Hinkley Point C is not only running billions of pounds over budget but is also late by more than a year, admitted the French state-owned company EDF.
The cost of two new reactors at the plant in Somerset could increase by £2.2bn to reach £20.3bn, reported The Guardian.
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This is the latest cost revision after a previous revision from £16bn to £18bn after taking into account of the inflation.
Expected to go online in 2025, the first reactor will now be 15 months late, while the second reactor is expected to be nine months late.
According to EDF, the £1.5bn increase in cost was because of the need for a 'better understanding' of the construction work required, as well as that of the regulatory requirements of the UK. Another £0.7bn increase in cost was attributed to the delay on the reactors. Nevertheless, EDF expects to stick to deadline of 2025 despite the projected delay.
Two nuclear power stations – in France and Finland – with the same design elements are also running late and over-budget.
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By GlobalDataLast month, the spending watchdog National Audit Office claimed that the deal signed between EDF and the UK Government for the construction of Hinkley Point C offers 'uncertain strategic and economic benefits'.
NAO stated the UK Department for Business, Energy, and Industrial Strategy’s deal for Hinkley Point C has 'locked consumers into a risky and expensive project'.
Two-thirds of the project is being funded by state-owned French firm EDF, while the remaining £6bn by China.
Image:Western end of Hinkley Point Nuclear Power Station. Photo: Courtesy of Richard Baker/Wikipedia.
