FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
March 19, 2004
BRITISH ENERGY PLC
(Registrant's name)
3 Redwood Crescent
Peel Park
East Kilbride G74 5PR
Scotland
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F..X.. Form 40-F.....
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ..... No ..X..
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):
Exhibit Index
The following document (bearing the exhibit number listed below) is furnished
herewith and is made a part of this Report pursuant to the General Instructions
for Form 6-K:
Exhibit Description
No. 1 RNS Announcement, re: Nuclear Output Projection dated 19 March 2004
19 March 2004
British Energy plc
NUCLEAR OUTPUT PROJECTION FOR 2004/05 FINANCIAL YEAR
Following the recent unplanned outage at Heysham 1, the Company has reviewed the
implications for further cast iron pipework replacement at its other stations.
Based on its current findings, the Company is announcing today that its
indicative target for nuclear output for 2004/05 is 64.5TWh. This indicative
target takes into account an estimated loss of 2.5TWh resulting from the
Company's estimates of the work required to carry out cast iron pipework
replacement at other stations in 2004/05. The cost of the replacement work will
be absorbed within the Company's normal plant expenditure plans. This
expenditure is an important component in ensuring the future reliability of the
Company's plant. This replacement work does not affect the Company's view of
the level of nuclear output in subsequent years.
The Company is continuing to scope and develop a number of programmes to improve
the reliability and the material condition of its plant. As previously
announced, in its Interim Results and its Third Quarter Results, the Company
expects that the programmes are unlikely to have a material effect on the level
of capital and revenue expenditure in the current year. However, the Company is
undertaking further analysis to determine the extent to which the required
levels of investment arising from these programmes would be greater in future
years than expected in its previous business plan. The Company expects to give a
further update on progress at the time of its Preliminary Results.
British Energy's Proposed Restructuring remains subject to a large number of
significant uncertainties and important conditions, including receipt by the
Secretary of State for Trade and Industry (the 'Secretary of State') of a
satisfactory notification from the European Commission that in so far as the
proposals involve the grant of State Aid by the UK Government, such
aid is compatible with the common market. The Secretary of State expects to
receive this notification by mid 2004. Furthermore, the Secretary of State is
entitled not to proceed with the Proposed Restructuring if, in her opinion, the
Group will not be viable in all reasonably foreseeable conditions without access
to additional financing beyond that which is committed and will continue to be
available when required. The Board is continuing to explore initiatives to
reduce the demand for trading collateral and to achieve sufficient liquid
resources to implement the proposed Restructuring.
If for any reason British Energy is unable to implement the Proposed
Restructuring it may be unable to meet its financial obligations as they fall
due in which case it may have to take appropriate insolvency proceedings. If
British Energy were to commence insolvency proceedings, distributions, if any,
to unsecured creditors may represent only a small fraction of their unsecured
liabilities and it is highly unlikely that there would be any return to
shareholders. Even if the Proposed Restructuring is completed, the return, if
any, for shareholders will represent a very significant dilution of their
existing interests.
This document contains certain "forward-looking" statements as defined in
Section 21E of the US Securities Exchange Act of 1934, including statements with
respect to British Energy's business plans, the performance of its stations,
electricity prices and other matters that are not historical facts concerning
the business operations, financial condition and results of operations of
British Energy. These forward-looking statements typically contain words such
as "intends", "expects", "anticipates", "estimates", "aim", "believe", "assume",
"should" and words of similar import, which are predictions of or indicate
future events or future trends. These forward-looking statements involve known
and unknown risks, uncertainties and other factors, which are in some cases
beyond the control of British Energy and may cause actual results or performance
to differ materially from those expressed or implied from such forward-looking
statements. British Energy has identified some important factors that may cause
such differences in British Energy's Form 20-F annual report for the year ended
31 March 2003 filed with the US Securities and Exchange Commission.
Contacts:
Andrew Dowler Financial Dynamics, Media 020 7831 3113
Paul Heward British Energy, Investor Relations 01355 262 201
Website: www.british-energy.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: March 19, 2004 BRITISH ENERGY PLC
By:____Paul Heward____
Name: Paul Heward
Title: Director - Investor Relations