PowerGen chief cashes in options

ED WALLIS (left), chairman of the privatised electricity generator PowerGen, cashed in options worth over pounds 350,000 yesterday, according to a statement released to the Stock Exchange. It said Wallis sold 54,000 options priced at pounds 2.21 for pounds 8.70.

PowerGen, Britain's second largest non-nuclear generator, won government approval last week for its pounds 1.9bn bid for electricity supplier East Midlands from Dominion Resources of the US.

A row over levels of pay for the heads of Britain's privatised utilities has been simmering over the summer between industry and the government, fiercely critical in opposition of so-called "fat cat" directors.