The British government has categorically rejected reports that the cost of the Sizewell C nuclear power plant, currently under development by EDF, has doubled to £40 billion (around €47 billion). These assertions, published by the financial daily Financial Times (FT), were described as “speculative” by a spokesperson for the Ministry of Energy.
According to the Financial Times, this additional cost would be attributed to several factors, including inflation and delays on the sister project of Hinkley Point C, also supported by EDF. The latter has experienced significant budget overruns, reaching almost 34 billion pounds, an estimate dating from last year.
Statements from parties involved
The team in charge of the Sizewell C project also reacted to the figures put forward by the Financial Times, stating that they are “not accurate”. According to the latter, project costs would benefit from savings thanks to the experiences learned from Hinkley Point C, particularly in terms of training of qualified workers and procurement.
An EDF representative recalled that Sizewell C is based on the construction of two EPR (European Pressurized Reactors) reactors, each with a capacity of 1.6 gigawatts. Electricity production from the plant is planned for 2035. In the meantime, the British government is continuing its discussions with private investors in order to complete the financing. These discussions should conclude in spring 2025.
Investment and partnership
The British executive validated the Sizewell C project in July 2022, taking a 50% stake after the withdrawal of Chinese partner CGN. London has already injected several billion pounds into the project, but the final investment decision remains pending the ongoing fundraising.
This project is part of the British strategy aimed at reducing its dependence on fossil fuels by developing low-carbon nuclear production capacities. However, it is criticized for its delays and the financial risks it poses to EDF, as highlighted in a recent report from the Court of Auditors in France. This document recommends that EDF limit its financial exposure in international projects.
A delicate international context
At the same time, EDF faces criticism for the management of its EPR projects abroad, notably in Flamanville (France) and Olkiluoto (Finland). These projects have accumulated delays and budget overruns, calling into question the economic viability of this technology in a context of strong competition in the energy market.
The Sizewell C plant is seen as a test for the future of nuclear power in the UK. The success of the project could strengthen the country’s position as a leader in the energy transition, while a new failure could cool the enthusiasm of international investors.
