Centrica Abandons Nuclear And Wind, Invests In Shale Boom

Date: 18/11/12Tom McGhie and Lisa Buckingham, Mail on Sunday

Centrica is expected to turn its back on building new nuclear power stations in Britain and instead focus its expansion on US shale gas. Executives believe there are not enough incentives to develop offshore wind projects and plan to invest in the US shale boom.

The owner of British Gas will formally take the decision by January at the latest to end its partnership with French energy giant EDF to build a new Hinkley Point power station in Somerset.  According to senior company sources, only a dramatic change in Government policy on subsidising nuclear power would create a business case for investment.

Decision: The owner of British Gas will end its partnership with French energy giant EDF to build a new Hinkley Point power station in Somerset  Centrica has an option to buy a 20 per cent stake in the new-build nuclear project.  Centrica is believed to see itself as the whipping boy for public anger over price increases and it is becoming increasingly disillusioned over the Government’s handling of energy policy, which is making long-term investment decision-making almost impossible.  Executives believe there are not enough incentives to make it worth their while putting more money into developing offshore wind projects….To Read More……

Also see - Centrica abandons nuclear power plant plan