§ Mr. MorganTo ask the Secretary of State for Energy if he will meet the chairman of the International Stock Exchange to discuss delayed payments of fees and commissions to stockholders employed in the privatisation of the electricity supply industry.
§ Mr. Heathcoat-AmoryWe have no present plans to do so.
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§ Mr. BeithTo ask the Secretary of State for Energy (1) what costs were incurred by his Department in connection with the sale of the electricity distribution companies; and how much value added tax was incurred on those costs;
(2) what costs the electricity distribution companies incurred as principal in connection with their privatisation; on what costs incurred in this connection the electricity distribution companies recovered VAT; and how much VAT was recovered.
§ Mr. Heathcoat-AmoryElectricity privatisation costs incurred by my Department in 1987–88 were £0.8 million, in 1988–89 £5.5 million, in 1989–90 £12.4 million, and in 1990–91 are estimated at £256.5 million. As many of the costs were jointly incurred on the privatisation of the distribution and generating companies, allocation of the costs to the two categories would not be meaningful. VAT paid so far is estimated at £14.6 million.
The costs incurred by the electricity distribution companies in connection with their privatisation are a commercial matter for the companies concerned.