Hinkley Point: EDF adds £1.5bn to nuclear plant cost

3 July 2017

French energy supplier EDF has estimated that the cost of completing the new Hinkley Point nuclear plant will be nearly 10% more than expected.

The company, which is the project's main backer, said the total cost of the power station was likely to rise by £1.5bn to £19.6bn.

Hinkley Point C would be the UK's first new nuclear plant for decades, but has been beset with budget problems.
An EDF review found the project could also be delayed by up to 15 months.

The firm said that would result in an extra £700m in costs, but that it hoped to avoid delays and finish the first nuclear reactor by the end of 2025.
Climate campaigners said Hinkley Point was "already over time and over budget" only nine months since being approved.

EDF is building two new reactors at Hinkley Point, which are expected to provide 7% of the country's electricity needs for 60 years.

Work is under way on the plant in Somerset after Prime Minister Theresa May formally gave it the go-ahead in September last year.

EDF said the extra costs partly resulted from adapting the project's design to meet the demands of UK regulators.

The French state-controlled energy firm is funding two-thirds of the plant, which is expected to create more than 25,000 jobs, with China investing the rest.

A government spokeswoman said: "Consumers won't pay a penny until Hinkley is built; it will provide clean, reliable electricity powering six million homes."

The cost of building Hinkley Point, including any overruns, will be met by EDF and the other backers, she said.

John Sauven, executive director at Greenpeace UK, said: "Hinkley is already over time and over budget after just a few months of building work.

"Today's news is yet another damning indictment of the government's agreement to go ahead with this project."

EDF said it remained on track to meet the project's first major milestone in 2019 but that delays could come later in the project.

Last month, public auditors called the new nuclear plant "risky and expensive".

The National Audit Office said the government had "increasingly emphasised Hinkley Point C's unquantified strategic benefits, but it has little control over these and no plan yet in place to realise them".

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National Audit Office issues devastating critique of Hinkley Point C deal

23 June 2017

Commenting on today’s report by the National Audit Office Stop Hinkley Spokesperson Roy Pumfrey said: “This is a pretty devastating critique of the deal struck between the Government and EDF Energy on Hinkley Point C. Consumers would be locked into a risky and expensive project with uncertain strategic and economic benefits, according to the National Audit Office, and the government’s case for the project has weakened since the deal was agreed in 2013.”

Earlier this week the Financial Times highlighted the continuing fall in the costs of renewables saying they would allow the government to escape from the plans imposed by George Osborne in 2013 for a wave of expensive new nuclear plants.

The CEO of one of the UK’s top utilities, SSE, said Hinkley Point C will probably be the only new nuclear station to go ahead, and only then if Flamanville in Normandy – which is the same reactor-type as Hinkley Point C - goes well from now on. He said Britain does not need Hinkley Point C to ensure the lights will stay on.

Bloomberg New Energy Finance reports that solar power is becoming so cheap that it will push coal and even natural-gas plants out of business faster than previously forecast. The cost of offshore wind farms, until recently the most expensive mainstream renewable technology, will slide 71% making the technology another competitive form of low carbon generation.

According to the FT “Nobody outside the industry now thinks the future of electricity generation is nuclear fission”. And it said scrapping Hinkley Point would be a good way to start sorting out the mess of UK energy policy.

Roy Pumfrey said “It is pretty damning when your independent arbiter of what represents good value for money gives a big infrastructure project like this the thumbs down”

He continued: “It’s not too late to scrap this backward-looking, expensive and dangerous project. The Government’s ill advised obsession with nuclear is locking consumers into 35-years of paying for expensive electricity to say nothing of the thousands of years of stewardship needed for the waste. It should instead stop trying to kill off the renewable industry which promises to cut electricity prices and embrace the future. Somerset needs to be allowed to get on with developing a cheaper green energy strategy for the coming decades”

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Page Updated 08-Jul-2017

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Did you know that areas in Somerset have been licensed for onshore unconventional oil and gas drilling/exploration, including fracking? Well, neither did we until recently! How can such a significant environmental issue be unknown.
Stop Hinkley membership leafletDownload this leaflet from Frack Free Exmoor, Quantocks and Sedgemoor which explains everything you need to know. EQS Frack Free, Somerset

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What will be the total cost of nuclear waste?
We won't know until the final bill has been totted up in thousands of years. EdF won't take on that liability. EdF and the UK government are planning to dump it onto future generations.



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