Centrica pulls out of nuclear partnership
CENTRICA, the owner of British Gas, yesterday pulled out of the planned construction of new nuclear power stations which is was set to partner with EDF Energy.
But EDF which employs 1,600 people at its Barnwood centre, said the momentum behind the new nuclear project at Hinkley Point C "remains strong." Centrica had the option of taking a 20 per cent stake in four new nuclear reactors – two at Hinkley Point and two in Sizewell in Suffolk.
Centrica said it had decided to pull out because of "uncertainty about overall project costs and the construction schedule." But it added that it believed nuclear generation had a valuable role to play in a balanced UK energy mix.
Yesterday EDF said it noted Centrica's recognition of progress on a number of key project areas, including design and planning.
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Centrica retained a 20 per cent stake in EDF Energy's eight existing nuclear power stations in the UK.
The chief executive of EDF Energy Vincent de Rivaz said: "The new nuclear project at Hinkley Point C is making good and continuous progress.
"EDF is working with the Government to agree a price for the electricity at Hinkley Point C which will be fair and balanced for UK consumers and investors.
"This Contract for Difference is now more than ever they key to attracting investors and to unlock the finding for this project which will give the UK the secure, low carbon energy it needs for the future."
The project at Hinkley Point C was now "shovel ready" with a world class team ready to deliver a project as large as the Olympics.
It has the potential to create 25,000 jobs, including many in Gloucestershire.