BATTERSEA Power Station’s next owner may have to commit £700 million (€814.8m) to the derelict London development site before any construction work can be started.

CREDITORS of the Irish- owned Battersea PowerStation asked a court to put the landmark property’s owner into administration the day after Britain’schancellor of the exchequer George Osborne backed a London Undergroundextension to boost the area’s development.