The cost of building the proposed Sizewell C nuclear plant in Suffolk could be up to £5bn less than that of Hinkley Point C in Somerset, work on which has already started. French energy giant EDF expects the Hinkley Point scheme − Britain’s first new nuclear plant since Sizewell B opened in 1995 − to cost around £20bn. But according to a report in The Times, EDF believes that it can reduce the cost of Sizewell C by as much as 25% through efficiencies resulting from the use of the same technology and a similar design. A spokeswoman for EDF Energy, the group’s UK arm, said that the story in The Times was not based on a briefing from the company. However, she added that EDF had said previously that costs would come down as Hinkley Point C is part of a series of EPRs (third generation pressurised water reactors) being developed around the world. A reduced construction cost for Sizewell C is widely seen as crucial if the project is to go ahead, with cost of renewable energy now having fallen well below the “strike price” agreed between EDF and the UK government for power generated by Hinkley Point C.
Ipswich Star 3rd Jan 2018 read more »
EDF launch so-called ‘cheap nuclear’ plan that will ruin taxpayers. EDF are about to persuade the Government to sign a blank cheque for another one of their failing European Pressurised Reactors at Sizewell C. The plan is to get taxpayers to pay for a large chunk of the ‘equity’ financing of the plant and get the Government to guarantee the bulk of the rest of the costs. EDF will say at the start that the plant would be ‘cheap’, but, magically, the cost would gradually escalate over time. But meanwhile the Government would be committed to foot the bill. This will lead to the biggest black hole in the nation’s finances since the financial crash. However, this will get around the humiliation of EDF having to be paid the high price per MWh that Hinkley C is to be paid. A lower price might be agreed. But instead the taxpayers will foot a bill that is likely to rise to well over £10 billion pounds. The plant will not be any cheaper than Hinkley C, its just that the cost will be hidden on Treasury books. But this will have a catastrophic effect on public finances and deprive the Exchequer of many billions £s that could otherwise be spent on public services. This will be the subsidy to top all subsidies!
Dave Toke’s Blog 2nd Jan 2018 read more »