British Gas owner Centrica considers investing in Sizewell C nuclear plant

15 February 2024 , 15:53

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Sizewell B was the last nuclear power plant to open in the UK (Image: PA Archive/PA Images)

Energy company Centrica might invest in the planned Sizewell C nuclear power station in Suffolk, says its boss Chris O'Shea.

He mentioned that the Sizewell site could be a "possible future investment" as the government looks for cash to make the plant happen. This plant could make enough power for six million houses.

The government is trying to obtain investment from different companies to help build this big project. Back in 2015, the French company EDF said it would work on Sizewell C with China General Nuclear Power Group (CGN).

But over the years, increasing tensions between London and Beijing finally led to the Government deciding it did not want a Chinese company involved in one of the UK’s biggest infrastructure projects.

The Government ended up buying out CGN, and promised to put hundreds of millions into the site. It now wants to find other investors to help build the power plant.

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Mr O'Shea said, "It's no secret that the Government and EDF are looking to put together a consortium to construct a new nuclear power station at Sizewell," We are involved in that process, and we could be interested in investing in that. But the risk and the return has to be right."

He also said, "I'm pretty limited as to what I can say. That is a possible future investment for Centrica, but it has to be on the right terms."

In the past, leaders like Margaret Thatcher, Tony Blair and David Cameron all promised to open several new nuclear plants. However, out of all those promised, only Sizewell B has opened and started producing since the mid 1990s.

Hinkley Point C is also being built. Last month, EDF said that Hinkley might be delayed until 2029 or even 2031, and the cost could reach up to £35 billion in 2015 prices. The original budget was £18 billion and it was supposed to open in 2025.

Lawrence Matheson