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EDF: new additional cost for the Hinkley Point construction site

2024-01-23T18:47:00.418Z

Highlights: EDF updated the schedule and budget for the Hinkley Point power plant. It will cost between 31 and 34 billion pounds and take two years to complete. It is expected to provide 7% of the UK's electricity supply for the next 20 years. The Chinese company CGN is no longer contributing to the project. It has agreed to take a 50% stake in the project, in place of the CGN. The project is now 60% complete, with the rest of the work to be done by 2020.


The French electrician now estimates that the plant will come into service between 2029 and 2031 and that it will cost between 31 and 34 billion pounds.


Five billion pounds sterling (5.85 billion euros) in additional costs and two years of additional work.

On Tuesday, EDF updated the schedule and budget for the Hinkley Point nuclear power plant, currently being built in the United Kingdom.

As usual with this type of giant project, these new figures compare to previous forecasts.

The French electrician now estimates that the plant will come into service between 2029 and 2031 and that it will cost between 31 and 34 billion pounds.

This increase in schedule and costs can be explained by a more precise update of the electromechanical phase, which concerns the installation of piping and cables in the future power plant.

The civil engineering, 60% complete, and the equipment, 70% delivered, are now following the planned schedule.

When it was officially launched in 2016, the Hinkley Point power plant project, which includes two reactors, was due to come into service in 2025 at a cost of 18 billion pounds.

The schedule therefore slipped, in total, by a range of between four and six years, and the cost increased by 72% to 89%.

In addition to the hazards on such a construction site, Covid also had a significant impact.

This additional cost is now entirely the responsibility of the French electrician.

Read alsoNuclear recovery: France opens the “construction site of the century”

Its Chinese partner, CGN, has in fact announced that it is no longer contributing to the financing, even if it remains present in the capital.

EDF is now looking for new partners to finance this pharaonic project.

Ultimately, Hinkley Point is expected to provide 7% of the UK's electricity supply.

This Tuesday, the government formalized the injection of an additional 1.3 billion pounds into another nuclear power plant project, that of Sizewell, also supported by EDF.

This allows it to take a 50% stake in the project, in place of the Chinese CGN.

Source: lefigaro

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