“。。。 Britain is facing a serious challenge of power supply security, which will pose a substantial threat to its future economic development and social stability. On the one hand, a large number of power stations will be offline in succession, and the power supply capacity is seriously insufficient.


    The total installed capacity of coal-fired power stations is 28 million kilowatts, accounting for 30% of the total power generation. According to the EU large scale combustion power plant directive, 8 million kilowatts of coal-fired power plants will be shut down by the end of 2015.


    Nine of the 10 nuclear power plants in service will reach their design service life and will be decommissioned by the end of 2020, and the power generation capacity of 4 million kilowatts will be offline. It is estimated that 21% of power generation facilities will be shut down in the next 10 years, and the power generation capacity of the whole UK will be reduced by about 19.1 million kilowatts,


    in addition, many gas-fired power stations in service will be decommissioned by 2030, and 21 million kilowatts of power generation capacity will be offline. At the same time, the eight new nuclear power plants planned to be completed by 2025 are currently making slow progress and worrying prospects, and they may not be able to shoulder the responsibility of power generation in the short term


    on the other hand, with the steady growth of the total population and the gradual recovery and development of various sectors of the national economy after the financial crisis, the demand for electricity is expanding, which is expected to increase by 15% by 2020. At that time, in case of electricity peak or emergency, the extremely limited power generation and power supply capacity will not be able to ensure the safety of power consumption in the whole country.


    How to ensure the safety of power supply has become an important issue for the British government to solve. "


    Angela focuses on the difficulties faced by British power to increase the future prospects and profitability of the acquisition target, which is actually plain. Banks can''t see enough interest. They will never join Arthur''s acquisition plan.


    When the data came out, Arthur obviously saw the unexpected expression on Bob diamond''s face. At the same time, he showed interest for the first time, and looked down at the acquisition plan in hand again.


    From the beginning to the end, with a smile on his face, Arthur looked at Angela after drinking black tea and nodded slightly. Angela''s mouth rose, with a confident smile on her face, put down the black tea cup and continued to talk.


    "In power generation other than coal, nuclear power has been operating at full capacity, but the generation capacity is limited by the installed capacity. The hydropower supply is greatly affected by the seasonal variation of dry season and flood season.


    Wind power, solar power and other renewable energy power have the characteristics of randomness, intermittent instability, and it is difficult to bear the base load power generation. As for fuel oil, the cost of electricity generation is relatively higher. Under the comparison of various power generation modes, natural gas power generation has become an important alternative to coal-fired power generation.


    Although from the point of view of power grid, electricity belongs to undifferentiated commodity, and the price of gas on grid is higher than that of coal-fired power generation. In order to pursue economic benefits, the power grid prefers low-cost power such as coal-fired power, but the high pollution of coal-fired power is the biggest problem that can not be overcome.


    The biggest advantage of gas-fired power generation compared with coal-fired power is clean and environmental protection. The significance of building gas-fired power plants in most areas of China is to reduce environmental pollution, improve the atmospheric environment, and limit the development of coal-fired power generation has become an important means for the government to protect environmental quality.


    Natural gas power generation has been developed in the UK for 20 years with mature technology and many advantages. For example, the power generation level is stable, the peak load regulation ability is strong, the power transmission and transformation is simple, and the cost is low, and the construction period is short.


    Under the urgent situation of power supply security at present and in the future, the British government has regarded gas-fired power generation as a fire-fighting team and vigorously developed it, hoping to effectively improve the reserve capacity of power generation in the UK, and ensure emergency power supply in case of peak power consumption or insufficient renewable energy power generation capacity.


    Moreover, due to the deteriorating weather conditions around the UK, spot electricity prices are soaring day by day, and the demand led price surge is irresistible to the UK gas power plant operators. "


    "Have you ever thought about the situation that if there is excess gas capacity and the price of natural gas continues to rise, which will create a huge downward pressure on the" clean ignition differential ", the operating cost of the power station will be too high and the revenue will be too low? You know, once this happens, there will be only one way for the power station to stop! "


    Bob diamond, with a faint smile on his face and a brilliant light in his eyes, asked Angela, who had been talking so eloquently that he had been impressed by his eloquence.


    Surprisingly, it was not Angela who opened his mouth to answer this question, but Arthur, who kept quiet all the time. "Of course, we have considered these possible risks. After all, investment is for profit, and no one wants to lose money.


    In order to reduce the risk, we have prepared a series of follow-up plans to lay out the upstream, so as to form a complete and safe industrial chain. "


    "Well, so Bob diamond did not continue to ask, because since the other party did not say more, then he continued to ask, if it is a trade secret, it is undoubtedly a hard nut to crack.


    "The plan is very detailed and beautiful. So, what do you mean..."


    "I want to raise money from your bank and then buy half of the power plant to take control of the power plant. It will cost about 200 million pounds." Arthur smiles, or straight to the point to say his ideas.


    "200 million pounds... What financing channels are you going to choose? " Bob diamond pondered and continued."I use 50% of the equity of the power plant as collateral to finance the bond debt of your bank. I believe that once the power plant is successfully acquired, the operating profit will be sufficient to repay the principal and interest on schedule." There was a flash of brilliance in Arthur''s eyes, and his eyes were burning at each other.


    Leveraged buyouts!


    Snake swallows elephant!


    Leveraged buyout, also known as leveraged buyouts, is simply and directly, that is, Arthur only gives a small part of his money, most of which comes from bank mortgage loans. Arthur first uses the assets and future cash flow and income of Bristol''s coastal (natural gas) power station, which has no relationship with him at all, as a guarantee loan, and is used to repay the principal and interest.


    Although this is a shameless way, the bank is not a good person. The handling fee of the financing loan is as high as 1% of the total amount. That is to say, Arthur has to pay a handling fee of 2 million pounds to raise 200 million yuan from the bank. If the acquisition is successful and achieves the expected benefits, Arthur can not share the profits brought by the appreciation of the company''s assets, and must be used to repay the principal and interest 。


    “。。。。。。” Bob diamond frowned, pondered for a moment, then looked at Arthur and said, "I will take the plan back and let my subordinates study the feasibility. If the asset evaluation of Bristol''s coastal (natural gas) power station is correct, I think that we, the Bank of Barkley, are very willing to help you complete this project."


    "Thank you. I wish you a happy cooperation." Arthur smiles and reaches out his hand and shakes hands.


    "Wish us a happy cooperation." Bob also said, smiling and shaking hands with Arthur.


    Back in the car in the city, Arthur smiles and says to Angela next to him: "you can start to form a negotiation team and get in touch with the board of directors of Bristol''s coastal (gas) power station and formally offer them a bid."


    "Good boss, I''ll start implementing the plan as soon as I get back." Angela''s beautiful eyes twinkled with incomparable brightness, nodded and said.


    "Ha ha, this is our first step and we must go well. It is related to our overall planning. Whether we can realize the Empire territory you have planned for me, this will be the most critical step." Arthur looks at Angela and smiles.


    "Please rest assured that you will not be disappointed." Angela said with a dignified expression. Then she seemed to think of something and said with a smile: "boss, seriously, I didn''t expect that things would go so smoothly. Bob diamond would have agreed to our plan so easily."


    "Ha ha, it''s not hard to understand. He himself was born as a Wall Street investment bank. The game we want to play is undoubtedly a typical American style debt financing and acquisition financial game. It''s not new to him at all. It''s more common for him to make an impossible or even reluctant project. For them, the income is more considerable. The people who come out of Wall Street are more interested in capital Ben''s pursuit of profit is unscrupulous! "


    Arthur laughed disapprovingly and said, capital is for profit, so he and the bank''s cooperation, no one owes anyone.


    The nearly 100 year history of the Wall Street investment bank shows that no matter whether the investment bank is a separate or mixed operation, it will never disappear as a synonym for innovation and high profits. It just needs to find an organizational form and business model that is more suitable for the market environment in the constant setbacks. However, the newly transformed investment bank, Barclays Bank, needs to expand its business more.


    Therefore, in the face of Arthur seeking support and cooperation, Bob diamond would not refuse. Even if the two met for the first time today, it would not affect the mutually beneficial cooperation between the two sides.


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