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Released January 29, 2025 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The developers behind the U.K.'s next nuclear power plant, Sizewell C, have denied media reports that the cost for the project could be £40 billion (US$49 billion), double the 2020 estimates of £20 billion (US$24.5 billion).
French energy major Electricité de France (EDF) (Paris, France) stated: "Recent claims about Sizewell C's costs are not accurate and do not reflect the significant savings we are already making because we are building on the achievements at Hinkley Point C. That project has done the hard job of restarting U.K. nuclear construction and is seeing efficiency improvements of around 30% between its first and second reactor units. It means we are starting construction with a completed design, a skilled workforce and a supply chain ready to deliver." Sizewell C will include two European Pressurized Reactor-2 (EPR2) reactors from EDF, which will produce 3.2 gigawatts (GW) of electricity, enough to power the equivalent of about 6 million homes. The government has already pledged £8.2 billion (US$10 billion) to the project. A final investment decision is expected later this year.
EDF was responding to a report by the Financial Times newspaper that cited senior government and industry sources putting the cost for the next major nuclear power project at double its original estimate. The massive jump in the price tag was put down to soaring construction expenses as well as the financial impact of delays and budget overruns at the Hinkley Point C facility, which is also being managed by EDF. Industrial Info reported last year that the Hinkley project--the U.K.'s first nuclear project in decades--was facing is facing new delays of up to four years and a potential price hike of up to a third, bringing the eventual cost to £46 billion (US$56.4 billion). For additional information, see February 5, 2024, article - U.K.'s Only New Nuclear Plant Faces Major Delays and Cost Hike.
A spokesperson for the U.K.'s Department for Energy Security and Net Zero said it did not recognize the "speculative" £40 billion figure and stated that "sensitive discussions with investors are ongoing". Julia Pyke and Nigel Cann, joint managing directors of Sizewell C, commented: "It's been an incredible first year of construction for Sizewell C. We've now got around 1,000 people driving this project forward both on our main development site and off-site infrastructure, and we'll have around 2,000 people by the end of the year with around double the amount of apprentices. Building on the work of Hinkley Point C, we have a fixed design and a capable and industrialized supply chain in place, and that gives us a big advantage when it comes to cost certainty and clarity of schedule. A year down the line of formal construction, we're in a very strong position to deliver a project that will provide lower bills and clean energy to six million homes, thousands of good jobs, and energy security for Britain."
They added: "The real question to ask is what is the cost of not doing Sizewell C? This winter we have seen prolonged periods of dull, calm weather and low output from wind and solar. At times, gas provided more than 60% of our power needs, pushing up electricity prices and adding to our carbon emissions. A low carbon future needs new British nuclear, for lower electricity costs, energy security and thousands of great jobs which will help to transform communities across the country,"
Nuclear power currently accounts for 14% of the country's power. The five active plants supply roughly 6.5 GW of power but all will be closed by the end of the decade, some time before Hinkley Point C is up and running. Sizewell C received the go ahead for works to begin at the start of last year. For additional information, see February 14, 2024, article--Green Light for Works at Sizewell C Nuclear Project in U.K..
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
French energy major Electricité de France (EDF) (Paris, France) stated: "Recent claims about Sizewell C's costs are not accurate and do not reflect the significant savings we are already making because we are building on the achievements at Hinkley Point C. That project has done the hard job of restarting U.K. nuclear construction and is seeing efficiency improvements of around 30% between its first and second reactor units. It means we are starting construction with a completed design, a skilled workforce and a supply chain ready to deliver." Sizewell C will include two European Pressurized Reactor-2 (EPR2) reactors from EDF, which will produce 3.2 gigawatts (GW) of electricity, enough to power the equivalent of about 6 million homes. The government has already pledged £8.2 billion (US$10 billion) to the project. A final investment decision is expected later this year.
EDF was responding to a report by the Financial Times newspaper that cited senior government and industry sources putting the cost for the next major nuclear power project at double its original estimate. The massive jump in the price tag was put down to soaring construction expenses as well as the financial impact of delays and budget overruns at the Hinkley Point C facility, which is also being managed by EDF. Industrial Info reported last year that the Hinkley project--the U.K.'s first nuclear project in decades--was facing is facing new delays of up to four years and a potential price hike of up to a third, bringing the eventual cost to £46 billion (US$56.4 billion). For additional information, see February 5, 2024, article - U.K.'s Only New Nuclear Plant Faces Major Delays and Cost Hike.
A spokesperson for the U.K.'s Department for Energy Security and Net Zero said it did not recognize the "speculative" £40 billion figure and stated that "sensitive discussions with investors are ongoing". Julia Pyke and Nigel Cann, joint managing directors of Sizewell C, commented: "It's been an incredible first year of construction for Sizewell C. We've now got around 1,000 people driving this project forward both on our main development site and off-site infrastructure, and we'll have around 2,000 people by the end of the year with around double the amount of apprentices. Building on the work of Hinkley Point C, we have a fixed design and a capable and industrialized supply chain in place, and that gives us a big advantage when it comes to cost certainty and clarity of schedule. A year down the line of formal construction, we're in a very strong position to deliver a project that will provide lower bills and clean energy to six million homes, thousands of good jobs, and energy security for Britain."
They added: "The real question to ask is what is the cost of not doing Sizewell C? This winter we have seen prolonged periods of dull, calm weather and low output from wind and solar. At times, gas provided more than 60% of our power needs, pushing up electricity prices and adding to our carbon emissions. A low carbon future needs new British nuclear, for lower electricity costs, energy security and thousands of great jobs which will help to transform communities across the country,"
Nuclear power currently accounts for 14% of the country's power. The five active plants supply roughly 6.5 GW of power but all will be closed by the end of the decade, some time before Hinkley Point C is up and running. Sizewell C received the go ahead for works to begin at the start of last year. For additional information, see February 14, 2024, article--Green Light for Works at Sizewell C Nuclear Project in U.K..
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
