§ Mr. Morgan
To ask the Secretary of State for Energy what consideration he has given to the implications for the maximising of revenue from privatisations of Nomura Securities' acquisition of a 9 per cent. stake in National Power other than by purchase from the Department of Energy.
§ Mr. Heathcoat-Amory
The market for equity in National Power and PowerGen was thoroughly tested through competitive book-building in the period before impact day. In addition, some of the benefit of the market rise during the offer period was obtained for the taxpayer through an international tender. I am satisfied that all appropriate steps to maximise proceeds were taken, having regard to other policy objectives. It is for investors to decide whether and if so how they wish to participate in the second market.