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[cdn-nucl-l] Cameco eyes bigger stake in Bruce Power
Posted on Yahoo! Finance UK on September 11, 2002 at:
Note that Bruce Power made over $100 million in their first year of
operation, after paying the OPG lease, and after paying for the
beginning of the Bruce A restart.
Cameco eyes bigger stake in Bruce Power
TORONTO, Sept 10 (Reuters) - Canada's Cameco Corp said on Tuesday there
were no formal talks with its cash-strapped partner British Energy Plc
(LSE: BGY.L - news) to increase its stake in the Bruce Power nuclear
plant but made no secret it was interested in such a move.
"It is fair to say that we have discussed that possibility and many
others internally, but as of last night there were no formal discussions
with British Energy," Cameco spokesman Jamie McIntyre told Reuters.
The British government this week injected 410 million pounds ($639
million) of emergency working capital into British Energy, Britain's
biggest electricity generator and Bruce Power's biggest stakeholder.
Cameco has a 15 percent interest in Bruce Power, which currently
operates four nuclear reactors in western Ontario with plans to increase
that number to six -- accounting for 15 percent of the province of
Ontario's electricity grid.
Cameco, the world's largest supplier of uranium used to generate
electricity in nuclear energy plants, said on Monday that the risk
profile of Bruce Power was temporarily raised by British Energy's
financial troubles, but the Canadian company was still committed to
invest up to C$100 million in the nuclear plant.
(Lesley Wroughton, Reuters Toronto newsroom +416-941-8101,