Latest news with #SizewellC
Daily Mail
6 hours ago
- Business
- Daily Mail
Centrica sizing up 15% Sizewell nuclear stake
The owner of British Gas is reportedly preparing to take a 15 per cent stake in the new nuclear power plant Sizewell C. The investment would mean Centrica has about the same size of stake in Sizewell C as French energy giant EDF, the Financial Times reported. EDF, which owns and runs Britain's nuclear facilities, and the Government were the first backers of the project. But they have been trying to raise billions more from prospective investors, including Centrica. A spokesman for the firm said it would not comment on speculation about acquisitions or investment. Sizewell C will power the equivalent of 6m homes and is scheduled for operation in the 2030s, the Government said.
Leader Live
13 hours ago
- Business
- Leader Live
Centrica preparing to take 15% stake in Sizewell C nuclear plant, reports say
The boss of the Windsor-based energy group earlier this year said he was 'hopeful' of striking a deal to invest in the facility. The investment would mean Centrica has about the same size stake in Sizewell C as French energy giant EDF, the Financial Times reported on Friday. EDF, which owns and runs Britain's nuclear facilities, and the Government were the first backers of the project. But they have been trying to raise billions more from prospective investors, including Centrica. A spokeswoman for Centrica said it would not comment on speculation about acquisitions or investment. In February, chief executive Chris O'Shea said the group was in discussions over injecting cash in the new Suffolk-based nuclear plant, with aims to secure a deal in the first half of this year. He said: 'I like nuclear. I'm really hopeful we can make progress with Sizewell C this year.' But he said it 'all depends on the overall cost of the project and returns'. Mr O'Shea declined to give details on the size of stake Centrica was looking to take in the group, except to say it would be 'between 1% or 2% and 50%'. Chancellor Rachel Reeves earlier this month said £14.2 billion will be invested to build the power plant, marking the end of a long journey to secure funding for the project since it was first earmarked in 2010. Sizewell C will power the equivalent of six million homes and is planned to be operation in the 2030s, and is expected to create 10,000 jobs, the Government said. The Financial Times reported that all sides were hopeful of reaching a final investment decision on the project before Parliament breaks for recess on July 21, citing sources familiar with the discussions.
Yahoo
14 hours ago
- Business
- Yahoo
British Gas to take multibillion-pound stake in Miliband's nuclear power plant
British Gas is poised to take a multibillion-pound bet on a nuclear power plant backed by Ed Miliband. Centrica, the owner of British Gas, is preparing to announce a 15pc stake in Sizewell C in the coming weeks, handing a boost to the project after months of prolonged funding talks. The planned investment will hand Centrica the same-sized stake in Sizewell C as French state-owned energy group EDF. It comes after the Energy Secretary confirmed plans earlier this month to invest £14bn into the power plant by 2029, increasing the Government's total investment in the project to £17bn. He is pumping in taxpayer cash as part of a planned nuclear power renaissance in Britain, with Sizewell C set to generate enough electricity for 6m homes. At the time, he said the investment was 'the right choice for bills, the right choice for jobs and the right choice for growth'. Centrica's planned stake, first reported by the Financial Times, signals a shift in investor interest in Sizewell C, as many large funds have previously been put off by years of delays and cost overruns. EDF had initially been planning to open the plant in 2020, but it is now not expected to begin operations until after 2030. Earlier this month, it also emerged that the cost of Sizewell C had more than doubled to £40bn, up from previous estimates of £20bn. The Government has refused to comment on the cost of Sizewell C, although officials have attempted to play down the scale of the cost increase. It has defended the investment in the project by claiming the Government is 'filling the gap with a new nuclear programme which will see greater efficiencies and learnings carried across projects'. A spokesman said: 'Sizewell C will be an almost exact replica of Hinkley Point C – but crucially learning from previous mistakes and replication. 'EDF says that the second unit of Hinkley is getting built at a rate 25pc quicker than the first, and Sizewell C is effectively a third and fourth version of this reactor.' As well as Centrica and EDF, funds such as Amber Infrastructure Partners, Brookfield Asset Management and the Canadian pension fund CDPQ are exploring potential investments. Centrica and EDF were contacted for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
North Wales Chronicle
16 hours ago
- Business
- North Wales Chronicle
Centrica preparing to take 15% stake in Sizewell C nuclear plant, reports say
The boss of the Windsor-based energy group earlier this year said he was 'hopeful' of striking a deal to invest in the facility. The investment would mean Centrica has about the same size stake in Sizewell C as French energy giant EDF, the Financial Times reported on Friday. EDF, which owns and runs Britain's nuclear facilities, and the Government were the first backers of the project. But they have been trying to raise billions more from prospective investors, including Centrica. A spokeswoman for Centrica said it would not comment on speculation about acquisitions or investment. In February, chief executive Chris O'Shea said the group was in discussions over injecting cash in the new Suffolk-based nuclear plant, with aims to secure a deal in the first half of this year. He said: 'I like nuclear. I'm really hopeful we can make progress with Sizewell C this year.' But he said it 'all depends on the overall cost of the project and returns'. Mr O'Shea declined to give details on the size of stake Centrica was looking to take in the group, except to say it would be 'between 1% or 2% and 50%'. Chancellor Rachel Reeves earlier this month said £14.2 billion will be invested to build the power plant, marking the end of a long journey to secure funding for the project since it was first earmarked in 2010. Sizewell C will power the equivalent of six million homes and is planned to be operation in the 2030s, and is expected to create 10,000 jobs, the Government said. The Financial Times reported that all sides were hopeful of reaching a final investment decision on the project before Parliament breaks for recess on July 21, citing sources familiar with the discussions.
Rhyl Journal
16 hours ago
- Business
- Rhyl Journal
Centrica preparing to take 15% stake in Sizewell C nuclear plant, reports say
The boss of the Windsor-based energy group earlier this year said he was 'hopeful' of striking a deal to invest in the facility. The investment would mean Centrica has about the same size stake in Sizewell C as French energy giant EDF, the Financial Times reported on Friday. EDF, which owns and runs Britain's nuclear facilities, and the Government were the first backers of the project. But they have been trying to raise billions more from prospective investors, including Centrica. A spokeswoman for Centrica said it would not comment on speculation about acquisitions or investment. In February, chief executive Chris O'Shea said the group was in discussions over injecting cash in the new Suffolk-based nuclear plant, with aims to secure a deal in the first half of this year. He said: 'I like nuclear. I'm really hopeful we can make progress with Sizewell C this year.' But he said it 'all depends on the overall cost of the project and returns'. Mr O'Shea declined to give details on the size of stake Centrica was looking to take in the group, except to say it would be 'between 1% or 2% and 50%'. Chancellor Rachel Reeves earlier this month said £14.2 billion will be invested to build the power plant, marking the end of a long journey to secure funding for the project since it was first earmarked in 2010. Sizewell C will power the equivalent of six million homes and is planned to be operation in the 2030s, and is expected to create 10,000 jobs, the Government said. The Financial Times reported that all sides were hopeful of reaching a final investment decision on the project before Parliament breaks for recess on July 21, citing sources familiar with the discussions.
