Centrica

Centrica stokes energy fears by revealing EDF nuclear timescale has doubled

Tuesday, May 14, 2013

Centrica has ratcheted up fears over Britain’s energy security by warning that its rival EDF will take twice as long as originally planned to build the first of a new generation of nuclear power stations.

The British Gas owner abandoned its 20pc stake in the £14bn project at Hinkley Point in February, opting instead to give £500m back to shareholders and invest in gas in North America.

Sir Roger Carr, Centrica chairman, told its AGM on Monday that since it first considered the project the price had “rocketed hugely”, adding: “Nuclear is not a cheap option.”

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EDF May End U.K. Nuclear Plan Unless Profit Guaranteed, CEO Says

Wednesday, February 6, 2013

Electricite de France SA’s chief executive officer said he’s willing to join Centrica (CNA) Plc in walking away from building the U.K.’s first reactors in two decades unless the government ensures the project is profitable.

“We won’t do it” if if the price for their power isn’t high enough, CEO Henri Proglio said in an interview in Bure, eastern France. “I won’t qualify myself as confident, but rather conscious that an agreement can be reached” on prices.

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Centrica pulls out of new UK nuclear projects

Tuesday, February 5, 2013

LONDON (Reuters) - Utility Centrica has pulled out of plans to build new nuclear power stations in Britain with partner EDF, paving the way for Chinese investors to enter the UK market through a partnership with the French firm.

Centrica said it had decided to waive an option of taking a 20 percent stake in four new reactors - two at Hinkley Point in Somerset and two at Sizewell in Suffolk.

Centrica's decision was largely expected, but it casts some doubt on the UK government's plan to attract investment to revive the nuclear industry.

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Centrica writes off £200m to quit nuclear power project

Monday, December 3, 2012

British Gas owner Centrica is expected to write off £200m when it pulls out of the country's nuclear new build programme in the new year.

Centrica has the option of taking a 20 per cent stake in building nuclear power stations at Hinkley Point in Somerset and Sizewell in Suffolk alongside French group EDF.

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Spanish say adios to UK nuclear

Sunday, September 30, 2012

The owner of Scottish Power has pulled out of a multibillion-pound plan to build atomic reactors, dealing a blow to Britain’s faltering nuclear renaissance.

The decision by Iberdrola, the Spanish energy giant, means there is now a question mark over two of the three groups that planned plants. Ministers hoped the trio would build a dozen reactors generating roughly a fifth of Britain’s power over the next 20 years.

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Wind taken out of nuclear powers sails

Friday, August 3, 2012

It is one thing for a green pressure group to claim nuclear power is too expensive, but quite another when the charge comes from the head of an atomic industry pioneer such as General Electric.

GE built some of the world's first commercial atomic reactors in the 1950s and has remained an industry leader since its nuclear joint venture with Japan's Hitachi in 2007.

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RWE weighs up sale for UK co-owned Urenco

Sunday, October 16, 2011

German energy giant RWE has appointed advisers for a strategic review of Urenco the nuclear power company it co-owns with the British and Dutch government.

The move could press the UK Government to formalise its own strategy on disposal of the company, which is expected to net UK taxpayers 1bn.

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UK nuclear investment environment "dire": Citigroup

Wednesday, July 6, 2011

LONDON (Reuters) - Britain's nuclear strategy is "uninvestable" for private clients, who are only likely to put money into new plants if the government shoulders more of the risks involved, Citigroup's head of European utilities research said on Wednesday.

Nuclear developers plan to build around 16 gigawatts of new nuclear capacity in the UK by 2025 to help meet the UK's tough climate targets, but the investment environment is "dire," Peter Atherton told journalists at a briefing in London.

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Utilities to issue warning on carbon price

Tuesday, October 26, 2010

Britain’s “big six” energy companies will this week warn Chris Huhne, secretary of state for energy, that the government’s proposed “floor price” for carbon emission permits is not enough of an incentive for them to invest in new nuclear power stations.

Executives from the companies, including Centrica, EDF Energy and Scottish Power, now owned by Iberdrola, are due to make their views clear at a dinner with Mr Huhne on Wednesday.

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UK must invest in nuclear to meet carbon target-KPMG

Monday, July 19, 2010

LONDON, July 18 (Reuters) - Britain must reform electricity markets if it is to secure the private investment needed to meet its carbon emissions targets, according to a study by KPMG.

The report, which will be published on Monday, said the British government's approach to investment in low-carbon generation was inconsistent and clearer planning was needed to show how emissions targets will be met.

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