Centrica Flees 4 UK Nuclear Projects Over Costs

Law360, New York (February 4, 2013, 3:40 PM EST) -- With pre-development costs approaching a previously demarked £1 billion ($1.5 billion) cap, Centrica PLC announced Monday that it will pull out of a joint venture with EDF Energy PLC to build four new nuclear power facilities.

Projected cost overruns and delays with construction of proposed power stations at Hinkley Point and Sizewall have prompted Centrica to pull out of its minority 20 percent option in the ventures, it said. As part of its decision, the U.K. utility company will write down the expenses it has already...
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