Bank of America Merrill Lynch and Eggborough Power

Bank of America Merrill Lynch and Eggborough Power

Just outside the tiny Yorkshire village of Eggborough stands a coal-fired power station that last year signed an unprecedented full-service energy management contract with a giant of Wall Street. The origins of this deal are entwined with the shifting structure of the UK power market.

When France's EDF acquired British Energy in January 2009 becoming the UK's largest electricity producer, Eggborough power station was part of the package. But while EDF held onto all eight of British Energy's