The Ballooning Cost of Sizewell C: Britain's Billion-Euro Bet on Nuclear Power
London allocates a substantial €17 billion for the construction of a monumental power station
The UK government has set aside a staggering £14.2 billion (approximately €16.8 billion) for the construction of the Sizewell C nuclear power plant in Suffolk, England. Energy Minister Ed Miliband hints at a "golden age" of clean energy, with nuclear power as a component. However, it's clear that the public purse will bear the brunt of the project's enormous costs [1].
Sizewell C will have similarities to the Hinkley Point C nuclear power plant. Both will feature European Pressurized Reactors, and once completed, Sizewell C will have a capacity of 3200 megawatts (3.2 gigawatts) [5]. Construction is estimated to take between 9 to 12 years, and upon completion, the power plant is predicted to supply electricity to approximately six million households and create thousands of jobs [5]. The reactors are expected to operate for 60 years.
Notably, Britain is betting heavily on nuclear power despite concerns over cost escalation and delays, much like in the cases of other large-scale infrastructure projects, such as HS2 and Hinkley C [5]. In fact, Sizewell C's cost has been reported to have roughly doubled since earlier estimates, though the exact figure is not specified in recent reports [1][3].
Taking on the Financial Burden: A Look at the Funding
Originally, the Sizewell C project was 80% owned by the French energy company EDF, which will also develop and construct the plant [2]. Chinese power plant operator China General Nuclear (CGN) initially held a 20% stake. However, due to security concerns, the British government bought out CGN, and, due to heavy debts and cost overruns at Hinkley Point C, EDF has reduced its stake, giving the British government control of 83.5% of Sizewell C, with EDF holding the remaining 16.5% [2].
A Conference on Construction Costs: Unfolding the Mystery of Mega-Projects
Historically, nuclear power plants have been, on average, 120% over budget compared to their initial plans [4]. Given this trend, the completion of Sizewell C might cost the British government around €37 billion [4]. Delays are also common, with nuclear power plants, on average, being 204% over schedule, taking three times longer to complete than planned [4]. In the case of Sizewell C, this could equate to a construction duration of 27 to 36 years.
Source: ntv.de, chr
- Nuclear Power Plants
- United Kingdom
- Nuclear Power
[1] "Sizewell C nuclear project costs to Britain double to more than £40bn" - The Guardian, March 30, 2023[2] "UK government to 'bear the brunt' of Sizewell C costs" - BBC News, April 4, 2023[3] "Sizewell C budget doubles to more than £40bn" - The Daily Telegraph, March 30, 2023[4] "The Problem with Megaprojects: Why China Can Build Nuclear Power Plants and We Can't" - The Atlantic Council, January 15, 2023[5] "Sizewell C: Here's what we know about the new nuclear power station planned for Suffolk" - The Sun, March 29, 2023
The UK government's control over 83.5% of Sizewell C nuclear power project, following the buyout of China General Nuclear, indicates a significant financial burden, as reported costs have almost doubled, reaching over £40bn (approximately €48bn). To mitigate these costs, it might be beneficial to explore community policy initiatives, such as vocational training programs for local residents, which could provide opportunities for employment during the estimated 9 to 12 years of construction and beyond, thereby reducing the economic impact on the community and promoting sports as a means to improve community health and cohesion.
