nuclear-news

Delays to nuclear plants giving Sizewell B a new lease of life

 EDF is considering plans to keep the power station in Suffolk going for an extra
20 years to underpin Britain’s net zero ambitions after building new
plants proves tricky. Sizewell B in Suffolk, the nuclear power plant that
provides about 3 per cent of the UK’s electricity and has been in the
midst of a 47-day maintenance outage.

Nuclear power has dwindled to about
14 per cent of the UK’s electricity mix, down from about a quarter in the
late 1990s. Of the five plants still running, all of which are operated by
EDF, the French state-backed power group, only Sizewell B is set to be
still running by the end of the decade.

Efforts to revive the industry have
been beset by delays and soaring costs, with Hinkley Point C, the first
plant to be built in Britain in more than two decades, running up to six
years behind schedule and billions over budget. Sizewell B, which began
generating power in 1995, was the last. It is against this backdrop that
the operators of Sizewell B will make the case to EDF in Paris to extend
the life of the plant, capable of powering two million homes, by another 20
years.

Keeping the plant running until 2055 is set to cost roughly £700
million. The plant has relatively fixed costs and has already forward-sold
the majority of power set to be generated next year. However, the
volatility in power prices since the pandemic, exacerbated by the Russian
invasion of Ukraine, has complicated the business case for keeping Sizewell
B running for longer.

The French energy group, which has an 80 per cent
stake in Sizewell B alongside Centrica’s 20 per cent, is attempting to
pay down a debt pile of almost £45 billion. Here in the UK, it is in talks
with private investors to raise between £4 billion and £5 billion to help
meet the spiralling bill to complete Hinkley Point C. Sizewell C is also
competing for EDF capital, even if the company intends to eventually sell
down its stake in the project from 50 per cent to about 20 per cent. Two
nuclear power stations with identical designs in America — Wolf Creek and
Callaway — have already been granted extensions to their operating
licences that will see them run from 40 years to 60 years, providing a
precedent.

 Times 2nd Dec 2024 https://www.thetimes.com/business-money/energy/article/delays-to-nuclear-plants-giving-sizewell-b-a-new-lease-of-life-r6fdzx9j5

December 6, 2024 - Posted by Christina Macpherson | business and costs, UK