August 26 2002 – The UK government is considering an overhaul of the wholesale electricity trading market in a bid to tackle the deepening financial crisis at nuclear power generator British Energy (BGY), the Financial Times reports.

The Department of Trade and Industry is prepared to consider reforming the controversial pricing system put in place only last year, the paper says.

However, Ofgem, the energy watchdog, said companies should be allowed to fail in an open, commercial market.

British Energy, which went private just six years ago, is the dominant generator of electricity from nuclear sources.