1. BRITISH NUCLEAR INDUSTRY IS UNDERGOING A PERIOD OF UNPRECEDENTED CHANGE
• 2003 GOVERNMENT REVIEW LED TO REFOCUSSING OF BNFL ON DECOMMISSIONING, REMEDIATION AND CLEAN UP.
• APRIL 1, 2005: BNFL TRANSFERRED U.K. ASSETS TO NUCLEAR DECOMMISSIONING AUTHORITY: BNFL TRANSITION FROM SITE OWNER TO CONTRACTOR.
• DECOMMISSIONING AND CLEAN-UP MARKET TO BE OPENED UP TO COMPETITION IN DUE COURSE
• EXISTING FLEET OF NUCLEAR POWER STATIONS COMING TO THE END OF THEIR OPERATING LIVES: ON CURRENT SCHEDULE ALL BAR ONE WILL BE SHUT DOWN BY 2023: SOME OF THE FLEET ALREADY BEING DECOMMISSIONED.


2. BNFL HAS RESPONDED TO THIS CHALLENGE.
• BNFL HAS RESTRUCTURED: REDUCED THE SIZE AND, TO AN EXTENT, THE SCOPE AND ROLE OF THE CORPORATE CENTRE: ESTABLISHED THREE BUSINESSES - WESTINGHOUSE, BRITISH NUCLEAR GROUP, NEXIA SOLUTIONS.
• WESTINGHOUSE: MATURE BUSINESS WITH STRONG CUSTOMER FOCUS; INCREASINGLY GLOBAL IN ITS OPERATIONS; STRONG BUSINESS FRANCHISES - FUEL, REACTOR SERVICES AND REACTOR TECHNOLOGY; PURSUING MAJOR NEW BUILD OPPORTUNITIES.
• BRITISH NUCLEAR GROUP: ESTABLISHED TO PARTICULARLY FOCUS ON DECOMMISSIONING, REMEDIATION AND CLEAN-UP; ITS PRIMARY CUSTOMER FOCUS IS THE NUCLEAR DECOMMISSIONING AUTHORITY; EVOLVING ITS ORGANISATION AND BUSINESS STRUCTURE TO MEET THE NEEDS OF THE NUCLEAR DECOMMISSIONING AUTHORITY; DRIVING THE CHANGE NECESSARY TO TRANSITION THE CULTURE TO ONE OF A CONTRACTOR; INTRODUCED NEW PEOPLE TO STRENGTHEN COMMERCIAL DISCIPLINES WHILST NOT LOSING FOCUS ON ALL KEY ASPECTS OF OPERATIONAL PERFORMANCE.
• NEXIA SOLUTIONS: CREATED TO STRENGTHEN THE CUSTOMER AND COMMERICAL FOCUS OF OUR RESEARCH AND TECHNOLOGY ORGANISATION; DEDICATED TO NOT LOSING THE UK'S CAPABILITY FOR KEEPING THE NUCLEAR OPTION OPEN.


3. PROGRESS TO DATE HAS BEEN IMPRESSIVE.
• BNFL CORPORATE CENTRE HAS BEEN STREAMLINED AND REFOCUSSED.
• NEW BUSINESS STRUCTURE IS OPERATING WELL.
• CUSTOMER AND COMMERCIAL FOCUS IS ENABLING MAJOR PROGRESS TO BE ACHIEVED
• IN A PERIOD OF MAJOR CHANGE, STRONG ENVIRONMENT, SAFETY AND SECURITY PERFORMANCE IS BEING ACHIEVED
• FINANCIAL YEAR 2004/05 WAS AN OUTSTANDING OPERATIONAL YEAR - THORP EXCEPTED.
• UNDERLYING FINANCIALS ARE STRENTHENING.


4. FURTHER OPPORTUNITIES ARE ARISING IN THE U.K.
• DORMANT U.K. ENERGY DEBATE RECENTLY RE-IGNITED.
• U.K. SET TO BECOME NET ENERGY IMPORTER.
• CONSIDERABLE PUBLIC CONCERN OVER GREENHOUSE GASES AND THEIR LINK TO CLIMATE CHANGE.
• GOVERNMENT COMMITMENT TO KYOTO PROTOCOL
• ENERGY POLICY AND THE IMPORTANCE OF REPLACEMENT NUCLEAR BUILD ONCE AGAIN ON THE U.K. AGENDA


5. WE MUST HELP TO MAKE THE WORLDWIDE CASE FOR NUCLEAR.
• CASE FOR NUCLEAR STILL BEDEVILLED BY IGNORANCE AND PREJUDICE.
• TIDE NOW BEGINNING TO RUN IN OUR DIRECTION
• INCUMBENT ON THE WORLD NUCLEAR INDUSTRY TO “SIEZE THE OPPORTUNITY OF A GENERATION”
• CASE FOR NUCLEAR MUST BE MUCH MORE CLEARLY AND LOUDLY MADE


6. THE CASE FOR NUCLEAR AS BNFL SEES IT.
• BURGEONING WORLDWIDE ENERGY REQUIREMENTS
• MAJOR REPLENISHMENT AND GREENHOUSE GAS ISSUES WITH FOSSIL FUELS
• SECURITY OF SUPPLY ISSUES
• RENEWABLES STILL IN DEVELOPMENT
• MIXED ENERGY PORTFOLIO THE SOLUTION
• PUBLIC REASSURANCE REQUIRED ON: DECOMMISSIONING COSTS; ROUTES FOR WASTE DISPOSAL; SAFETY AND SECURITY.


7. IN SUMMARY, THE VIEW FROM BNFL
• BNFL IS RESTRUCTURED AND IN THE PURSUIT OF BUSINESS SUCCESS
• THE BUSINESSES OF BNFL ARE CUSTOMER FOCUSSED AND STRENGTHENING, WHERE NECESSARY, THEIR COMMERCIAL DISCIPLINES.
• BRITISH NUCLEAR GROUP IS DEDICATED TO DISCHARGING ITS REMIT TO THE NUCLEAR DECOMMISSIONING AUTHORITY: SAFE, COST-EFFECTIVE NUCLEAR CLEAN-UP.
• THE NUCLEAR INDUSTRY NEEDS NEW BUILD; SO DOES THE WORLD.
• THE INDUSTRY HAS THE FUTURE IN ITS OWN HANDS AND MUST ENSURE IT MAKES THE MOST OF THE OPPORTUNITY.