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In July 2016, the National Audit Office estimated that due to falling energy costs, the additional cost to consumers of 'future top-up payments under the proposed CfD for Hinkley Point C had increased from £6.1 billion in October 2013, when the strike price was agreed, to £29.7 billion'.
EDF's attribution of cost elements in Hinkley Point C electricity price [81] Element £/MWh Per cent of price Construction risk premium: 35: 38% Other financing costs: 26: 29% Operation & maintenance costs: 19.5: 21% Capital cost: 11: 12% Total electricity price 92.5
Meanwhile, the cost of its sister project, Hinkley Point C in Somerset, has risen to as high as £46bn. Opponents have likened Sizewell C to the beleaguered HS2 rail project and said the ...
Separately, the Government also awarded a CfD to Hinkley Point C nuclear power station, set at £92.50/MWh for a 35 year period. [8] This is 20 years longer than other CfD contracts. See §Cost to consumers of the Hinkley Point C article for further discussion on the costs.
The revised operating date for the nuclear power station is now June 2027 and the budget has increased to £25 billion as Covid delays are blamed.
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EDF submitted its planning application in May 2020, declaring 25,000 job opportunities and 70% of investment being spent in UK. The plant will largely replicate Hinkley Point C design to reuse experience, lower cost and ensure high levels of safety. [59] The proposal was welcomed by Unite the Union. [60]
EDF expects significant time and cost savings compared to the near-identical sister plant, Hinkley Point C. [citation needed] The projected construction cost of £20 billion (including "expected inflation and contingencies") for Sizewell C in the 2020 development consent submission [40] is 25% higher than the £16 billion (2012 prices ...