EDF Energy has claimed it could build a second new nuclear power station in Britain that would be a fifth cheaper than the £20bn Hinkley Point C project under construction in Somerset. The French state-owned company said a new plant at Sizewell on the Suffolk coast would be cheaper because of replication in construction techniques, existing grid connections and the exploration of new finance models. In his first major public speech, Simone Rossi, EDF’s new chief executive, said a Sizewell C project would offer “a unique opportunity to be significantly cheaper than Hinkley Point C and competitive with equivalent alternatives”. The Italian executive said he was confident he could deliver Hinkley on time, with the first power to be generated by 2025
Guardian 17th Jan 2018 read more »
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City AM 17th Jan 2018 read more »
EDF in talks with funds to finance next nuclear project, which could cost 20pc less than Hinkley Point. EDF Energy’s new boss is in talks with major investment funds to support the group’s follow up to the Hinkley Point project, and said that the new nuclear power station at Sizewell could cost 20pc less than the Hinkley Point C project. Simone Rossi, who replaced veteran boss Vincent De Rivaz last year, said there had been strong appetite from pension funds interested in taking a stake in the Sizewell C nuclear project in the east of England. Mr Rossi used his maiden speech near the Hinkley site in Somerset to call on Government to explore “alternative financing models” to support the Sizewell C nuclear project in the east of England. He said EDF Energy and the Government should “explore alternative financing models” that can allow institutional investors like pension funds to participate in the financing. The pressure to drive nuclear subsidies lower follows a dramatic decline in costs for other low-carbon energy technologies such as wind and solar power. Offshore wind in particular has halved its costs in recent years with recent projects accepting deals of under £58 a megawatt hour to build turbines.
Telegraph 17th Jan 2018 read more »
EDF is aiming to attract pension funds and other institutional investors to help finance another UK nuclear plant at Sizewell to follow its £20bn project at Hinkley Point. The French state-controlled utility said it was working on “innovative financing models” for its Sizewell C project in Suffolk and was in early-stage talks about potential UK government backing for the project. EDF’s plans for Sizewell are longstanding but remarks on Wednesday by Simone Rossi, the company’s new UK chief executive, represented its firmest commitment to the project so far. Mr Rossi insisted he had “absolute support” from EDF’s leadership in Paris to push ahead with Sizewell, despite stress on the company’s finances from its existing nuclear construction projects at Hinkley in Somerset and Flamanville in France. He said EDF aimed to cut the construction cost of Sizewell by 20 per cent compared with Hinkley through efficiency gains. Horizon, another UK nuclear developer owned by Hitachi of Japan, is also aiming to attract institutional investment in its proposed Wylfa nuclear plant in Wales. Horizon believes pension funds will be interested once its plant is finished and it wants help from the UK and Japanese government to finance construction in the meantime. Mr Rossi said public finance for Sizewell was “not a prerequisite” but EDF would work with the UK government to develop alternative financing structures. Investment is also expected from Chinese state-owned CGN, which owns a third of Hinkley, and is planning its own UK nuclear plant in partnership with EDF at Bradwell in Essex. Sizewell, Bradwell and Wylfa are competing for finance and political support, along with the Moorside project in Cumbria which is in the process of being sold by Toshiba of Japan to Kepco of South Korea.
FT 17th Jan 2018 read more »
Sizewell C could pump £200m into region’s economy every year. Jim Crawford, EDF Energy’s nuclear development director for the proposed Sizewell C station, said the promised impact on skills and jobs in Somerset was already coming to fruition. He said: “An estimated £200m is being spent in the south-west regional economy every year through the project. I will work hard in our region to bring the same benefits to the east from Sizewell C, as well as Bradwell B in Essex.
East Anglian Daily Times 17th Jan 2018 read more »