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Hinkley Point C nuclear project faces mor.e delays, increased costs

Hinkley Point C faces more delays amid Ukraine crisis. Developer EDF warns
war may trigger even higher costs for Britain’s flagship nuclear power
station. The UK’s £23bn new flagship nuclear power plant is at risk of
becoming more expensive and being plagued by delays as its developer EDF
blamed challenges including the conflict in Ukraine.

EDF is carrying out a
“new comprehensive review” of the costs and timeframes of Hinkley Point
C, which it is building in Somerset with updates expected in the summer.
The majority French state-owned company had already raised cost estimates
in 2017, 2019 and again in 2021 amid the pandemic, with the project
currently set to cost between £22bn and £23bn and start generating power
in mid-2026. It was originally forecast to cost £18bn.

The developers have
to foot the bill for cost overruns at the project, but it comes as EDF is
in talks with the UK Government about building a second new power plant,
Sizewell C in Suffolk, which could see households take on more risk for
overruns.

The Prime Minister is believed to want nuclear power to supply
about a quarter of Britain’s electricity by 2050. That could imply about
six large stations similar to Hinkley will be needed by 2050. In a sign of
its commitment to the technology, the Government is planning to take a 20pc
equity stake in the Sizewell C project.

In documents filed with French
financial authorities, EDF said of Hinkley Point C: “Due to the
difficulties encountered by the project, notably on civil performance and
marine works, and the increase in risks such as the Ukrainian conflict,
Brexit, Covid, supply chain disruption and inflation, a new comprehensive
review to update the costs and schedule estimates announced in January 2021
is underway and is expected to be finalised by summer 2022.” 

Telegraph 27th March 2022https://www.telegraph.co.uk/business/2022/03/27/hinkley-point-c-faces-fresh-cost-overrun-ukraine-crisis/

March 29, 2022 - Posted by | business and costs, politics, UK

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