Sizewell C nuclear project costs skyrocketing to £40 billion

The UK government and Sizewell C's managing directors have rejected alarming reports suggesting that the cost of the planned Sizewell C nuclear power station in Suffolk could nearly double to £40 billion. This figure emerged from sources who cited soaring construction costs and delays at Hinkley Point C as contributing factors. Sizewell C is critical to Britain's aspiration to decarbonize its energy grid by 2030, with its last nuclear plant completed in 1987. Plans for Sizewell C are still in discussion, with the government evaluating whether to approve funding during an upcoming spending review. Both the government and Sizewell C's executives have distanced themselves from the new cost estimates, emphasizing the need for reliable, low-carbon energy sources amid the country's transition to renewables. Important stakeholders, including EDF, Centrica, and others, are being approached to invest in the project. In parallel, a report from the French national auditor has urged EDF to delay a final investment decision until it has minimized its financial commitments to Hinkley Point C. This recommendation raises concerns that any postponements could further inflate the costs associated with Sizewell C. A growing number of leaders in the energy industry are calling for transparency regarding the project's cost, as public sentiment increasingly questions the financial management of nuclear power investments. As the Sizewell C project continues to evolve, its proponents argue that new nuclear installations are essential for maintaining energy security and stability in the UK. They underscore that the investments will lead to significant job creation and lower energy costs in the long run as the country transitions away from fossil fuels. Additionally, there is pressure to reassess the financial viability of such projects in light of previous failures and increasing global construction costs.