§ Mr. DobsonTo ask the Secretary of State for Energy whether he has yet appointed the advertising agency for the electricity supply industry flotation.
§ Mr. WakehamIn conjunction with the regional electricity companies, I jointly appointed WCRS Mathews Marcantonio on 10 May 1990 to handle the advertising campaign to publicise the forthcoming flotations of the regional electricity companies, planned for November 1990.
§ Mr. DobsonTo ask the Secretary of State for Energy if he will list those electricity supply industry companies which have current Treasury guarantees, giving the amount guaranteed and the dates the guarantee was given in each case.
§ Mr. WakehamGuarantees, given under section 79(1) of the Electricity Act 1989, are as follows:
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Company Amount £ million Date PowerGen 25 30 March 1990 50 4 April 1990
Company Amount £ million Date Southern Electric plc 5 30 March 1990 10 30 March 1990 South Western Electricity plc 5 18 April 1990 5 18 April 1990 Eastern Electricity plc 5 18 April 1990 South Wales Electricity plc 10 18 April 1990 15 18 April 1990 3 18 April 1990 Manweb plc 40 30 March 1990 10 30 March 1990 Norweb plc 25 25 April 1990 25 25 April 1990 Nuclear Electric plc 10 4 April 1990 Similar arrangements applied prior to vesting day and continue to apply to nationalised industries. The provision of a Government guarantee enables the borrower to negotiate finer terms and reduces the cost to the public sector as a whole. A list of public sector bodies whose borrowings are guaranteed by the Treasury is published each year in the supplementary statement to the Consolidated Fund and National Loan Fund accounts.
§ Mr. DobsonTo ask the Secretary of State for Energy whether the appointment of the advertising agency for the electricity supply industry flotation is the subject of competitive tender.
§ Mr. WakehamYes.