British Gas owner Centrica has welcomed the announcement by French power giant EDF Energy to extend the life of two UK power stations by seven years.
Hinkley Point B power station in Somerset and Hunterston B in North Ayrshire will continue to generate until 2023, instead of 2016, EDF announced on Tuesday.
The decision follows completion of the necessary technical, safety and economic evaluation and receipt of the relevant external consents, Centrica said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
EDF owns 80% of Lake Acquisitions, which operates eight nuclear power stations in the UK. Centrica holds the remaining 20% interest.
The French power group is also hoping to build a new nuclear project at the Hinkley site but is waiting on government approval. Centrica also has a 20% option for this project.
