British Gas owner explores building mini nuclear power plants
Centrica is in early talks with the Government about a potential future deal that could see the energy giant participate in the development of so-called small modular reactors (SMRs).
It comes after Ed Miliband, the Energy Secretary, last month announced billions of pounds in funding for SMRs, which will form part of a new 'golden age' for atomic energy.
Rolls-Royce, the Derby-based engineering giant has been picked to build the UK's first SMRs which are expected to come online in the mid-2030s, providing crucial 'baseload' power to Britain's electricity grid.
Chris O'Shea, the chief executive of Centrica, said the company would be 'very happy to invest more in nuclear'. Earlier this week, Centrica announced it would take a 15pc stake in the nuclear plant Sizewell C in Suffolk.
When asked if further investment could apply to SMRs, Mr O'Shea said: 'I don't see why not. It will depend on the return rate and if the risk profile is right.
'SMRs are still five years away at best. But we've looked at some of the work that Rolls has done and what some of the overseas SMR companies have done. There's some really interesting technology.'
Success in US
Centrica's interest in SMRs has been buoyed by the recent progress of the technology in the US, where the government recently announced plans to invest $900m (£670m) in the sector.
The global SMR market is projected to be worth as much as £500bn by 2050, according to the International Energy Agency, as countries race to hit net zero targets.
Centrica's interest in nuclear will serve as a boost to Labour's energy strategy just days after the company backed Sizewell C.
By taking a significant stake in the £38bn project alongside Canadian investment fund La Caisse and Amber Infrastructure, Sizewell C has finally secured approval for construction.
Once built, the Suffolk nuclear plant will have a capacity of about 3.2 gigawatts, enough to power 6m homes for at least 60 years.
After announcing Centrica's investment earlier this month, Mr O'Shea said: 'The UK needs more reliable, affordable, zero carbon electricity, and Sizewell C will be critical to supporting the country's energy system for many decades to come.
'This isn't just an investment in a new power station – it's an investment in Britain's energy independence, our net zero journey, and thousands of high-quality jobs across the country.'
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