Energy charge

BRITISH ENERGY, the nuclear power generator, yesterday said it was taking a one-off charge of pounds 66m to cover the cost of changing the interest rate on its Government-held bonds ahead of a possible sale of the bonds by the Treasury within the next year.

British Energy is cutting the coupon on its five-to-18 year bonds from over 8 per cent to around 6 per cent, while increasing the principal by pounds 56m, in a move which the company said would save it pounds 6m a year. The charge would be taken out of cash reserves.