Centrica writes off £200m to quit nuclear power project
British Gas owner Centrica is expected to write off £200m when it pulls out of the country's nuclear new build programme in the new year.
Centrica has the option of taking a 20 per cent stake in building nuclear power stations at Hinkley Point in Somerset and Sizewell in Suffolk alongside French group EDF.
However, chief executive Sam Laidlaw, right, is almost certain to confirm that Centrica will leave the project at the "final investment decision"in January, having spent virtually all its share of the £1bn in upfront costs that the companies had budgeted to the end of 2012.
This will mean that there is no British involvement left in the three consortiums established to build nuclear plants to bridge the country's impending energy gap. EDF is likely to seek a new partner and was cheered last week when Hinkley Point was granted the UK's first nuclear site licence in 25 years.
Centrica fears it cannot make the financial numbers work, as the cost of reactors has gone up from £4.5bn to £7bn each. It is likely to focus on US expansion instead.
- 1 I was raped by another man. And now the Government wants to take away the one thing that saved my life
- 2 Wikipedia edits from inside Parliament removing scandals from MPs' pages, investigation finds
- 3 Preston fan who appeared to snatch Jermaine Beckford's shirt from eight-year-old boy identified and says: 'the truth will come out'
- 4 Johnny Depp facing 10 years in jail for illegally bringing dogs to Australia
- 5 Iran launches anti-Isis cartoon competition 'to expose true nature of Islamic State'
Wikipedia edits from inside Parliament removing scandals from MPs' pages, investigation finds
Australian man punched in the face for defending Muslim women from abuse on train
Priest warns pupils the 'Charlie Charlie Challenge' is 'demonic activity'
Johnny Depp facing 10 years in jail for illegally bringing dogs to Australia
Iran launches anti-Isis cartoon competition 'to expose true nature of Islamic State'
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
A nation of inequality: How the UK is failing to feed its most vulnerable people
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
iJobs Money & Business
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...
£16 - 20k: Guru Careers: A Graduate Editor / Editorial Assistant is needed to ...
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...