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(Bloomberg) — Centrica Plc is in advanced discussions to acquire a 15% stake in the UK’s Sizewell C nuclear power project, according to a person familiar with the matter.
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A decision on whether the owner of British Gas becomes a key shareholder is expected in the coming weeks, according to the person, who asked not to be named because the matter is confidential. Still, there is no certainty that an agreement will be reached, the person said.
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Chief Executive Officer Chris O’Shea has previously said that Centrica was interested in the nuclear project, but that its participation hinged on the “right conditions.” Representatives for Centrica declined to comment.
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The UK announced earlier this year that it will invest £14.2 billion ($19.5 billion) to help build the nuclear plant in Suffolk after years of delays. Getting further backing for Sizewell C would be a boon for Prime Minister Keir Starmer’s government as nuclear power offers the UK a source of stable, low-carbon electricity that complements intermittent solar and wind generation.
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The potential Centrica deal was reported earlier by the Financial Times.
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The UK government, which owns the majority of Sizewell C, has been trying to attract private investors to the project.
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Brookfield Asset Management is also working on a bid for a minority stake in Sizewell C, according to a person familiar with the matter. Bloomberg previously reported that Brookfield was looking to invest in the project.
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A final investment decision on the project, which may cost more than £40 billion, is expected this summer.
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Electricite de France SA’s Hinkley Point C is currently the only nuclear plant under construction in the UK. It has been repeatedly delayed and is expected to cost over £40 billion.
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Plans to develop Sizewell C go back to local consultations that began in 2012. Since then, different UK governments have struggled to come up with a way to finance the project, before choosing a hybrid model of public and private capital.
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Britain first took a stake in 2022 when it bought a 50% share held by China General Nuclear Power Corp. The government subsequently became the majority owner in Sizewell C as EDF pulled back.
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Representatives for EDF and Brookfield declined to comment.
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A spokesperson for the UK’s Department for Energy Security and Net Zero said that the government is “taking back control of our energy,” ending years of delays and uncertainty.
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—With assistance from Francois de Beaupuy.
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