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Centrica ends plan to build UK nuclear plants
Monday - 2/4/2013, 5:51am EST
LONDON (AP) - Centrica PLC, the owner of British Gas, is pulling out of plans to build four new nuclear power reactors in Britain, citing uncertainty over the overall cost of the project.
Centrica said in a statement Monday that pre-development costs were approaching a cap of 1 billion pounds, ($1.6 billion) and that a detailed assessment convinced the company not to proceed with the project.
The move comes four years after Centrica struck a 2.3 billion pound deal with Electricite de France SA (EDF) to take a stake in EDF's nuclear business in Britain.
Centrica said its 20 percent interest in the eight existing nuclear power stations in Britain is unaffected by Monday's decision.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)