8 July 2002 – UK nuclear power services company BNFL has selected Anderson to advise it on the restructuring process, which will lead to its part-privatization within three years.
Anderson, now part of Deloitte & Touche, is expected to draw up a new business structure for the company which last week divested itself of its liabilities for cleaning up the UKs stocks of spend nuclear fuel by transferring then to a new body, the Liabilities Management Agency.
The exposure to clean-up costs, estimated at £48bn, has hindered past privatization plans. BNFL will cease to own nuclear sites such as Sellafield although it will continue to operate the sites under contract. “BNFL is turning itself into an operations and maintenance contractor, and a provider of specialist services to utilities,” said a source close to the firm.
Merchant bank NM Rothschild is BNFLs financial adviser. Anderson is expected establish a new framework under which the maintenance of Britain’s nuclear power stations, currently the responsibility of BNFL, will be opened up for competition.