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
December 23 2003
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 RNS Announcement, re: 'Disposal of Interest in OWP'
dated 23 December 2003
British Energy plc
Sale of Interest in Offshore Wind Power Ltd
British Energy plc announces today that it has sold its 50% equity interest in
Offshore Wind Power Limited (OWP) to GB Gas Holdings Limited (GBGH), a fully
owned subsidiary of Centrica plc, for an up-front cash consideration of
approximately GBP2.2m and deferred consideration of up to GBP0.5m. In addition
British Energy may receive further payments of up to GBP0.25m from Renewable
Energy Systems Limited (RES) dependent upon progress of OWP's Round 2 offshore
windfarm development
OWP is a joint venture company formed in February 2001 which is owned 50/50 by
British Energy Renewables Limited (BER) and RES, a subsidiary of Robert McAlpine
Holdings Limited. OWP, through its wholly owned subsidiary, Offshore Wind Power
(Site No 1) Limited, has an option to take a lease from Crown Estates
Commissioners (CEC) to construct a Round 1 offshore wind farm of up to 90 MW at
Inner Dowsing near Skegness.
The up-front cash consideration of approximately GBP2.2m is subject to working
capital and tax adjustments following completion. In a simultaneous transaction,
GBGH purchased Amec plc's 100% equity interest in the adjacent Lynn offshore
wind farm development. The deferred consideration of up to GBP0.5m will be
payable by GBGH to BER in two further equal installments on the signing of the
main construction contracts for each of the Inner Dowsing and Lynn developments.
In British Energy's accounts for the year ending 31 March 2003, British Energy's
interest in OWP had a net book value of approximately GBP0.4m. OWP contributed a
loss of approximately GBP0.2m to British Energy's results for the year to 31
March 2003.
The sale proceeds will be used for general working capital and collateral
purposes.
CONTACTS
Andrew Dowler 0207 831 3113 (Financial Dynamics)
Paul Heward 01355 262 201 (Investor Relations)
Find this News Release on our web-site: www.british-energy.com
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: December 23 2003 BRITISH ENERGY PLC
By:____Paul Heward____
Name: Paul Heward
Title: Director - Investor Relations