duti consult parti modif account comment receiv ofgem modifi licenc forbid cross subsidis uk govern provid commiss limit time undertak effect case order ensur trade subsidiari involv element cross subsidi uk author provid commiss annual report displai evid cross subsidi occur report base analysi independ account expert uk author undertaken implement compensatori measur compensatori measur compensatori measur principl suffici ensur aid receiv nuclear reactor improv enlarg exist nuclear fleet view complex electr sector larg rang relationship actor neta commiss consid enforc specif measur ensur aid receiv nuclear reactor field busi capac situat market make econom sound impos capac reduct commiss judg requir increas scope activ order cope concern seri prohibit impos expans gener field competitor activ purpos specif type capac identifi quot restrict capac quot capac compos regist oper fossil fuell capac locat european econom area regist oper larg scale hydro capac locat unit kingdom prohibit period year date decis own control restrict capac excess mw capac exist eggborough mw district energi mw station reason prohibit increas fossil fuel capac explain recit commiss consid extend prohibit larg scale hydroelectr station avoid risk acquir exist larg scale hydro station scotland prohibit year roughli time construct combin cycl ga turbin power plant object prohibit prevent acquir flexibl present eggborough power plant suffici ensur viabil commiss awar restructur plan bank syndic provid financ eggborough project retain option purchas eggborough bank decid exercis option depriv sourc flexibl commiss recognis success restructur plan case allow prepar replac eggborough receiv notic bank intent exercis option reason commiss consid except prohibit event bank exercis option order acquir sourc flexibl replac eggborough event eggborough definit unavail reason control ultim effect allow acquir flexibl capac present replac capac make profit overlap period end construct dispos eggborough view allow right control mw restrict capac period date receiv notic bank date eggborough capac longer end year period refer recit earlier date eggborough capac longer condit oper restrict capac excess mw divest oper control interest excess restrict capac time eggborough unavail refer recit event forc majeur irrepar failur allow control mw restrict capac condit end year period refer recit declar restrict capac network oper mw oper mw capac provis aim allow flexibl replac eggborough relax prohibit practic final top restrict restrict capac defin recit order respect philosophi guidelin necess beneficiari state aid purpos extend market share forbidden nuclear gener asset present own european econom area prior authoris commiss year date adopt decis uk author undertaken implement compensatori measur compensatori measur explain recit aid misus aim cover nuclear reactor charg unduli acquir share profit dsb market sensit potenti misus demonstr content comment commiss parti wish remain anonym offer price abnorm market standard suggest aid harm competitor face custom commerci incorrect expect commiss consid reinforc guarante offer compensatori measur specif compensatori measur aim behaviour dsb market requir act market wai similar competitor standard ensur forbidden offer price prevail wholesal market price dsb market durat measur year date decis compensatori measur complianc prohibit monitor independ bodi select transpar tender process organis uk author independ bodi report annual commiss past dsb market price evolut wholesal market price premium prohibit ensur behav commerci competitor neta year imposs upcom year relationship dsb wholesal market time differ experienc todai imagin instanc wholesal market illiquid period lead abnorm high price market case commiss consid order lose custom gener offer price dsb market wholesal market price thing happen capac react lose custom base dsb market put restructur goal peril left flexibl accommod except event margin manoeuvr limit object term monitor carefulli avoid abus criteria flexibl margin testabl ant order avoid abus reliabl report dsb market price wholesal market price difficult dsb contract round dsb market price offer wholesal market price mean object criteria refer recit directli base check competitor offer dsb price wholesal market price test reli indirect indic access short term signal wholesal market illiquid price wholesal market price dsb market longer commerci viabl test period end date invok except market circumst exist domest end user made offer suppli term margin suppli energi element contract prevail wholesal price reject offer volum trade wholesal electr market period drop averag trade period data offer suppli minimum electr wholesal market volum sold period hour independ bodi monitor complianc prohibit respons check awar test fulfil independ bodi verifi test test fulfil case entitl price dsb market wholesal market price independ bodi decis time limit extend decis independ bodi except market condit continu prevail oblig behav good faith offer discount compar competitor offer independ bodi assess complianc criterion post sake transpar independ bodi publish statement end contract round confirm except market circumst occur durat period except circumst detail assess forward commiss uk author agre implement compensatori measur compensatori measur consid commiss reject commiss judg compensatori measur section suffici scope mitig potenti distort effect aid competit meet requir point ii guidelin consid specif condit attach authoris aid mean point ii guidelin compensatori measur suggest parti greenpeac suggest nuclear plant close phase process commiss consid view absenc overcapac relev market request closur gener asset disproportion distort competit aid gener powergen suggest dung reactor close profit asset viabil dung discuss section vi commiss note plan close dung data provid ngtransco notic signific closur dung close mid commiss consid small shift justifi expens drax suggest remov nuclear asset competit market creat system compulsori purchas nuclear energi fix price similar renew oblig practic total indefinit assist state total opposit commun competit polici drax suggest allow bnfl greater share potenti profit electr price grow order decreas amount aid discuss section vi commiss conclus measur includ state aid element allow bnfl upsid effect increas aid decreas free cash flow contribut nlf accept commiss drax suggest eggborough plant divest commiss acknowledg divest eggborough run necess preserv capac margin electr system power plant oper owner order achiev restructur plan restor viabil access sourc flexibl electr gener sell eggborough acquir flexibl sourc basi trial uk author conclus econom purchas servic eggborough gener servic consist insur nuclear reactor unexpect failur power shape busi contract flexibl meet plan mainten reactor uk author save total gbp million year keep eggborough estim base eggborough cost mean possibl servic cost own plant purchas servic market expens view commiss consid requir divest eggborough threaten prospect return viabil disproportion commiss judg compensatori measur impos type restrict proportion powergen suggest impos cap dsb market share commiss consid impos cap detriment competit market compensatori measur effici mitig impact aid competitor market restrict abil offer competit deal market feet powergen suggest forbid enter retail market suggest measur affect household market present serv supplier commiss consid restrict depriv custom sourc competit market competit part uk electr market commiss consid compensatori measur respect suffici ensur enter market basi strength undu distort competit conclud commiss consid compensatori measur suggest parti submit comment embed compensatori measur select commiss full implement restructur plan compani requir fulli implement restructur plan submit commiss uk govern commit ensur full implement restructur plan approv monitor annual report aid packag approv uk govern commit provid commiss report month approv aid packag annual report commiss monitor progress posit stabilis point commiss longer feel report vii conclus commiss conclud fulfil guidelin respect restructur aid line object euratom treati aid questionnair compat common market adopt decis articl aid unit kingdom plan implement measur restructur plan british energi plc quot british energi quot notifi commiss march consist undertak unit kingdom govern fund payment liabil relat manag spent fuel load british energi nuclear reactor prior restructur plan effect date long expenditur relat liabil except increment histor liabil defin histor liabil fund agreement british energi unit kingdom govern exce gbp decemb shortfal nuclear liabil fund payment liabil relat british energi nuclear asset decommiss british energi uncontract liabil increment histor liabil defin histor liabil fund agreement british energi unit kingdom govern compat common market object euratom treati subject complianc condit set articl articl articl unit kingdom ensur restructur plan commun commiss unit kingdom fulli implement unit kingdom submit report implement restructur month present decis year time commiss inform report articl expenditur liabil refer point articl exce gbp decemb unit kingdom submit enhanc addit report commiss demonstr govern payment restrict meet liabil refer point proper step limit expenditur minimum meet liabil report submit yearli append yearli report refer articl articl purpos comput amount decemb refer articl articl unit kingdom refer discount rate publish commiss unit kingdom updat rate year articl unit kingdom requir british energi undertak april extract electr suppli busi british energi gener limit incorpor separ subsidiari compani british energi plc successor parent consolid exist nuclear gener activ singl compani reason endeavour obtain licenc modif electr act licenc modif obtain give bind undertak unit kingdom govern limit time effect british energi treat exist nuclear nuclear gener busi separ busi licens purpos purpos undertak unit kingdom govern ii exist nuclear gener busi provid cross subsidi busi british energi group event undertak paragraph implement licenc condit unit kingdom submit yearli report commiss establish evid cross subsidis exist nuclear gener busi busi british energi group report base analysi carri independ account expert ad report refer articl prejudic possibl implement licenc condit put place unit kingdom inform commiss undertak paragraph implement articl unit kingdom requir british energi undertak period year date decis right control regist oper fossil fuell gener capac european econom area larg scale regist hydro electr defin renew oblig order gener capac unit kingdom type capac hereund restrict capac aggreg exce mw provid pend dispos period defin british energi entitl right control restrict capac excess mw condit oper excess restrict capac divest oper control interest excess restrict capac power gener excess restrict capac purpos quot pend dispos period quot period receipt eggborough power limit eggborough power hold limit notic option acquir share eggborough power limit eggborough station exercis secur share eggborough power limit eggborough station exercis ii date regist gener capac eggborough station longer british energi group dispos option share eggborough power limit eggborough station complet british energi entitl right control restrict capac exceed mw condit declar restrict capac oper nation grid mw oper mw restrict capac capac eggborough station unavail british energi group irrepar failur forc majeur british energi entitl right control restrict capac exceed mw condit declar restrict capac oper nation grid mw oper mw restrict capac articl unit kingdom requir british energi undertak period year date decis right control regist oper nuclear gener capac european econom area exist nuclear gener asset oper mainten contract british energi interest electr output prior written consent commiss articl unit kingdom appoint month decis open transpar process independ expert purpos monitor complianc condit set articl independ expert inform commiss immedi appoint articl unit kingdom requir british energi undertak period year appoint independ expert offer suppli domest end user purchas electr directli british energi term price energi element contract user prevail wholesal market price provid except market circumst object test judg independ expert satisfi articl except market circumst british energi entitl except circumst continu prevail price energi element contract prevail wholesal market price good faith enabl british energi respond competit condit articl cooper good faith independ expert compli reason request independ expert time manner includ request inform document access staff manag independ expert report yearli unit kingdom complianc british energi condit unit kingdom make report commiss articl test purpos decid except market circumst occur period end date amber notic defin exist british energi domest end user british energi made offer suppli term margin suppli energi element contract prevail wholesal price reject british energi offer volum trade wholesal electr market period drop averag trade period data british energi offer suppli minimum electr wholesal market volum sold period face circumst approach british energi consid invok except market circumst british energi inform independ expert outlin analysi situat posit relat object test amber notic circumst improv amber notic test test test met british energi notifi independ expert respond competit price wholesal price suppli recent evid british energi independ expert hour confirm test met declar exist except market circumst independ expert declar exist except market circumst british energi entitl period independ expert decis make bona fide offer price meet competit direct sale busi market period renew independ expert long test met end period price restrict set articl appli british energi period british energi provid report independ expert summaris sale activ period inform review independ expert yearli report end contract round except market circumst occur independ expert publish fact made determin circumst long last articl decis address unit kingdom great britain northern ireland brussel septemb commiss mario monti member commiss oj oj footnot cost avoid ceas gener shut station cost avoid ceas gener shut station purchas fuel pwr nuclear plant parti contract pwr spent fuel store site percentag correspond public sector discount rate definit scenario recit gross margin base total revenu interest tax direct cost suppli includ electr deliveri cost sourc oj ecr oj tusn describ quot inform organis trade unionist support civil nuclear power mean energi gener balanc energi polici safe clean environ quot robert freer consult cia trade associ compris oper compani compris major electr consum unit kingdom jha larg british energi market analyst eiug organis repres consum energi intens sector uk industri terra nitrogen nitrogen produc part terra group produc methanol major electr consum unit kingdom energywatch department public bodi repres interest ga electr consum great britain tvo finnish electr gener nuclear plant oper nation grid transco owner oper england wale transmiss system privat own compani independ gener suppli busi interest royal charter academi found purpos promot excel engin eecl oper mw ccgt north london belong american compani indeck energi servic eic independ organis object provid support market inform busi energi user uk bodi repres interest larg industri commerci retail public sector cost electr ga import factor case ecr articl ec treati lai quot provis treati derog treati establish european atom energi commun quot judgment court justic decemb case ecr oj judgment court april case kingdom spain commiss european commun ecr includ liabil relat final dispos histor spent fuel present final dispos spent fuel due fact nuclear spent fuel final dispos unit kingdom defin report greenpeac uk websit url http www greenpeac org uk multimediafil live fullreport pdf gbp usd convers rate report bunn al econom reprocess direct dispos spent nuclear fuel final report decemb juli argu report winter baseload contract gbp mwh august ukpx report baseload futur contract price period gbp mwh dai ukpx report summer futur baseload contract gbp mwh settlement price winter gbp mwh sourc argu ukpx cite frontier econom report quot plant margin market oper great britain quot august attach submiss judgment court case french republ commiss european commun ecr paragraph oj direct amend direct ec oj opinion advoc gener jacob case exchang rate gbp eur sourc websit posiva oy www posiva fi estim base cost kg spent fuel translat ton uranium load prior slightli underst actual cost spent fuel element includ small share uranium materi spacer tube section vi electr baseload price wholesal market impact plant cost structur input price pai bnfl manag spent fuel net present decemb discount nomin intern atom energi agenc nuclear power plant worldwid complet decommiss sourc iaea nuclear technolog review quot european perspect fund decommiss relat activ end nuclear cycl quot josé hoyo pérez nea intern seminar quot strategi select decommiss nuclear facil quot tarragona spain septemb radioact wast manag decommiss enlarg european union derek taylor residenti summer school decommiss radioact wast manag cambridg uk june juli net present decemb discount nomin commiss notic method set refer discount rate oj conjunct commiss notic technic adapt method set refer discount rate oj articl commiss regul ec april implement council regul ec lai detail rule applic articl ec treati oj oj conclus addit line drawn commiss merger case geograph market consid nation juli argu report winter baseload contract gbp mwh august ukpx report baseload futur contract price period gbp mwh dai ukpx report summer futur baseload contract gbp mwh settlement price winter gbp mwh sourc argu ukpx cite frontier econom report quot plant margin market oper great britain quot august attach submiss powerink report quot survei market serv british energi quot march attach uk author notif quot entrant price gbp mwh previou commiss decis sector base entranc cost estim eur mwh gbp mwh instanc commiss decis case strand cost greec oj averag cold spell peak demand scenario winter peak demand chanc exceed reason weather definit england wale network oper nation grid transco report closur british energi uk nuclear power plant john larg larg amp associ april attach greenpeac submiss report closur british energi uk nuclear power station ilex energi consult septemb attach greenpeac submiss report publish web url http www nationalgrid uk librari document sy default asp action amp snode sy amp exp mw averag forecast ac peak demand year concern http www scottish southern uk popup yearstat asp http www scottishpow applic publish downloadpublicdocu jsp guid fa ff amp folderpath root scottishpow media librari document report amp downloadparamet attach exce remain benefici custom intermediari gener custom bnfl competitor oper nuclear reactor great britain mean renew oblig order recit sens energywatch annual report april march http www energywatch org uk upload annual report pdf exclud auxiliari fossil fuell capac nuclear station