§ Mr. DuncanTo ask the Secretary of State for Trade and Industry what the nature was of the representations he received about his Department redeeming its special shares in Powergen and National Power; and what criteria were applied in the process that led to his Department redeeming the shares. [145731]
§ Mrs. LiddellThe companies each wrote to my Department seeking redemption of their respective special shares. It is the Government's policy to consider any such request on its merits.
In assessing whether to redeem the special shares my right hon. Friend the Secretary of State for Trade and Industry took into account whether the special shares were 316W still valid and necessary in the context of a competitive market and a strengthened regulatory and competition framework.
In line with NAO/PAC guidance, once my right hon. Friend the Secretary of State for Trade and Industry had taken a decision to redeem each special share he then also sought additional consumer benefits from the companies concerned.