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Highlights
- The UK Government has been negotiating with the French energy firm EDF to extend the functioning of a coal-fired power station in Nottinghamshire.
- This deal would help in shoring up the UK’s energy supplies and making backup power accessible for around 1.5 million homes.
- The UK Government has also been negotiating with Drax regarding the extension of the functioning of its coal-powered plant in Yorkshire, which is scheduled to close in September.
With a rough winter lying ahead for Brits, the UK Government has been negotiating with the French energy firm EDF to continue the functioning of a coal-fired power station in Nottinghamshire for five more months than planned earlier.
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The West Burton A plant in Nottinghamshire was scheduled to be closed by October, but if a deal is successfully struck, the plant may continue working till March next year. This would help in shoring up the UK’s energy supplies and making backup power accessible for around 1.5 million homes.
According to a Financial Times report, the payment to be made to EDF may be finalised this week itself after it reaches an agreement with the UK Government, energy regulator Ofgem, and National Grid’s Electricity Systems Operator (ESO). Household energy bills would be burdened with the cost of the deal measuring worth millions of pounds.
The UK Government has also been negotiating with Drax regarding the extension of the functioning of its coal-powered plant in Yorkshire, which is scheduled to close in September. By the end of this year, business secretary Kwasi Kwarteng has pledged to end Russian coal imports, and completely end the entire domestic coal generation by September 2024.
However, the requests for extending the function of coal-fired power plants have worried the environmental campaigners due to coal’s potential of increasing pollution amid the escalating climate crisis. Supporters of the extension claim that as of now it is more important to tackle the energy crisis due to the war than to focus on decarbonisation.
Amid the UK government’s plans to boost energy security, investors can keep an eye on the following FTSE energy utility stocks.
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- National Grid plc (LON: NG.)
The shares of the largest publicly traded utility business across the globe, National Grid plc, were up by 0.51%, at 8:11 AM (GMT+1), on 14 June 2022, were trading at GBX 1,083.50. The company, which is a constituent of the FTSE100 index, has given its shareholders a return of 17.78% over the last one year as of 14 June 2022, while its year-to-date return stands at 2.14%. National Grid’s current market cap stands at £39,311.78 million.
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Image description- The requests for extending the function of coal-fired power plants have worried the environmental campaigners
- Drax Group plc (LON: DRX)
The shares of the renewable energy generation firm, Drax Group plc, were up by 0.79%, at 8:15 AM (GMT+1), on 14 June 2022, were trading at GBX 637.50. The company, which is a constituent of the FTSE250 index, has given its shareholders a return of 45.10% over the last one year as of 14 June 2022, while its year-to-date return stands at 5.04%. Drax Group’s current market cap stands at £2,534.28 million.
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- Centrica plc (LON: CNA)
The shares of the UK’s leading electricity and gas supplier, Centrica plc, were up by 1.10%, at 8:20 AM (GMT+1), on 14 June 2022, and were trading at GBX 78.84. The company, which is a constituent of the FTSE250 index, has given its shareholders a return of 50.77% over the last one year as of 14 June 2022, while its year-to-date return stands at 10.15%. Centrica’s current market cap is £4,606.70 million.
