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PETITION : Scrutinise Sizewell C

Petition to David Goldstone, Independent Chair of the Treasury’s new ‘Office of Value for Money’  https://action.stopsizewellc.org/valueformoney

We, the undersigned, urge you, as the new Office of Value for Money’s independent Chair*, to call in the Sizewell C project for urgent scrutiny, as it is currently proceeding by stealth.  Over £5 billion of public money has already been allocated to the project, and there is the potential for billions more to be spent without any guarantee of a Final Investment Decision being made:

• Sizewell C received £2.5 billion from the previous government. In the Autumn Budget 2024, a further £2.7 billion was allocated prior to a Final Investment Decision (half the value of a £5.5 billion subsidy scheme created in August 2024).
• Therefore £5.2 billion of public money has already been allocated to progress work on site – and up to £8 bn is at risk – without any guarantees that private investors will take a stake in the project, or indeed that a Final Investment Decision will be made.
• There is no transparency at all about the overall cost of the project.
• In addition to the drain on taxpayers’ funds, there are serious implications for consumers; the intended use of the Regulated Asset Base (RAB) funding model means households will pay a Sizewell tax on their electricity bills throughout construction, for many years before any electricity is generated.
• There is still uncertainty regarding major issues that affect Sizewell C’s viability and costs. For example Sizewell C still hasn’t secured a guaranteed sustainable potable water supply for its planned 60 years of operation, nor is there a final design of the sea defences needed to keep the site safe for its full 150 year lifetime. 

 The Labour government announced soon after the election that an ‘Office of Value for Money’ would be created within His Majesty’s Treasury, to scrutinise areas of public spending. Initial feedback from the Treasury indicated that Sizewell C would definitely be examined, but more recent correspondence with officials has rowed back from such a firm position. David Goldstone was announced as the independent Chair of the Office of Value for Money by Chancellor Rachel Reeves during her Budget on 30 October 2024.

January 2, 2025 - Posted by Christina Macpherson | Events