Sizewell C nuclear project abandoned by EDF
EDF is supposedly ready to move away from the Sizewell C nuclear power project.
Some of the UK’s largest unions sent a letter to the Business Secretary warning the future of the plant will be in jeopardy if the government delays a government investment decision (GID).
This choice is expected to provide a clear message that the government fully assists the project, giving the ability to the French energy giant to come forward to investors.
It has been said that EDF’s internal funds for Sizewell C could run out in a matter of weeks.
The letter stated: “We have been made aware through discussions at the European Works Council that EDF Energy’s commitment to this project will not be sustained in the absence of a prompt GID.
“We sincerely believe that unless this matter is resolved in the next few weeks, the UK’s nuclear future and the jobs and the skills of tens of thousands of nuclear workers will be at risk.”
The previous week, the government issued advancing plans for funding new nuclear projects, along with consulting on draft reasons for designating the Sizewell C project.
The financing model has ambition to offer investors higher confidence through a lower and decisive rate of return in the early stages of a project while lowering the cost of financing.
“EDF is committed to the Sizewell C project, which is a key part of the government’s British Energy Security Strategy. We are continuing discussions on financing, including potential government investment in the project. We are optimistic about the outcome.
“The project is making strong progress. The government has made important progress on RAB designation, we have appointed an independent chairman and an imminent decision is expected on the Development Consent Order.”
With feedback to the reports, a government spokesperson said: “We remain in active and constructive negotiations with EDF in relation to Sizewell C.
“Nuclear power has a key role in our transition to cleaner and cheaper energy as set out in our British Energy Security Strategy.
“Only last week we set out further detail on the progress we are making on the new Regulated Asset Base finance model to mobilise private investment into this sector.”
Sizewell C nuclear project abandoned by EDF
