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Warning of Centrica Sell Off Plan

Tuesday, November 28, 2017

GMB WARNING OVER CENTRICA PLAN TO SELL 20 PER CENT OF UK’S NUCLEAR FLEET

The Government needs to step in, block this sale and stop relying on foreign powers to keep Britain’s lights on.

GMB, the union for energy workers, has issued a warning over a move by British Gas owners Centrica to sell off its stake in UK nuclear power stations.

Centrica boss Iain Conn has said the company is open to bids for its 20 per cent stake in the UK’s fleet of eight nuclear power stations. [1]

The sell-off appears to be sparked by Centrica’s share price plummeting to its lowest level in 14 years after British Gas lost 823,000 customers in the three months to the end of September.

GMB says the sales raises fears of yet more foreign ownership of the UK’s vital energy infrastructure.

Stuart Fegan, GMB National Officer for Energy, said:

"Centrica is selling off the family silver thanks to their failing strategy which has seen its share price fall to its lowest level for 14 years.

“But it’s UK’s taxpayers who will pay the price for this negligence.

“This sale could see 20 per cent – a fifth – of the UK’s fleet of nuclear power stations end up in the hands of private equity and foreign investment vehicles.

“The Government needs to step in, block this sale and stop relying on foreign powers to keep Britain’s lights on.”

ENDS

Contact: Stuart Fegan on 07912 890434 or GMB Press Office on 07958 156846 or at press.office@gmb.org.uk

Notes to Editors:

[1] http://utilityweek.co.uk/news/Centrica-open-to-bids-for-stake-in-nuclear-fleet/1318322?utm_source=Utility+Week+Daily+Newsletter&utm_campaign=3b9d0564d8-UW_Daily_news_alert&utm_medium=email&utm_term=0_4b3e4ed9dc-3b9d0564d8-101147997&mc_cid=3b9d0564d8&mc_eid=8a94f4ca95#.Wh2E_lVl-Ul
 

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