EDF is allegedly ready to walk away from the Sizewell C nuclear power project. Some of the UK’s biggest 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 decision is expected to provide a clear message that the government fully supports the project, enabling the French energy giant to approach investors. It has been reported that EDF’s internal funding for Sizewell C could run out in a matter of weeks. The letter said: “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.”
Energy Live News 23rd June 2022 read more »
TRADE union leaders wrote to Business Secretary Kwasi Kwarteng today, urgently seeking an end to the delay in funding for a signed-off nuclear power plant station. The letter, signed by TUC deputy general secretary Paul Nowak, Unite general secretary Sharon Graham, GMB general secretary Gary Smith and Prospect general secretary Mike Clancy, expressed concern that time was running out for the government to make its own commitment to funding the project at Sizewell C in Suffolk. It warned that the government’s proposed funding model, the Regulated Asset Base model (RAB), will only be effective once a Government Investment Decision (GID) is confirmed.
Morning Star 22nd June 2022 read more »
Electricite de France SA said a UK decision on supporting a new nuclear power plant at Sizewell could come next month, potentially providing vital impetus to the giant project as European nations seek to become carbon neutral by the middle of the century. Sizewell C will reach “a critical milestone in July, which is the government investment decision,” the project’s director of engineering and delivery Bertrand Michoud said at a conference in Paris. “This is the moment in time when we expect the UK government to be directly involved in the project alongside EDF, and then EDF and the UK government will support the project” up to the final investment decision, Michoud said. EDF wants to get licensing and construction permitting approvals, as well as ratings from credit firms, for the Sizewell project on England’s eastern coast next month, Michoud says. Assuming the government does give its backing for the project, a final investment decision should be made next year. Construction would last until 2035, he said. The project “needs to be investment grade if we are going to be able to raise money at a reasonable cost,” Julia Pyke, Sizewell C director of financing at EDF Energy, said Wednesday. “Assuming we get our credit rating, the government — we hope — is going to come along as a shareholder” at par with EDF. “We then raise the money that we need, both the equity and debt,” with the aim to bring in other investors so that EDF and the government end up each owning about 20%, she said.
Bloomberg 22nd June 2022 read more »