Centrica sees further profit cuts on U.K. nuclear start delay

|About: Centrica Plc (CPYYF)|By:, SA News Editor

U.K. utility Centrica (OTC:CPYYF, OTCPK:CPYYY) issues a second profit warning in less than a month as the unexpectedly long shutdown of two U.K. nuclear power plants reduces its electricity output.

The revised outlook came after EDF Energy, the U.K. subsidiary of French utility Electricite de France, said it would would return the plants to operation late in the year; EDF was forced to halt the reactors three weeks ago after finding a crack on a component of one of the boilers.

Centrica, which has a 20% stake in EDF’s existing nuclear operation, cut its profit forecast to 0.6-0.9 pence/share following a 0.3 pence reduction announced in August.