§ Mr. LuffTo ask the President of the Board of Trade if he will make a statement about the objectives he has set for Magnox Electric plc. [32545]
§ Mr. EggarYes. The Government wish Magnox Electric plc to be a robust public sector entity which will enhance competition in the electricity market and secure the best possible value for the tax payer from its operations. The company must operate in a commercial manner, judging any investment by commercial rates of return. In doing so, it must:
- 1. demonstrate in all its activities that safety is the foundation of its business;
- 2. have full regard to the environmental impact of all its operations;
- 3. maximise net revenue from electricity sales by operating its generating plant as fully, and for as long, as is consistent with safety requirements;
- 4. meet all its nuclear liabilities as cost effectively as possible;
- 5. maintain and develop its core skills and capabilities to meet its current and future operational needs. Magnox may exploit these skills and capabilities in appropriate new business areas, as agreed with the Government; and
- 6. seek a basis for integration with British Nuclear Fuels which will provide the combined company with a clear incentive to maximise the net revenues from magnox generation and to minimise all Magnox-related reprocessing and other back end costs.