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
April 25, 2005
BRITISH ENERGY GROUP 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: Post Year End Update
25 April 2005
British Energy Group plc "British Energy"
Post Year End Update
This statement is being made in line with best practice given the extended time
between British Energy's financial year ended 31 March 2005 and the expected
preliminary results announcement in July 2005. This extended period is to
accommodate work in respect of the transition to IFRS and the fair value
accounting associated with the financial restructuring.
This statement is based on the trading of British Energy Limited (formerly
British Energy plc) for the nine and a half months to 14 January 2005 and the
trading of British Energy Group plc for the period from 15 January 2005 to 31
March 2005. British Energy Group plc acquired British Energy Limited on 14
January 2005 as the part of the financial restructuring.
2004/2005
As anticipated at the time of the Prospectus dated 29 November 2004, nuclear
output for the financial year ended 31 March 2005 was 59.8TWh. Output for
Eggborough was 7.6TWh.
Cash balances, including amounts held as trading collateral, at 31 March 2005
were approximately GBP450m (unaudited).
2005/2006 Outlook
Now that the data for the financial year ended 31 March 2005 is available, the
Company confirms the guidance given in the Prospectus with respect to forecast
nuclear output in the financial years 2005/06 and 2006/07 which it expects to be
on average 63TWh per year.
Based on current expectations of future electricity prices and output, the
Company believes that investment in plant projects, major repairs and strategic
spares including costs associated with the Performance Improvement Programme
(PIP) will be in the range of GBP230m to GBP250m for the financial year ending
31 March 2006.
As at 31 March 2005, fixed price contracts were in place for approximately two
thirds of planned output for the 2005/06 financial year at an average contracted
price of GBP26.4/MWh.
Our contracted price position continues to include the impact of existing fixed
price contracts entered into at a time when lower market prices prevailed and
excludes the impact of higher prices that might be achieved for our coal output
as a result of running the plant to take advantage of the differential between
peak and baseload prices. The contract portfolio also includes profiled
contracts (both wholesale and direct sales) and therefore the contracted price
is not directly comparable to a baseload market price.
Wholesale market forward prices for baseload electricity in the forward market
for the financial year 2005/06 continue to show considerable volatility and have
risen strongly due to high oil and gas prices over recent months. In addition,
the price of carbon dioxide emission allowances has risen to over EUR15/tonne of
carbon dioxide since the EU Emissions Trading Scheme started on 1 January 2005,
increasing the cost of marginal coal and gas production. However, sales of our
planned output for Winter 2005/06, the largest portion of our uncontracted
output, are exposed to further movements in market prices.
Realised prices (which are calculated by dividing turnover, net of energy supply
costs and miscellaneous income, by total output during the period) should
benefit from the rise in wholesale market prices. Our realised price takes
account of other income and charges that are reported in turnover and are not
included in the average contracted price. Costs include Balancing Services Use
of System (BSUoS) and other electricity market participation charges of around
GBP0.7/MWh and costs incurred through the balancing mechanism and short term
market arising from output variations and unreliability (excluding major
unplanned outages) are expected to be around GBP1/MWh. Other ancillary income
and charges are expected to have a limited impact overall.
Safe Harbour
This announcement 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 its Form 6-K in connection with the Restructuring dated 30
November 2004 which has been filed with the US Securities and Exchange
Commission.
Contact:
Andrew Dowler 020 7831 3113 (Media Enquiries)
John Searles 01506 408 715 (Investor Relations)
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: April 25, 2005 BRITISH ENERGY GROUP PLC
By:____John Searles____
Name: John Searles
Title: Director - Investor Relations