Three critical issues surrounding the future of the Sizewell C project were missing from the recent announcement (Ministers invest £100m in EDF’s £20bn Sizewell C nuclear power station, 27 January). The first is the appalling state of EDF’s finances. This is coupled with shutdowns at its French power stations, using similar technology to Sizewell C. Newer nuclear power stations are not working.
The second is that China General Nuclear Power has a 20% stake in Sizewell C. How does the government intend to play its cards here? How much will it pay to ask CGNP to stand down? £100m?
The third is that the £100m represents just 0.5% of the total build. It will not be enough to attract any sizeable pension funds. As a consequence, our energy bills would need to go up to provide the £20bn-plus of funding.
My estimate is that this would put, over a 25-year period, about £330 a year on our energy bills. And this addition would be on top of price rises due to, say, Russia invading Ukraine or the cap coming off later this year.
Labour MP for Sittingbourne and Sheppey, 1997-2010
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