Creditors of Eggborough, one of EDF Energy’s power stations, have exercised an option to take control of one of Britain’s biggest coal-fired plants, which could eventually be sold on for up to £1bn ($1.6bn).

A group of distressed debt investors, which bought debt claims against the Yorkshire power station following the 2005 restructuring of British Energy, have the right to take ownership in March 2010. The option is only exercisable before the end of August.