Britain’s Sizewell nuclear project in jeopardy, as EDF struggles to get funding
 Sizewell, Times 13th Jan 2020, EDF is in a race against time to secure a funding deal for its proposed nuclear power station in Suffolk as delays risk making the project prohibitively expensive. The French energy giant has hired Rothschild as financial adviser for the Sizewell C project and says it wants a “definitive way forward” from the government this year so it can start construction in 2022. The company building the £22 billion Hinkley Point C plant in Somerset has promised it can significantly reduce the cost of the sister plant in Suffolk, including by transferring workers and equipmentbetween the two. Delays to funding that result in a hiatus between the
projects would erode such savings and jeopardise Sizewell, which the government has said must be cheaper than Hinkley. A senior executive at Sizewell recently admitted that if funding proposals ended up “outside an acceptable price range for the government, then the project probably won’t go ahead — it’s as simple as that”.
EDF has proposed an alternative, funding model for Sizewell C, under which consumers would pay for the project while it is still under construction. This would cut borrowing costs but also put consumers on the hook for cost overruns.
The government ran a consultation last year on adopting the model but is yet to give its verdict. An EDF spokeswoman said: “We hope to see a way forward on nuclear financing in 2020 ahead of COP26 [the Glasgow climate change summit]. This would ensure we can maximise the benefits of replicating the design of Hinkley Point C at Sizewell C.”
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