Plan for multibillion-pound Sizewell nuclear plant a ‘terrible deal’ for UK taxpayers, MPs say
Summary
A parliamentary watchdog warned that Sizewell C could cost up to £47.7bn and expose UK taxpayers and energy customers to major financial risks. The government says the project is progressing and could save £2bn a year across the energy system once it operates.Key Facts
- The Public Accounts Committee said construction overruns could require an extra £9.8bn before 2040, with a further £12bn in costs over the plant’s 60-year operating life.
- The government owns 44.9% of Sizewell C, EDF holds 12.5%, Centrica 15%, La Caisse 20%, and Amber Infrastructure 7.6%.
- The government took a larger stake after buying out Chinese state nuclear developer CGN, citing national security concerns.
- The watchdog said public funds and energy customers could bear multibillion-pound overruns, while private investors would need to contribute only £30m more.
- The project is projected to cost between £40.5bn and £47.7bn, with construction due to finish between 2039 and 2043.
- The committee asked the government to provide its cost scenario analysis within three months and report on development every six months.
- The government said investors have incentives to complete construction cheaply and quickly, and that more than 2,000 workers are already on site.
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