EDF urged to delay final Sizewell investment decision - report

(Sharecast News) - France's state auditor has urged EDF to delay making a final investment decision on its massive Sizewell C nuclear reactor project in Suffolk, it was reported on Tuesday. The Cour des comptes said the state-owned energy firm should reduce its exposure to Hinkley Point C, EDF's other British nuclear project, before making a final decision on Sizewell C.

According to the Financial Times, the auditor wants EDF to ensure all its international projects are both profitable and do not delay new nuclear projects in France.

The auditor's report coincided with news, also published in the FT, that costs for building Sizewell are now set to reach close to £40bn. That is double the estimate given by EDF and the UK government in 2020.

Citing unnamed people close to negotiations over the flagship Sizewell project, the FT said the hike was being attributed to surging construction costs but also to delays and cost overruns at Hinkley Point C in Somerset.

The government has awarded £3.7bn of state-funding towards the Sizewell C project. EDF will also invest heavily, but other investors are being sought.

Nuclear power is seen as vital if the UK is to reach net zero, although many remain critical of its risks, including the safe long-term management of nuclear waste.

However, the UK's fleet of aging reactors are due to close in the coming years, and the only new nuclear power station currently under construction is the delayed and over-budget Hinkley Point C.

It is due to start generating in 2029, and will cost up to £46bn. It was initially expected to come on line this year at a cost of £18bn.

A spokesperson for the Department for Energy Security and Net Zero told the FT that he did not recognise the "speculative" £40bn estimate for the Sizewell C project.