... the principals of the restructuring plan were announced on 28th November 2002. There has been some progress over the last year however it is acknowledged it will be a long and complicated process, unable to be executed without government intervention and support British energy share prices dropped in connection with deteriorating future prospects, therefore the directors have acknowledged a permanent reduction in share value resulting in an exceptional charge of £102m which is recognised within operating costs. Due to a combination of factors such as dramatic reductions in electricity prices in the UK market, a high fixed cost base, and failure to renegotiate its fuel contracts with BNFL, resulted in a financial crisis for the Group, making the financial year to March 2003 the most difficult for British Energy and resulted in the board seeking assistance from the Government on 5 September 2002, and since then consummated in a restructuring ...

See this essay or coursework document in full right now