EDF, the French energy giant behind the Hinkley Point C nuclear power project, has admitted that the cost of the plant is set to spiral by an additional £2.2bn and is running a year behind schedule.
Of the £2.2bn increase, EDF said that £1.5bn came from “a better understanding” of the required construction work and UK regulatory requisites, while the cost of delays to the project would amount to the remaining £700 million.
The delays, calculated by EDF, would set the project back by between nine and fifteen months, although the group has said they are still targeting the delivery date of late-2025.
Dr Paul Dornan, of University College London’s Energy Institute, said that the delays brought the project’s ability to “keep the lights on during the next decade” into question.
The Department for Business, Energy and Industrial Strategy said: “As the developer has made clear the project remains on track to meet its first major milestone in 2019.
“The UK government negotiated a competitive deal which protects consumers and ensures that all of the cost of construction, including any overruns, sits with the contractor.”
This latest news about the Hinkley project follows a report from the National Audit Office which labelled the scheme “risky and expensive”.