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British energy agm: shareholders question board over refusal to heed official financial advice on reprocessing
18 July 1997
Friends of the Earth will be attending today's British Energy (BE) AGM [1] on behalf of shareholders to ask the Board to explain why they have negotiated a new spent fuel reprocessing deal with British Nuclear Fuels when a report by government financial advisors states that direct disposal "is likely to be cheaper" than reprocessing [2].
The report was written by Barclays de Zoette Wedd (BZW), the Governments financial advisors for the nuclear privatisation, just prior to last year's flotation, and focuses on commercial aspects of the industry. When the report was written BE had contracts with BNFL covering all reprocessing requirements until 2003-5. The report says that in BZW's view there is "no need to reprocess after current BNFL deals expire in 2003-5. Direct disposal of spent fuel is likely to be cheaper".
Dr Patrick Green, Senior Energy and Nuclear Campaigner at Friends of the Earth, said:
"Why have British Energy ignored the advice of the Government's financial advisors and signed a new reprocessing contract with BNFL? Reprocessing is a highly polluting process that is more expensive than other options. it is also a huge risk for the taxpayers: if British Energy goes bust reprocessing liabilities of billions of pounds could fall to the taxpayer. Instead of propping up BNFL, British Energy bosses should deal with its waste with greater regard to the environment."
ENDS
Notes
[1] The privatised nuclear company British Energy is holding its AGM on Friday 18 July at the Edinburgh International Conference Centre starting at 11 am.
[2] A list of questions that FOE will ask at the AGM is attached.
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Published by Friends of the Earth Trust
Last modified: Dec 2008
