Net profit for the three months through December 31 dropped to 140 million pounds (274 million dollars), or 13.5 pence per share, from 171 million pounds, or 29.2 pence, a year earlier.
British Energy's revenue depends on wholesale power prices and the reliability of its eight nuclear plants and one coal- fired station. The company said last month that shutdowns at its Heysham-1 and Hartlepool atomic plants will last until at least July, after corroded wires were found.
``The level of large losses has had a significant impact on nuclear output,'' Chief Executive Officer Bill Coley said in the statement.
British Energy incurred a cost of 70 million pounds for the current financial year buying back power it had sold in the forward market in relation to expected output from the closed Heysham-1 and Hartlepool nuclear stations. It spent another 50 million pounds buying back power for next year.
The company's nine-month operating margin dropped to 12.1 pounds a megawatt-hour from 14 pounds a megawatt-hour a year earlier as the cost of running plants rose and the price for its power declined.
British Energy rose as much as 24.5 pence, or 5%, to 513.5 pence in London trading. It was at 510.5 pence as of 9:28 a.m. local time, having earlier dropped 3.7%.
Source: By Pravda.ru
