Sizewell C nuclear plant costs ‘could double to nearly £40bn’
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The planned Sizewell C nuclear power station in Suffolk could surge in cost to nearly £40 billion, according to reports. People close to talks over the energy scheme have estimated the rise in costs, the Financial Times newspaper reported, which is double the forecast by developer EDF just five years ago.
The Government said it did not recognise the figure, while Sizewell C’s managing directors said it is “not accurate”. Separately, the French state auditor recommended that EDF should not make a final investment decision in the project until it has cut exposure to Hinkley Point C, which it also owns.
Nuclear plants are seen as increasingly important electricity sources as the Government tries to decarbonise Britain’s grid by 2030, replacing fossil fuels with green power. However, the last time Britain completed one was in 1987, which was the Sizewell B plant.
Hinkley Point C, in Somerset, is under construction and is expected to produce enough power for about six million homes when it opens, but that may not be until 2031. Sizewell C, meanwhile, is yet to get sign-off. The Treasury is thought to be mulling whether to give it the green light in an upcoming spending review.
EDF, the French energy giant which owns and runs Britain’s nuclear fleet, and the Government were the first backers of the project. But they are in the process of trying to raise billions more from prospective investors including Centrica, Schroders Greencoat, Emirates Nuclear Energy Corporation and Amber Infrastructure Group.
