17th Apr 2007 11:47
Scottish & Southern Energy PLC17 April 2007 SCOTTISH AND SOUTHERN ENERGY PLC FIFTH PAYMENT FROM THE ADMINISTRATORS OF TXU EUROPE GROUP PLC Scottish and Southern Energy plc ("SSE") has received a fifth distributionpayment of £8.4m from the administrators of TXU Europe Group plc in respect ofits agreed claim of £294.2m relating to a 14-year contract originally enteredinto in 1997. This takes SSE's total direct receipt from the administration process to £284.2m(excluding its share of the separate distributions paid to Barking Power). SSEexpects to receive further smaller distributions over the next year. Following this fifth distribution, SSE has now received 96.6% of its agreedclaim. Gregor Alexander, Finance Director of SSE, said: "This receipt follows a distribution of £24.5m in July 2006, when we indicatedthat we expected to receive over 95% of our agreed claim. We have now exceededthis, with 96.6% of our agreed claim being settled - and we hope to make somefurther, smaller recoveries over the next few years which could take our totalrecovery to around 98%. "Overall, this is a far better result than we originally expected and reflects avery effective administration process." Enquiries to: Scottish and Southern Energy plcJustyn Smith - Head of Media Relations + 44 (0)870 900 0410Sharron Miller-Mckenzie - Press Office Manager + 44 (0)870 900 0410 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SSE