‘A speculative figure’: Cost of Sizewell C nuclear plant nearly doubled since 2020
The cost of building Sizewell C nuclear power station in Suffolk could reach nearly £40bn, according to reports.
Developer EDF and the UK government anticipated the project’s final price tag would be around £20bn in 2020, as it struggled to bring down construction costs and reduce delays.
But the Financial Times on Tuesday reported the total had now reached closer to £40bn, citing sources close to negotiations over the flagship energy scheme.
Such an increase in costs will pile further pressure on the government as it looks to spark a revival in the UK’s nuclear power capacity.
Green energy entrepreneur Dale Vince has previously written to the government’s value for money tsar, David Goldstone, arguing the nuclear plant would “saddle consumers with higher bills long before it delivers a single unit of electricity.”
It is also the latest bump in the road for the UK’s nationally significant infrastructure projects, many of which are battling with inflating budgets and widespread delays.
‘Speculative figure’
A spokesperson for the Department for Energy Security and Net Zero (Desnz), said it did not recognise the “speculative figure,” noting discussions with investors were ongoing and commercially sensitive.
“New nuclear power stations such as Sizewell C will play an important role in helping the UK achieve energy security and net zero, while securing thousands of good, skilled jobs and supporting our energy independence beyond 2030,” the spokesperson added.
“The project is expected to reduce the cost of the electricity system, boost our supply of secure homegrown power and generate major investment nationwide.”
Sizewell C is expected to supply low carbon electricity to around 6m homes for 60 years if it gets up and running.
According to the FT, the Treasury is set to decide whether to give the project the green light in this year’s multiyear spending review.
Some £3.7bn in state funding has already been awarded to the project, while ministers had aimed to reach a final investment decision by the end of 2024.
A number of key decisions, including the expansion of Luton Airport and the £9bn Lower Thames Crossing near the Dartford Tunnel, were pushed back into 2025 at the tail-end of last year.