The windfall would come on top of pay-offs for executive directors of up to pounds 3.12m if the US group decided to clear out the entire board, and profits on existing shareholdings valued at pounds 1.24m.
The biggest winner from the payments, based on figures dating from March 1995, is likely to be Granville Camsey, the managing director of group technology, who stands to gain a pounds 1.14m profit from options and a pay- off of up to pounds 384,000.
John Baker, who moved up from chief executive to chairman a year ago, would make pounds 883,000 from options.
He switched to a fixed-term contract worth pounds 180,000 a year, which expires in December 1997, which means that he could receive a payment of somewhat over pounds 300,000 to buy out the balance of the term.
Colin Webster, managing director of the UK business, would be another big winner. His option profits were valued at pounds 777,000 by last night's share price and his pounds 207,000 salary in 1994 could potentially net him a pay-off of more than pounds 400,000. Meanwhile, his shareholding last year would be worth nearly pounds 622,000.
By contrast, Keith Henry, National Power's new chief executive who joined from the US group Brown & Root last year, would be in line for a pay-off worth twice his pounds 280,000 annual salary or pounds 560,000. He was not offered any share options when he joined, but he used a controversial pounds 100,000 "golden hello" given by the company to buy pounds 60,000 of shares.
National Power Southern Company
Market capitalisation pounds 7.5bn $15.3bn
Turnover pounds 3.95bn $9.1bn
Net profits pounds 705m $1.1bn
Employees 5,500 7,500
Status: Britain's biggest Biggest quoted US
electricity generator electricity utility