Hinkley Point owners raise cost estimate

Latest news

    Hinkley Point C constructionImage copyright Reuters
    Image caption Construction of Hinkley Point C is underway after government approval in September 2016

    French energy supplier EDF has estimated that the cost of completing the new Hinkley Point nuclear plant will be £1.5bn more than expected.

    The company, which is the project’s main backer, said the total cost of the plant was now likely to be £19.6bn.

    Hinkley Point C would be the UK’s first new nuclear plant for decades, but has been beset with budget problems.

    A review of the project found there was also a risk it could be delayed by up to 15 months.

    However, EDF said it still hoped to finish the first phase by the end of 2025 as planned.

    The extra costs result from a better understanding of the design, supplier contracts and the volume of work, the company said.

    France’s state-controlled energy firm is funding two-thirds of the project, which is expected to create more than 25,000 jobs, with China investing the rest.

    Construction is underway after Prime Minister Theresa May approved the project in September last year.

    However, critics of the deal have warned of escalating costs and the implications of allowing nuclear power plants to be built in the UK by foreign governments.

    View the original article: http://www.bbc.co.uk/news/business-40479053

    Last month the National Audit Office called it “a risky and expensive project”.

    In the same category are

    Momentum chief Jon Lansman’s ‘run on pound’ fear A future Labour government should prepare for resistance from global corporations and could face a run on the pound, Momentum's founder says.Jon Lan...
    Anthony Bourdain: Chef’s mother plans memorial tattoo Image copyright Getty Images Image caption Chef Anthony Bourdain was found dead at a French hotel on 8 June The mother of US chef and television p...
    Who is Tommy Robinson and why is he in jail? Tommy Robinson has been jailed for 13 months after breaking contempt of court laws for streaming a Facebook Live outside Leeds court.Since his impriso...
    Why many mums are better than one Image caption Sue and one of her "second mums", Wendy They say you can't choose your family - but why not? Sometimes an extra mother figure is jus...
    Meet Game of Thrones’ woman of weapons Image copyright N Lee/Getty Image caption Natalia Lee has worked closely with Thrones star Kit Harington It's probably not a good idea to get into...
    Teens on 9-1 GCSEs: ‘Everyone’s worried about grade boundaries’ Image caption They're glad it's all over, but a little worried that grade boundaries could be high After weeks of stress, pressure and revision, G...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.