British Energy Group. In return, a mechanism was put in place whereby NLF could carry out a cash sweep of the organisation and claim 65% of British Energy's available cash flow each year, on top of a fixed annual contribution. British Energy was allowed to borrow up to £700M under the arrangements, with the NLF providing £275M. The British Government also assumed British Energy nuclear fuel liabilities worth between £150M and £200M p.a. over ten years. These fuel liabilities extended until 2086. Despite its financial problems and government help with its fuel liabilities, British Energy's Chief Executive claimed, on 20 June 2006, that nuclear power stations would be economically viable without government guarantee or subsidy if the operation of the energy market was changed. The British Government's interest in British Energy at this time was managed by the Shareholder Executive on behalf of the Department of Trade and Industry (DTI). The restructuring of British Energy was subject to three National Audit Office reports; in May 1998, February 2004 and March 2006. In 2007, the House of Commons Public Accounts Committee reported on the restructuring. They noted that the taxpayer had been left to underwrite large liabilities, revalued at £5.3billion, while creditors who would have received little on liquidation received bonds and shares worth £3.9billion in 2006. Disposal of government interest In July 2006, the government announced that they were considering selling part of their interest in British Energy. On 30 May 2007, it was announced that the Secretary of State for Trade and Industry would instruct the Nuclear Liabilities Fund to sell up to approximately 450 million shares, representing around 28% of the Fund's interest in British Energy. The Fund's cash sweep percentage would be reduced from around 64% to approximately 36% following the sale. Revenue from the sale was used to diversify the Nuclear Liabilities Fund's assets. Acquisition by EDF On 24 September 2008, it was announced that Électricité de France (EDF), the state owned French energy company, had agreed a takeover of the company, paying £12.5billion. Centrica purchased a 20% share of British Energy from EDF in August 2009. On 1 April 2010, EDF transferred the coal-fired Eggborough power station to the plant's bondholders as per an earlier agreement, and in compliance with commitments made to the European Commission when agreeing the acquisition of British Energy. Operations At the time of the EDF acquisition, British Energy operated the