News Column

Centrica Says 2014 Earnings To Take Hit From Heysham 1 Shut Down

August 11, 2014

Sam Unsted

LONDON (Alliance News) - Centrica PLC Monday warned it would take a hit to its earnings per share in 2014 after the release of boiler-spine inspection results by EDF Energy regarding the Heysham 1 nuclear power station in Lancashire.

EDF said the inspections undertaken at Heysham 1, where one of the two reactors on the site was shut down on June 11 for refuelling and to allow investigations of its boiler units, found a defect in Reactor 1. As a result of the defect, Reactor 1 remains shut down as EDF works to characterise the nature of the problem.

EDF said that Heysham 1 Reactor 1 will operate on a reduced load when it returns to service until the company is able to identify a suitable repair strategy. It said that as a result of the inspections at Heysham 1 and its Hartlepool sister site, due to take an estimated eight weeks, its has revised up its maximum theoretical output loss to circa 61 terrawatt-hours.

Centrica estimated its earnings per share in 2014 will be hit by 0.3 pence per share due to the resulting reduction in output from the power stations impacted. Centrica owns a 20% interest in EDF's UK nuclear operations.

Centrica shares opened down 0.6% to 306.00 pence early Monday.

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Source: Alliance News

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