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Energy consumers are likely to spend over £1000 each to complete Sizewell C Nuclear …..and then pay a high price for the electricity it produces.

The Government’s new nuclear power construction financing mechanism the so-called ‘Regulatory Asset Base’ (RAB) is likely to cost energy consumers an average of well over £1000 each added onto their electricity bills.

On top of that energy consumers will have carry on paying on top of this for an as-yet undecided amount for each kWh generated by Sizewell C.

According to EDF planning figures the cost of Sizewell C will be £20 billion. Experience suggests that there is little faith to be placed inEDF’s claims. For example, the actual cost of the Flamanville nuclearpower plant being built by EDF (the same EPR model) has cost upwards of 5 times as much as their original estimate.

So we can probably expect a bill of at least £30 billion to be paid by consumers through their electricity
bills. That is because the RAB mechanism will ensure that consumers pay the cost overruns, which are certain to occur when building these nuclear power plant. Given that there are around 26 million domestic electricity consumerbills to be paid in the UK, this means each consumer will be paying over
£1000 each to build the power plant.

 100% Renewables 27th Nov 2021

November 29, 2021 - Posted by | business and costs, UK

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