Taxpayers could end up on the hook for cost overruns if a new £20bn nuclear power station in Suffolk blows its budget by more than 30%, under plans proposed by French energy giant EDF. It is trying to attract investors to bankroll Sizewell C. EDF has told investment funds it wants similar state support for London’s £4.2bn super sewer. Ministers have pledged to fund any cost overruns of more than 30% on the Thames Tideway Tunnel, and to act as lender of last resort if funding dries up. The proposal by EDF is part of a broader push to create a new model for funding nuclear power after Japanese giants Hitachi and Toshiba ditched plans to build reactors in the UK. The regulated asset base (RAB) model favoured by EDF, and used in the water industry, could add about £6 a year to energy bills.
Times 23rd June 2019 read more »