§ Mr. DobsonTo ask the Secretary of State for Energy what is the provision made for(a) monitoring electricity privatisation costs and (b) costs associated with coal privatisation for 1991–92.
§ Mr. WakehamIn each case, my Department has arrangements in place for monitoring such costs according to the standard principles of Government accounting and against central and departmental requirements relating to financial control and audit procedures.
§ Mr. DobsonTo ask the Secretary of State for Energy, pursuant to his answer to the hon. Member for The Wrekin (Mr. Grocott), of 14 December 1990,Official Report, column 535, if he will list for (a) Amersham International, (b) Britoil (primary sale), (c) Britoil (secondary sale), (d) Enterprise Oil, (e) Wytch Farm, (f) British Gas, (g) each of the regional electricity companies, (h) National Power and (i) PowerGen, (i) the net equity proceeds to Government, (ii) the market value at the end of the first day of trading and, where appropriate, (iii) the current market value.
§ Mr. WakehamThe information requested is given in the table. Between the dates of the two market values given, the companies concerned may not have maintained a constant issued share capital.
129W
Market Value (£ million) Company Net equity proceeds to Government At end of first day's trading Now1 (£ million) Amersham International 62 94 179 Britoil (1982) 536 3500 — (1985) 426 1,030 2— Enterprise Oil 382 392 2,339 Wytch Farm 149 4— n/a British Gas 75,292 6,121 10,653 Eastern Electricity 6648 776 874 East Midlands Electricity 6523 633 726 London Electricity 6523 614 737 Manweb 6285 363 455 Midlands Electricity 6503 594 720 Northern Electricity 6295 347 423 NORWEB 6415 504 591 SEEBOARD 6306 359 436 Southern Electric 6648 781 896 South Wales Electricity 6244 308 399 South Western Electricity 6295 357 431 Yorkshire Electricity 6497 621 775 National Power 6 51,364 31,625 31,652 PowerGen 6 5836 3994 31,043 Notes: 1 At closing, Friday June 14. 2 Now wholly-owned by British Petroleum. 3 Market capitalisation of the first tranche of shares.
4 Sold to a group of bidders. 5 Only about 60 per cent. sold. 6 Gross proceeds (costs have not been reported to Parliament and were not split by company). 7 Includes the 1990 bought deal.
§ Mr. DobsonTo ask the Secretary of State for Energy if he will give the total costs incurred to date by his Department in the privatisation of(a) Amersham International, (b) Britoil, (c) Enterprise Oil, (d) Wytch Farm and (e) British Gas, breaking down each figure into (i) underwriting, (ii) selling and broking commissions, (iii) receiving bank costs, (iv) marketing, (v) advisers' fees and (vi) other costs, respectively.
§ Mr. WakehamThe information requested in respect of the privatisation of British Gas, Amersham International, Britoil and Enterprise Oil and the sale of the holding in Wytch Farm is not immediately available in the form requested. I will look into the position and provide as comprehensive a reply as possible bearing in mind the need not to incur disproportionate costs in indentifying the figures requested.
§ Mr. DobsonTo ask the Secretary of State for Energy, pursuant to his answer to the Member for Berwick-upon-Tweed (Mr. Beith) of 12 June,Official Report, column 563, if he will provide a breakdown of the £256.5 million spent on electricity privatisation in 1990–91 by type (a) underwriting costs, (b) selling and broking commissions, (c) receiving bank costs, (d) marketing costs, (e) advisers' fees and (f) other costs.
§ Mr. WakehamA breakdown of the £256.5 million previously reported is as follows:
£ million (VAT inclusive) Underwriting costs 51.5 Selling and broking commissions 22.7 Receiving bank costs 49.1 Marketing 25.8 Adviser's fees 52.1 Other costs1 55.3 1 Mainly stamp duty, the costs of setting up and running the Share Information Office and costs associated with the design, printing and distribution of the prospectus. Final figures for 1990–91 will be published in the appropriation account later this year.