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Centrica gets out of UK’s uneconomic new nuclear power project

thumbs-downCentrica pulls out of project to build new UK nuclear plants and launches £500m share buy-back Centrica has scrapped plans to take part in the building of new UK nuclear reactors, blaming spiralling costs and delays, and has launched a £500m share buy-back.Telegraph UK,  By Emily Gosden 04 Feb 2013

The British Gas owner had an option to take a 20pc stake in an EDF-led project flag-UKto build nuclear reactors at Hinkley Point in Somerset and Sizewell in Suffolk. It capped months of speculation to announce its withdrawal on Monday morning. “Since our initial investment, the anticipated project costs in new nuclear have increased and the construction timetable has extended by a number of years,” Centrica chief executive Sam Laidlaw said.
“These factors, in particular the lengthening time frame for a return on the capital invested in a project of this scale, have led us to conclude that participation is not right for Centrica and our shareholders.”…. http://www.telegraph.co.uk/finance/newsbysector/energy/9846895/Centrica-pulls-out-of-project-to-build-new-UK-nuclear-plants-and-launches-500m-share-buy-back.html

February 5, 2013 - Posted by | business and costs, UK

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