While Bill Coley deserves a pat on the back, it would be harder for British Energy not to make money when electricity prices are up nearly 40 per cent.

Shareholders will welcome their first dividend for five years but it is now that the hard work for Mr Coley and his management team begins. Serious questions are looming.

The Government's surprise decision to sell down its stake in the nuclear group could hand a cash-rich rival the ideal chance to gain a lucrative foothold in the UK ahead of a spate of new build projects. British Energy also has to eradicate the embarrasing problems that caused output at its nuclear power stations to drop 15 per cent at a time when prices were sky-high.

Mr Coley admits that the company’s performance could have been “much better”. Investors are unlikely to give him another chance.

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