UK reportedly considering CGN’s removal from nuclear project

Published On: September 29, 2021Categories: Latest News1.3 min read

China General Nuclear Power Group currently has a 20% stake in the proposed Sizewell C nuclear plant in Suffolk, eastern England

The British government plans to sell a minority stake in a new nuclear power station to institutional investors or float it on the stock market, to remove China General Nuclear Power Group (CGN) from the project, the Financial Times reported on Wednesday.

The state-owned Chinese company currently has a 20% stake in the proposed Sizewell C nuclear plant in Suffolk, eastern England, that France’s Electricite de France is scheduled to build the 20 billion pound project with backing from China General Nuclear Power Group, according to the report.

The government is in negotiations to hold the stake until it can be sold on to institutional investors, the newspaper reported, citing people briefed on the situation. Britain is also examining the option to float the stake on the stock market through an initial public offering (IPO), it added.

Britain’s business department confirmed to the Financial Times that talks were under way with Electricite de France about the China General Nuclear Power Group stake.

China General Nuclear Power Group is currently a shareholder in Sizewell C up until the point of the government’s final investment decision. Negotiations are ongoing and no final decision has been taken, the department told Financial Times.

Government ministers also plan to block China General Nuclear Power Group’s plans to build a nuclear power station on the east coast at Bradwell-on-Sea in Essex, the report added.

A China General Nuclear Power Group official reached by Reuters declined to comment. Britain’s Department for Business, Energy and Industrial Strategy, and France’s China General Nuclear Power Group were not immediately available to Reuters request for comment.

About the Author: Jonathan Adams

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