Estimated costs of Hinkley could rise to £37bn

The estimated cost of the Hinkley Point C project over its lifetime could reach £37 billion. That’s according to new figures released by DECC which raised its estimate of how […]

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By Jacqueline Echevarria

The estimated cost of the Hinkley Point C project over its lifetime could reach £37 billion.

That’s according to new figures released by DECC which raised its estimate of how much the new nuclear project at Hinkley Point C could cost in subsidies.

Last year, the government said the cost of the nuclear project in Somerset could be £14.5 billion.

According to DECC, the change is due to new long term forecasts for wholesale electricity prices.

They determine how much the government needs to pay to match the £92.50 per MWh strike price for Hinkley’s energy output.

It added the figures should be treated as provisional estimates as they were calculated using data from September 2015 when wholesale prices of energy were low.

The government insists consumer bills won’t be affected by the possible changes.