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UK government understating their costs for Wylfa nuclear plant, combined with costs for Hinkley Pt C – over £40 billion

Dave Toke’s Blog 10th May 2018, A fake price for the faltering proposed Wylfa nuclear plant will obscure
the fact that the project, backed by Hitachi, will be even more expensive than Hinkley C. Negotiators for the Wylfa project are clamouring for the Government to use taxpayers money and a commitment to pay at least some of
the risks of construction cost overruns to massage the price of the deal down compared to Hinkley Point C.

If this is done, then the combined support for Hinkley C and Wylfa projects through loan guarantees, equity
support and risk underwriting could rival the size of bill the UK has to pay the EU for Brexit.

But a carefully contrived fake price produced by giving a massive taxpayer funded handout to the project will obscure this terrible consequence. Hinkley Point C (HPC), scheduled to be built by EDF, is now said to cost around £20 billion, almost exactly the same as the cost of the Hitachi-led Wylfa project.

In fact both of these figures do not appear to include interest charges, and so will be underestimates of the
total mount of money needed to be paid out before the plant is even built. But the interesting thing is that whilst the Hinkley C project is 3.2GW, the Wylfa project is smaller, at around 2.9 GW, which actually makes the Hitachi project even more expensive!


May 12, 2018 - Posted by | business and costs, politics, UK

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