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British Energy

Stricken nuclear generator British Energy is to be restructured in a bid to cut operating costs and return it to an even financial keel. New fuel reprocessing contracts are to be signed with BNFL, nuclear, decommissioning and spent fuel liabilities transferred to a new government-financed Nuclear Liability Fund. US and Canadian interests Amergen and Bruce Power will be sold, and bonds worth £700M issued to pay off creditors. The government has extended its £650M loan, agreed in September, until March next year. The European Union has approved loans worth £1.18bn.

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