Tuesday, September 22, 2009

Babcock picks up a bargain

The United Kingdom Atomic Energy Authority's commercial arm, UKAEA Ltd, has been snapped up by defence engineering contractor Babcock. UKAEA specialises in nuclear decommissioning, waste management and nuclear new build support services.

It was sold by Peter Mandelson for a mere £50 million. Yet the government has commitments to clean up Britain's massive nuclear waste legacy, the cost of which is estimated to be around £113.7 billion by the Nuclear Decommissioning Authority. Lord Mandelson claimed the deal "generates good value for taxpayers". Quite how this is so remains to be seen.

Last year the firm operating Sellafield nuclear site appealed for former workers to come forward if they remembered where they had deposited nuclear waste. Perhaps Babcock's first job will be to try and find it.

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