Energy firm Centrica shelves two gas storage projects at US$385 mil. cost
AFPLONDON -- British energy firm Centrica said Monday that it will shelve two key gas storage projects in Britain at a cost of 240 million pounds (US$385 million).
September 24, 2013, 12:17 am TWN
The London-listed company partly blamed the government's decision not to subsidize new gas storage.
“Centrica plc has taken the decision not to proceed with its new-build gas storage project at Baird in the UK Southern North Sea and to put its project at Caythorpe in East Yorkshire on hold indefinitely,” it said in a statement.
Centrica added that it will write off all costs incurred and committed on the two projects, and said it expected to recognize impairments and provisions totaling about 240 million pounds as an exceptional cost in its 2013 annual results.