WINDSOR (dpa-AFX) - On Thursday, Centrica plc (CNA.L), an energy company, announced that the UK government has signed a 20-year contract for difference or CfD agreement to extend operations at Sizewell B, a 1.2 GW Nuclear Plant in Suffolk, from 2035 to 2055. Centrica has a 20 percent share of Sizewell B.
Under the agreement, Sizewell B will receive a guaranteed strike price of 70.50 pounds per MWh from April 2035 to March 2055 for the electricity it produces. The CfD framework removes exposure to merchant power prices, providing predictable inflation-linked revenues.
Alongside its investment framework, this underpins a fair return on life extension investment of approximately 800 million pounds, which is to be funded by operating cash flows from the existing Nuclear partnership with EDF Energy over the next 15 years.
On the London Stock Exchange, the shares were trading 0.79 percent lower at 170.15 pence.
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