Centrica takes steps to secure stake in Sizewell C nuclear project
- Centrica is negotiating to take a 15% stake in the Sizewell C nuclear plant.
- The project has been seeking funding since its planning in 2010.
- Centrica's involvement would align its stake size with EDF's in the facility.
In the United Kingdom, British Gas owner Centrica is in discussions to acquire a 15% equity stake in the new Sizewell C nuclear power plant. In early 2023, Chris O'Shea, the chief executive of Centrica, expressed optimism about reaching a financial agreement to invest in this significant energy project located in Suffolk. The plant is approximately expected to power six million homes upon completion and could create around 10,000 jobs. The project will require substantial financial support, with Chancellor Rachel Reeves announcing a £14.2 billion investment to stabilize funding and ensure completion. The government and French energy company EDF were initially the key backers of Sizewell C, which has been in planning discussions since its inception in 2010, indicating long-term commitments have been required to secure its future. Each party involved, including Centrica, has shown a keen interest in finalizing investment decisions before the parliamentary recess on July 21, suggesting urgency in this substantial funding endeavor.