National Audit Office Says Sizewell C Nuclear Plant Costs Exceed Benefits Until 2064

The National Audit Office stated that the £38bn Sizewell C nuclear plant in Suffolk faces significant cost uncertainty and that benefits for UK households may not exceed costs until at least 2064. The watchdog said potential benefits of the project are considerable but uncertain while risks are immediate and substantial and borne by the public.

The government has said the plant, expected to begin operations in the late 2030s, could save £2bn a year compared with other low-carbon technologies.

C is being developed by French state nuclear company EDF. 2bn as majority stakeholder. 5% stake. 6%. Households began paying for the project through energy bills at the start of the year under a regulated asset base model. This differs from the Hinkley Point C agreement, which will begin charging bills only after generation starts in the early 2030s.

Cann, chief executive of Sizewell C, said the cost on household bills is an investment in lower long-term electricity costs that will deliver value to consumers and the country for the rest of this century. He added that the project has created thousands of jobs and spent just under £5bn while sourcing 70% of construction value from UK suppliers.

Sir Geoffrey Clifton-Brown, chair of the public accounts committee, said Sizewell C is a project of exceptional scale, complexity and significance for taxpayers. He noted experience from comparable nuclear projects shows vulnerability to delays and cost overruns.

A government spokesperson said investing in large-scale nuclear power is the only way to get the country off the rollercoaster of volatile global gas markets. The National Audit Office urged the government to mitigate risks through close monitoring, greater transparency to parliament, and securing value for money from public and private investment.