KEY POINTS
- The Sizewell C nuclear project cost could rise to nearly $50 billion.
- Government and EDF dispute cost claims, citing cost-saving measures.
- France urges EDF to secure investors before committing further financing.
The cost of Britain’s Sizewell C nuclear power plant is projected to rise to nearly $50 billion, significantly exceeding initial estimates, according to a report by the Financial Times.
The project in southeast England is part of the country’s strategy to replace aging nuclear plants, achieve climate targets, and strengthen energy security.
The revised estimate represents almost double the £20 billion ($25 billion) cost outlined by the plant’s developer, EDF, in 2020. Industry sources and a senior government figure described the new figure as a “reasonable assumption” based on 2025 prices.
Government and Sizewell C dispute cost claims
Britain’s Department for Energy Security and Net Zero called the £40 billion ($49 billion) estimate “speculative,” emphasizing that discussions with investors remain ongoing and are commercially sensitive.
Sizewell C Joint Managing Directors Julia Pyke and Nigel Cann refuted the accuracy of the claims, highlighting cost-saving measures linked to the project’s design similarities with Hinkley Point C, another nuclear plant under construction in the UK.
“These claims do not reflect the significant savings we are already making because we are building on the achievements at Hinkley Point C,” Pyke and Cann stated.
EDF, the French state-owned utility leading the project, declined to comment on the reported cost estimate.
France urges securing investors for Sizewell C
Compounding the above project’s risk, France’s leading audit body advised EDF to find new investors before investing more in Sizewell C.
According to Reuters, the audit body’s call for caution comes amid rising construction costs for Hinkley Point C, which were revised to between £31 billion ($38 billion)and £34 billion ($42 billion) in 2022, up from a prior estimate of £25 billion ($31 billion) to £26 billion ($32 billion).
EDF initially claimed Sizewell C would cost 20 percent less than Hinkley Point C, though the current projections cast doubt on that promise.
However, as the financial burden increases, the government of Britain is determined to have nuclear energy plants, having agreed to fund Sizewell C to power six million homes on completion.
