The UK Denies Cost Surge in Sizewell C Nuclear Project

The British government refutes Financial Times claims about the doubling of costs for the Sizewell C nuclear power plant project led by EDF in eastern England.

Partagez:

The British government has categorically denied reports that the cost of the Sizewell C nuclear power plant, currently under development by EDF, has doubled to reach £40 billion (approximately €47 billion). These claims, published by the economic daily *Financial Times* (FT), were described as “speculative” by a spokesperson for the Department of Energy.

According to the *Financial Times*, this cost overrun is attributed to multiple factors, including inflation and delays affecting the twin project of Hinkley Point C, also managed by EDF. Hinkley Point C has experienced significant budget overruns, reaching nearly £34 billion, according to an estimate released last year.

Statements from Involved Parties

The team managing the Sizewell C project also responded to the figures reported by the *Financial Times*, stating that they are “inaccurate.” They noted that project costs benefit from efficiencies gained from lessons learned at Hinkley Point C, particularly in workforce training and supply chain management.

An EDF representative highlighted that Sizewell C is designed to host two European Pressurized Reactors (EPR), each with a capacity of 1.6 gigawatts. The plant’s electricity production is slated for 2035. Meanwhile, the British government is continuing discussions with private investors to finalize funding, with negotiations expected to conclude in spring 2025.

Investment and Partnership

The UK government approved the Sizewell C project in July 2022, acquiring a 50% stake after the withdrawal of Chinese partner CGN. London has already invested billions of pounds in the project, but the final investment decision remains contingent on ongoing fundraising efforts.

This project is part of the UK’s strategy to reduce reliance on fossil fuels by expanding low-carbon nuclear power generation. However, it has drawn criticism for delays and financial risks borne by EDF, as highlighted in a recent report by France’s Court of Auditors. The report recommends that EDF limit its financial exposure in international projects.

A Challenging International Context

Simultaneously, EDF faces criticism for the management of its EPR projects abroad, including those in Flamanville (France) and Olkiluoto (Finland). These projects have been plagued by delays and cost overruns, casting doubt on the economic viability of this technology in a competitive energy market.

The Sizewell C nuclear power plant is seen as a critical test for the future of nuclear energy in the UK. Success could bolster the country’s position as a leader in the energy transition, while further setbacks might deter international investors.

After several decades without funding nuclear projects, the World Bank has formed a strategic partnership with the IAEA to provide technical and financial support to countries integrating nuclear energy into their energy strategies.
South Korea's Nuclear Safety and Security Commission officially validates the decommissioning of reactor number one at the Kori plant, initiating an unprecedented project for the national industry scheduled to last until 2037.
Uranium producer enCore Energy surpasses three thousand pounds per day at its Alta Mesa ISR complex and sees three new Texas laws as a strong signal for faster nuclear production permits.
The International Atomic Energy Agency expresses concerns over Iran’s enriched uranium stockpiles following the abrupt suspension of inspections at key sites disrupted by recent attacks whose consequences remain uncertain.
NPCIL has announced an extension until September 30 for industrial proposals concerning Bharat Small Reactors (BSR), following increased interest from the Indian private sector.
Facing rising temperatures, EDF anticipates cuts in nuclear production starting early July, primarily due to thermal constraints on rivers used for cooling the power plants.
The preliminary agreement launches planning and site assessment for a tailored AP1000 reactor, following two years of feasibility study, and enlists Westinghouse and Hyundai to support Fortum’s regional nuclear expansion.
Donald Trump's unprecedented decision to dismiss Christopher Hanson, a member of the NRC, provokes outrage among former federal officials and raises concerns over the regulatory independence of the U.S. nuclear sector.
Uranium Energy Corp strengthens its position in Anfield Energy Inc., now holding approximately 32.4% of the company’s shares following an investment of CAD19.55mn ($14.82mn), significantly expanding its strategic influence in the uranium market.
New York State plans an advanced nuclear power plant with a 1-gigawatt capacity to meet long-term energy and economic goals, involving significant investment to enhance regional energy independence.
Niger announces its intention to nationalize SOMAÏR, a mining company jointly owned with Orano, provoking strong opposition from the French company and paving the way for further international legal tensions.
Russia strengthens its economic presence in Mali with new agreements, notably in nuclear energy and gold refining, consolidating strategic cooperation within a rapidly evolving geopolitical context.
The US government grants a fourth payment of $100.45 mn to Holtec International to restart the Palisades Nuclear Plant, pending regulatory approval, marking an unprecedented event in the United States.
EDF announces a major agreement with Apollo to raise up to £4.5 billion via bonds to finance the British nuclear project Hinkley Point C, whose costs continue to rise significantly.
The Élysée proposes Anne-Isabelle Étienvre, current Director of Fundamental Research at the CEA, as General Administrator to replace François Jacq, recently appointed President of CNES.
Greek Prime Minister Kyriakos Mitsotakis has announced his country's interest in small modular nuclear reactors to meet national energy challenges and decarbonize the maritime sector within the next fifteen years.
TerraPower, an American nuclear company, secures $650 million funding from investors, including NVIDIA, to develop its Natrium modular reactors in the United States and internationally.
EDF and the French state finalize a €70 billion financing plan for six EPR2 nuclear reactors, including a specific territorial coordination framework in Gravelines led by Michel Marbaix, awaiting European approval by 2026.
Maire S.p.A and Newcleo form strategic partnership to industrialise the development of 200 MW modular nuclear power plants, via a joint venture majority-owned by Nextchem.
A new European consortium launches the design of a small lead-cooled modular reactor, targeting global commercialisation by 2039, with a demonstration scheduled as early as 2035.