FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
November 1, 2002
BRITISH ENERGY PLC
(Registrant's name)
3 Redwood Crescent
Peel Park
East Kilbride G74 5PR
Scotland
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F..X.. Form 40-F.....
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ..... No ..X..
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):
Exhibit Index
The following document (bearing the exhibit number listed below) is furnished
herewith and is made a part of this Report pursuant to the General Instructions
for Form 6-K:
Exhibit Description
No. 1 Regulatory News Service Announcement, re: Bruce Power Cameco
Q3 Results
dated 1 November 2002
Exhibit 1
BRUCE POWER - CAMECO RELEASE Q3 RESULTS
Cameco Corporation of Canada, British Energy's 15% partner in Bruce Power,
released results yesterday for the third quarter of 2002, ended 30 September
2002.
In the Announcement, Cameco provided information on the operating highlights for
Bruce Power (100%), together with a commentary on the third quarter, year to
date and outlook, which are as follows:
4 1/2 months ended
Highlights 3 months ended 30 Sept 01 9 months ended
(Note 1) 30 Sept 02 (Note 2) 30 Sept 02
Output (terawatt hours) 5.5 10.2 15.6
Capacity factor (%) (Note 3) 79 95 75
($ million)
Revenue 280 395 682
Operating costs 184 279 571
Earnings before interest & taxes 96 116 111
Interest 17 26 50
Earnings before taxes 79 90 61
Cameco's 15% interest 12 13 9
Less: purchase adjustments 1 - 1
Cameco's share of earnings before taxes 11 13 8
Notes
1. These figures were prepared under Canadian GAAP and on a calendar year
basis and therefore will differ from those to be presented by British
Energy.
2. 4 1/2 months being the period since the financial close of the
acquisition of the Bruce lease on 11 May 2001.
3. Capacity factor for any given period represents the amount of
electricity actually produced for sale as a percentage of the amount of
electricity the plants are capable of producing for sale.
Third Quarter
In the quarter, 5.5 terawatt hours of electricity was generated by the Bruce 'B'
reactors at a capacity factor of 79%. Planned maintenance work on one reactor,
which began in the first quarter, was completed during the third quarter.
Planned maintenance on a second reactor began during the quarter and will
continue into the fourth quarter when it is expected to return to service.
Cameco's share of earnings before taxes for the quarter was $11 million compared
to $13 million for the period ended 30 September 2001. Note that the comparative
data from 2001 is for a 41/2 month period.
Year-to-date
To date, power generation of 15.6 terawatt hours has been achieved by the Bruce
'B' reactors at a capacity factor of 75%. As a result, Cameco recorded earnings
before taxes of $8 million.
Outlook
Electricity Business
2002 has been a year of extensive planned maintenance programs to prepare the
reactor fleet for more efficient service over the longer term. With the return
to service of one of the four Bruce 'B' reactors late in the fourth quarter,
following its planned maintenance outage, all four 'B' reactors are expected to
be in operation for the start of the new year.
The Bruce 'B' reactors continue to perform safely and efficiently. For 2002, an
average capacity factor of 76% is expected. Cameco estimates the 2002 earnings
contribution from Bruce Power to be similar to its 2001 contribution before tax
of $12 million.
Good progress continues on the restart program for the two Bruce 'A' units.
About $286 million of the total project costs, estimated at about $400 million,
have been spent to date.
Following completion of the reactor refurbishment and restart programs, the long
term sustainable capacity factor for the Bruce Reactors is expected to be about
90%. Beginning in 2003, Bruce Power is expected to contribute significantly to
Cameco's earnings and cash flow provided that the uncertainty surrounding BE's
financial difficulties is favourably resolved.
Contact
Paul Heward Investor Relations 01355 262 201
Andrew Dowler Media 0207 831 3113
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: November 1, 2002 BRITISH ENERGY PLC
By:____Paul Heward____
Name: Paul Heward
Title: Director - Investor Relations