News Releases
Barking Power settlement agreed following TXU Europe insolvency
31 Mar 2005Balfour Beatty to recognise £17 million post-tax gain following initial dividend
Balfour Beatty, the international engineering, construction and services group, announces today that Barking Power Ltd, in which it has a 25.5% equity interest, has agreed a claim for damages for breach of contract of £179.3 million following TXU Europe’s entry into administration in November 2002.
TXU Europe had both an equity interest in and a power purchase agreement with Barking Power Ltd prior to its insolvency.
Barking Power Ltd has received a first dividend of £112.3 million and it is expected that further distributions will take place later this year and in the first quarter of 2006.
The initial dividend is expected to generate a post-tax gain of £68 million, of which Balfour Beatty’s share is £17 million.
Enquiries to:
Tim Sharp
Tel: 020 7216 6884
www.balfourbeatty.com
