nuclear-news

UK nuclear plant hit by new multiyear delay and could cost up to £46bn.

Britain’s flagship Hinkley Point C nuclear plant has been delayed until
2029 at the earliest, with the cost spiralling to as much as £46bn, in the
latest blow to a project at the heart of the country’s long-term energy
plans.

The surging bill and slipping schedule, announced on Tuesday by the
French state-owned operator and constructor EDF, will put pressure on the
UK government to provide extra financial support for the project.

EDF, which has also experienced long delays on recent parallel projects in
Finland and France that use the same reactor technology, blamed the latest
problems at Hinkley in Somerset on the complexity of installing
electromechanical systems and intricate piping. Hinkley was previously
delayed due to construction disruption during Covid pandemic.

Under EDF’s latest scenario, one of the two planned reactors at Hinkley Point C could
be ready in 2029, a two-year hold-up compared with the company’s previous
estimate of 2027. But it could be further delayed to 2031 in adverse
conditions, EDF said. It did not give an estimate for the second reactor.
EDF said the cost would now be between £31bn-£35bn based on 2015 prices,
depending on when Hinkley Point C was completed.

In today’s prices, the cost would balloon to as much as £46bn. The initial budget was £18bn, with a scheduled completion date of 2025. Alison Downes of Stop Sizewell C, a
campaign group opposed to the planned Suffolk nuclear plant, said EDF was
an “unmitigated disaster”. She added the UK government should cancel
Sizewell C, saying state funding for the project could be better spent on
“renewables, energy efficiency or, in this election year, schools and
hospitals”.

FT 23rd Jan 2024

https://www.ft.com/content/1157591c-d514-4520-aa17-158349203abd

January 25, 2024 - Posted by Christina Macpherson | business and costs, politics, UK