Centrica & Sizewell C
Posted: 21st February 2025
The chief of Centrica, the company that owns British Gas, has expressed optimism about investing in the new nuclear power plant Sizewell C. However, he emphasised that any commitment must “give us the returns we need”. Chris O’Shea, Centrica’s chief executive, revealed that the firm is currently in talks about injecting funds into the new Suffolk-based nuclear plant, with hopes to secure a deal within the first half of the year. Mr O’Shea refrained from providing details on the size of the stake Centrica was considering in the group, except to say it would be “between 1% or 2% and 50%”.
Mirror 20th Feb 2025
Energy supplier Centrica has announced plans to invest in the new Sizewell C nuclear power station – but campaigners say the move demonstrates the government’s “poor negotiating position”. Stop Sizewell C, which is opposed to the power station, said any investors in the project could demand higher rates of return, piling further costs on consumer bills. The government has announced that the power station will be part-funded by adding costs to people’s energy bills. A spokesperson for the group said: “Chris O’Shea’s comments show what a poor negotiating position the government is in, having committed so much taxpayers’ money to Sizewell C without any guarantees that private investors will take a stake. “Any investors still interested in this risky project can demand high rates of return, but the higher the return, the greater the burden on consumer bills during Sizewell C’s lengthy and uncertain construction. It’s a lose lose situation for households.”
East Anglian Daily Times 20th Feb 2025
The boss of British Gas owner Centrica has said he is hopeful of striking a deal to invest in the new nuclear power plant Sizewell C, but stressed any commitment would have to “give us the returns we need”. Chris O’Shea, chief executive of Centrica, said the group was in discussions over pumping cash into the new nuclear plant in Suffolk, with aims to secure a deal in the first half of the year.
Belfast Telegraph 20th Feb 2025
Centrica, which also owns a stake in the UK’s nuclear power fleet, confirmed that it is still interested in investing in the Sizewell C nuclear power plant project if conditions are right.
FT 21st Feb 2025
Centrica says it intends to make £4 billion of capital investments by 2028 and said half of this had so far been committed. It has a 20 per cent stake in Britain’s existing nuclear plants and is considering investing in the project to build a new plant, Sizewell C, in Suffolk. “We like nuclear,” O’Shea said. “I’m really hopeful we can make progress on Sizewell C this year, but the terms have got to be right: I’m not going to commit Centrica money to something that isn’t going to give us the return that we need.” O’Shea said the amount of the £4 billion allocated to Sizewell was in the tens or hundreds of millions, as the majority of the spending on the project would happen in the 2030s. The cost of Sizewell C is estimated at as much as £40 billion and another station, Hinkley Point C in Somerset, is running years late and over budget.
Times 20th Feb 2025