Hinkley Point C – the nuclear power station being built in Somerset – is set to be delayed and costs are likely to be £500 million more than previously thought, according to the energy giant behind it.
EDF said “significant progress” has been made on the site in Bridgwater, despite the impact of the Covid-19 pandemic, but previous cost estimates of £21.5 billion to £22.5 billion have been revised up.
The cost is now expected to be in the range of £22 billion to £23 billion and the start of electricity generation from Unit 1 is now expected in June 2026, compared with an initially slated opening at the end of 2025.
Before the previous costings of £21.5 billion and £22.5 billion, the estimated price of the project had been £20.3 billion. Original estimates had been £18 billion.
Once completed, it will generate electricity for around six million, or 7%, of the country’s homes.
EDF said the delay and increased costs mean the expected rate of return from its investment will fall from between 7.6% and 7.8% to between 7.1% and 7.2%.
The post Hinkley Point C nuclear power station delayed and costs rise appeared first on The Global Warming Policy Forum (GWPF).
via The Global Warming Policy Forum (GWPF)
January 27, 2021 at 04:13AM