Slow burn

Why is the British Energy auction such a damp squib? Last Friday’s deadline has come and gone and only France’s EDF has put in a bid for the UK nuclear power group. Other bidders might still come in, but British Energy investors are betting the company will now go around 700p a share, having traded as high as 785p a share. Investors may have got overexcited because utility companies have recently paid through the nose for assets. Think Scottish Power or Endesa. And British Energy has the key to ...