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The Nuclear Liabilities Fund was created by the British Government in November 2004 to assume the long-term financial liabilities from spent nuclear fuels. The Fund is a mixture of state-funding (estimated between £175m and £200m) and private contributions (British Energy is required under its restructuring to provide 65 per cent of its profits to the fund). The Fund also acts as a creditor to British Energy, with a maximum of £275m (out of the Government's maximum of £700m) provided.
[edit] Disposal of interest in British Energy
In July 2006 the government announced that they were considering selling part of Fund's interest in British Energy.[1] On May 30, 2007 it was announced that the Secretary of State for Trade and Industry would instruct the Nuclear Liabilities Fund to sell up to approximately 450 million shares, representing around 28% of the Fund's interest in British Energy.[1][2] The Fund's cash sweep percentage would be reduced from around 64% to approximately 36% following the sale.[2] Revenue from the sale will be used to diversify the Fund's assets.[1]
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