UK: Centrica abandons plans to build new nuclear power plants

05/02/2013 00:00 Electricity Market

news

Centrica has announced that it intends to abandon plans to build new nuclear power stations in the UK because of the rising costs following changes to regulations after the Fukushima disaster in 2011. Centrica had been planning to build four plants with the French supplier EDF, but has now pulled out of the partnership.

Centrica was UK’s only energy company with the financial resources and expertise to invest in building new nuclear power stations, and even if it withdraws from building new nuclear power plants it will still retain a 20% stake in eight existing nuclear power stations, which are due for closure over the next 20 years, including Hunterston B in Ayrshire, while EDF has the remaining 80%. It is probable now that UK’s new nuclear power stations would be built by the Chinese Guangdong Nuclear Corporation, which is owned by the Chinese government and by the French supplier EDF. Centrica isn’t the only company that abandons the project, last year, German power giants RWE and Eon have also abandoned plans to build reactors here.

Power sharing plan could see UK and Netherlands 'go Dutch' with North Sea offshore wind

23/09/2020 08:08:00

Interconnecting infrastructure to be examined as nations seek to maximise green energy use

<READ MORE

Daily (22.09.2020): Crude oil started the new week on a bearish mood amid virus resurgence in Europe and expectations for return of Libyan crude production

22/09/2020 09:44:00

Expectations that Libyan crude will soon return to the market coupled with worries over a rise in European COVID-19 cases and a global equity market selloff dampened the sentiment on the oil markets on Monday. Hence, Brent crude for November delivery shed by $1.71, or 4% to settle at $41.44 a barrel. Meanwhile, U.S. WTI crude fell by $1.80, or 4.4%, to end at $39.31 a barrel.

READ MORE

Iberdrola to create new business unit to develop green hydrogen

22/09/2020 09:12:00

Spanish utility Iberdrola said on Monday (21 September) it would create a new business unit aimed at developing green hydrogen to supply industry and heavy transport.

READ MORE