UK looking for ways to remove Chinese CGN from nuclear project through stake sale

A fisherman takes a nap on Sizwell Beach outside the Siswell Nuclear Power Plant in Suffolk, eastern England, on April 10, 2013. REUTERS/Susan Plunkett (UK – Tags: ENERGY ENVIRONMENT BUSINESS SOCIETY)

(Reuters) – The British government plans to sell a minority stake in a new nuclear power plant to institutional investors or list it on the stock exchange to remove China General Nuclear Power Group from the project, the Financial Times reports. mentioned Wednesday.

The report added that the Chinese state-owned company currently owns a 20% stake in the proposed Sizewell C nuclear plant in Suffolk, eastern England, and France’s EDF (EDF.PA) is set to build a £20 billion project with CGN support. . .

The newspaper, citing people familiar with the situation, said that the government is in negotiations to acquire the stake and sell it to institutional investors. He added that Britain is also considering the option of floating the stock exchange’s stake through an initial public offering.

The UK Department of Business has confirmed to the Financial Times that discussions are underway with the EDF regarding CGN’s involvement.

CGN is currently a shareholder of Sizewell C at the time of the government’s final investment decision. “Negotiations are ongoing and no final decision has been taken,” the ministry told the Financial Times.

The report added that government ministers are also planning to block CGN’s plans to build a nuclear power plant on the east coast in Bradwell-on-Sea in Essex.

A CGN official contacted by Reuters declined to comment. Britain’s Department for Business, Energy and Industrial Strategy and France’s EDF were not immediately available for comment.

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Additional reporting by Akriti Bhalla in Bengaluru and Dominic Patton in Beijing. Editing by Muralikumar Anantharaman and Simon Cameron-Moore

Our criteria: Thomson Reuters Trust Principles.

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