Sizewell C Could Add £19 to Electric Bills, Says Watchdog
The watchdog said investor returns could cost consumers £4 billion to £4.5 billion unless costs and delays are reduced.
- On Wednesday, the National Audit Office reported that Sizewell C could increase annual household electricity bills by £4 in 2025-26, rising to between £17 and £19 by the time the nuclear station opens.
- The Government struck a deal last year to advance the £38 billion project, utilizing a "novel finance structure" with industry investors that helps support the construction.
- Investors including EDF, Amber Infrastructure, Caisse, and British Gas owner Centrica hold significant stakes alongside the Government, which holds a 44.9% share and projects the station could provide up to £18 billion in net consumer benefits.
- Nigel Cann, chief executive of Sizewell C, welcomed "scrutiny from the NAO" and stated the project "will deliver value to consumers and to the country for the rest of this century."
- Arguing the project could become a "financial disaster," campaign group Sizewell C warned the report confirms "significant uncertainty" regarding claimed benefits, demanding the Department for Energy Security and Net Zero provide cost transparency.
12 Articles
12 Articles
The Independent
Sizewell C construction costs to add up to £19 to electricity bills, says NAO
Last year, the Government struck a deal with investors to push ahead with the power plant’s construction, to the cost of around £38 billion.
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Households will start paying for Sizewell C years before the nuclear plant generates any electricity, the National Audit Office has warned. The watchdog said the government’s new funding model for the Suffolk project could reduce financing costs but also places more risk on taxpayers and consumers than other electricity schemes. Gareth Davies, head of the NAO, said: “There has been a concerted attempt to learn from the problems of previous nucl…
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