THE devil is in the detail as far as British Energy's plans for expansion into North America are concerned.

The focus is on Ontario Hydro, which has a larger nuclear generating capacity than that of British Energy in the UK but with older technology.

And as British Energy is the biggest player in Britain, an enlarged portfolio has obvious benefits, even if the size of the eventual Canadian holding remains unclear.

With the provincial government talking about a public-private partnership, British Energy may end up with a quarter of the equity. But even that is not assured - there are perhaps another three or four other potential bidders for Ontario Hydro all with the experience to gain regulatory approval.

However, the share price yesterday indicated that the company was doing the right thing in targeting North America even if the full-year results were well above most expectations. There was general acclaim for the way costs have been reduced since privatisation two years ago.

There is more to come from the integration of Scottish Nuclear and Nuclear Electric, while the upgrading of profit forecasts for the next two years will enable the company to make a substantial acquisition.

Such a move will be underpinned by strong cash generation which has eliminated #700m of debt since flotation.

The indications are that there will be some payment to investors holding what has been one of the best performing FTSE-100 stocks.

Cash is perhaps the least of its problems and the special dividend may be a taste of the near future, with North America and UK diversification in prospect.

Unless there is a major plant shutdown well beyond the statutory period, the sun will continue to shine brightly upon British Energy shareholders.