EDF warns cost of Hinkley Point C could soar more than 20%

The Hinkley Point C power plant in Somerset could end up costing £33 billion

French utility EDF has warned the costs of the Hinkley Point C nuclear power plant, currently under construction in southwest England, could rise more than 20% higher than its estimate last year.

State-controlled EDF told investors a more accurate cost for the project, the first new nuclear power station to be built in Britain for almost 30 years, was now £32.7 billion.

It is estimated that the increase, due to surges in material prices is nearly 80% more than the cost of £18 billion in 2016.

The energy giant has also warned that it could end up shouldering more of the bill for the project as its Chinese partner, CGN, may fail to meet its share of extra payments to finance the Hinkley Point C power station.

In November, the government announced it would invest around £700 million in Sizewell C to become a 50% shareholder in the project’s development and that it would work together with EDF to raise capital investment for the power plant.

ELN has approached EDF for further comment on the reported projected costs – the company declined to comment.

Make sure you check out the latest Net Hero Podcast episode:

Latest Podcast