EDF is racing to secure funding for Sizewell C in order to build the facility within the “optimal” window of time.
The Times has reported the French energy giant is looking to the government to provide a “definitive way forward” in 2020 so that it can begin construction in 2022.
Securing a funding deal for the proposed nuclear power station in Suffolk is vital as ongoing delays and setbacks could make the project too costly – this is because it is possible to reduce the cost of the plant by transferring workers and equipment from Hinkley Point C to the new project as they roll off the former.
This means a gap between the two new-build nuclear projects could make building the second facility much more costly.
An EDF spokesperson said: “The Sizewell C nuclear project is moving forward with its planning consultation and work on financing.
“It’s true that there’s an optimal time to build a replica plant, which is why it’s good news that things are progressing. The need to get on with building reliable low carbon energy to support renewables is as strong as ever.”
EDF has hired Rothschild as financial adviser for the Sizewell C project going forwards.
A BEIS spokesperson said: “New nuclear has an important role to play in providing reliable, low carbon power as part of our future energy mix as we aim to eliminate our contribution to climate change by 2050.
“We are clear that any energy project must offer value for money for consumers.”