British Energy, the nuclear generator, has blamed lower electricity prices and shutdowns of ageing reactors for a “disappointing” 32 per cent fall in full-year profits.

The group, which is up for sale and in the midst of talks with at least two large European energy groups, warned that continued plant outages would reduce output and cash generation this year.

Pre-tax profits for the year to March 31 fell from £796m to £538m on revenues of £2.8bn, compared with £3bn last time.

Earnings per share dropped from 81.5p to 35.4p but the dividend is maintained at 13.6p.

British Energy’s total power output was 58.4 terawatt hours, the same as in the previous year. ... Read full article