Sizewell C nuclear power station in the UK projected to cost £40bn

The planned Sizewell C nuclear power station in Suffolk, UK, is expected to cost nearly £40bn ($48.7bn), double the initial £20bn estimate due to rising construction costs and delays at the Hinkley Point C site, according to the Financial Times. 

This price increase raises concerns about the UK government’s nuclear revival strategy amid public finance strain and cost of living challenges. The UK Treasury will decide whether to proceed with Sizewell C during the 2025 spending review. 

Although the Department for Energy Security and Net Zero has withheld the current cost estimate, industry sources suggest it will be around £40bn in 2025 prices. The UK government has already allocated £3.7bn to the project.

The final investment decision, initially expected by 2024, has been delayed to spring 2025, with further delays likely. Sizewell C is projected to provide low-carbon electricity to six million homes for 60 years.

EDF and the UK government, primary backers of the project, are seeking new investors, including Centrica, Schroders Greencoat, and others. 

The project will be financed using a regulated asset-based model, allowing developers to receive payments from consumers during construction.